Rise in construction sector in developing countries is the major reason driving the growth of the market.
The global Building & Construction Chemicals Market is expected to reach USD 83.07 Billion by 2028, according to a new report by Reports and Data. Building and construction chemicals belong to the class of specialty chemicals that are used in the construction sector. In construction projects, be it residential, commercial, or industrial, building and construction chemicals are used at various stages of construction to provide high durability, longevity and environmental sustainability to the constructed structure.
The market growth is growth primarily stimulated by rising construction activities in both new construction and repairs & rehabilitation activities. Various newly developed building and construction chemical products give superior performance and outcomes. Therefore, there is a swing in demand towards chemicals providing improved value addition in construction activities with products, like specialty cement additives, silicon caulks, polymer-based grouts and mortars among others.
The rise in materials and chemicals companies’ deployment of digital technologies to enhance efficiency gains and increase reliability are the key factors stimulating materials and chemicals industry trends. The industry players are allocating huge budgets for advanced sensing and automation machines to enhanced optimization of operations.
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Materials and chemicals are used across various end-use industries such as manufacturing, medical & pharmaceutical, automotive, food tech, among others. New product launches, technological advancements, growing consumer demand variety in daily use items, and increasing automation in the industry will accrue to major revenue gains in the coming years. Also, increasing consumer awareness regarding energy-efficiency and associated demand for sustainable products will boost market growth during the forecast period.
The market growth will be primarily driven by increased investments in the infrastructure applications, which are anticipated to rise substantially during the forecast period. Government spending has been one of the major factors propelling the growth of the construction industry. The monetary constraint on the government has been mitigated by numerous public-private partnerships, thereby increasing the focus on development.
Key participants include BASF SE, SIKA AG, W.R. Grace & Company, The DOW Chemical Company, RPM International Inc., SOPREMA Group, Asian Mortar, Dayton Superior Corporation, Dahsin waterproofing Co. Ltd., Bostik SA, Pidilite Industries, Arkema SA, Fosroc International Ltd., Ashland Inc., and Mapei SPA among others.
Further key findings from the report suggest
Concrete and mortar admixtures are estimated to have the highest growth rate of 6.3% during the forecast period. Concrete admixtures find application across commercial and residential buildings as well as infrastructures, such as bridges, roads, flyovers, etc. The segment for concrete and mortar admixture contributed to a significant share of the market size of the building and construction chemicals market and will witness a significant growth owing to its contribution to cement quality.
The residential sector is projected to capture the largest market share with USD 15.88 billion in 2020. This dominance is chiefly owing to the increase in demand for residential buildings. Additionally, the increasing disposable income of individuals has created a demand for better-quality residential buildings, acting as a growth driver for the global construction chemical market.
Construction of new buildings is estimated to reach USD 51.22 Billion by 2028 with a growth rate of 5.94% during the forecast owing to a rapid increase in the construction activities.
The commercial sector is estimated to witness a growth rate of 5.94% in the forecast period reaching USD 16.80 Billion by 2028.
Asia Pacific region has the largest market share for building and construction chemicals, followed by the regions of Europe and North America. China itself holds for largest market for building and construction chemicals globally contributing to a significant share of global construction chemicals market in 2020. Additionally, China is anticipated to continue to lead the global market due to increasing local demand for residential and commercial buildings. Other countries which are likely to drive the global market for building and construction chemicals are India, Russia, and Australia among others.
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For the purpose of this report, Reports and Data have segmented global building & construction chemicals market on the basis of type, application, end-user and region:
Type Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
Concrete & Mortar Admixture
Water Proofing Chemicals
Mold Release Agents & Curing Compounds
Grouts & Grout Admixture
Application Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
End-Use Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
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Regional Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
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