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The global construction chemicals market was worth USD 42.32 billion, and industry analysts predict that this market will grow to USD 70.91 billion by 2026, resulting in a Compound Annual Growth Rate (CAGR) of 6.7%. Similarly, the North American construction chemicals market has seen a surge in recent years, with the market's size expanding from USD 9.29 billion in 2017 to USD 9.85 billion in 2018.
Construction chemicals are specialty chemical compounds that are used in construction activities. These chemicals are added to construction materials such as cement, concrete, coatings, and others, where they provide high strength and durability and increase the construction work and give additional protection from environmental hazards. Construction chemicals have major applications in enhancing the performance of concrete and also provide benefits to less usage of water and cement during construction activities.
Growing Awareness Regarding Green Construction Will Have a Significant Impact on Market Growth
The growing awareness of environmental hazards caused by conventional buildings and changes in government policies globally are the key reasons for construction chemical adoption, especially for building activities. Some major players in the construction industry are focusing on underground structure protection with green and sustainable materials, polycarboxylate ether-based green admixtures, thermal insulation, overall building protection, cool roof treatment, and others, which will play a vital role in sustainability.
Chemicals used in the construction sector increase the overall cost, though it is more beneficial to the environment. Construction chemicals add more strength and corrosion resistance to the infrastructure, and they also bring down the cement and water volume used during the construction process. Moreover, the major purpose for the adoption of construction chemicals is that enhances the performance of buildings such as structural tapes, thermoset hot melts, and multi-purpose adhesives. The judicious use will change the global residential and non-residential market and will have a positive impact on the environment.
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Changing Dynamics of the Construction Industry Are Expected to Significantly Impact the Market.
The growing construction industry in developing economies is expected to support the growth of the construction chemicals market primarily driven by growing new construction and repair & rehabilitation sectors. High demand for residential and non-residential structures in China, India, and South Korea due to a high population growth rate shall drive industry growth. This demand has also increased the consumption rate of cement, which in turn, have caused a high demand for various construction chemicals such as concrete admixtures, cement additives, and adhesives & sealants.
Introduction to better product offerings for improving performances is anticipated to drive the growth of the global market during the forecast period. These products include specialty cement additives, silicone caulks, polymer-based grouts and mortars, and others. The construction chemicals also provide the technological advantage that enhances the performance and endurance of structures while reducing corrosion. Corrosion prevention is also a driving factor for the market for construction chemicals, where chemicals comprising of floorings, surface coatings, corrosion inhibitors, concrete admixtures, repair mortars, and grouts & sealants are used to protect the surface from corrosion.
Growing Urbanization Trend in the Construction Industry is Expected to Aid Market Growth
Many emerging markets are experiencing a high rate of urbanization due to increased migration to rapidly developing cities. Rise in per capita disposable income and improved standard of living shall foster the overall market demand. New residential and non-residential structures will be constructed to fulfill the growing demand caused by urbanization. Structures such as movie theaters, shopping centers, hospitals, and restaurants, in addition to the residential structure. This will augment the growth of this market.
Governmental regulations over VOC emissions on the construction industry
Construction chemicals are used during building activities that may lead to VOC which are harmful and can cause common health problems such as skin irritation, asthma, nausea, confusion, headaches, and eye irritation. Many construction chemicals used in residential segments contain dangerous VOCs, such as formaldehyde, acetone, and butanol which are emitted through an acoustic ceiling tile, solid wood, caulking sealant, and floor wax. Governmental regulations overuse of construction chemicals due to VOC emission acts as a restraining factor for construction chemicals market growth.
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Concrete Admixtures Dominated the Global Market
Based on type, the market is segmented into concrete admixtures, flooring chemicals, waterproofing chemicals, repair & rehabilitation chemicals, and others. Cement is widely used as a binding material within construction, cement added with crushed rock, water and sand in precise quantity to produce concrete. Concrete admixtures are then added to improve the properties of concrete. They provide benefits such as low cement water ratio, improved setting time, prevent settlement, reduce segregation, Improve pumpability. The growing construction industry in China, India, UK, and Germany is causing the high usage of concrete admixtures, which will cause the growth of the construction chemicals market.
Flooring chemicals are usually epoxy and polyurethane-based. These chemicals are used for various applications to improve the load impact, abrasion, moisture penetration, chemical attack, aesthetic appeal, strengthening of damaged floors.
Waterproofing chemicals are designed to stop water infiltration. Waterproofing chemicals are added for waterproofing of concrete during the construction process as maintenance and preventive waterproofing ingredients. Repair & rehabilitation is the reconstruction of the structure parts which are damaged. This chemical includes epoxy-based repair mortars, rust removers, and anti-corrosion products.
The Non-Residential Segment to Aid Dominance of the Segment
In terms of application, the market includes residential and non-residential. Among these non-residential segment dominated due to growing infrastructure development. Demand for commercial buildings, bridges, roads, dams, and tunnels is further driving the market growth. Additionally, growing disposable economies along with a high population rate is causing a high demand for high end and better quality structures for public use, which is acting as a growth driver for global construction chemicals.
The market for the residential segment is highly fragmented and growing urbanization has caused a high number of consumers to shift towards cities. Changing lifestyles, rapid urbanization, improving living standards and increasing demand for aesthetically designed residential structures is expected to drive the growth of this market during the forecast period.
North America Construction Chemicals Market Size, 2015-2026 (USD Billion)
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The construction chemicals market size in North America stood at USD 9.8 billion in 2018. The market in this region in characterized by growing construction activities in the U.S. and Canada. Various initiatives taken by the governments to promote the infrastructure activities along with the growing residential sector will largely facilitate the growth of the market in the region during the forecast period.
The Asia Pacific dominated the market due to the growing construction industry in India, China, South Korea, and Japan. Rapidly escalating population rate in China has made the country a major consumer of construction chemicals. Moreover, booming industrialization is also supporting the market growth of construction chemicals.
The construction chemical market in Europe is expected to be primarily driven by the residential segment that includes middle-class housing, elite housing, and low-cost housing. Increasing demand for penthouses, apartments, bungalows, villas, with amenities and high-class designs, is expanding rapidly.
The market in Latin America and Middle East & Africa is projected to register a comparatively high CAGR during the forecast period. The presence of largely available raw materials and underpenetrated markets in the region, along with world-class life of consumers with a high need for residential and commercial structures are anticipated to drive the demand for construction chemicals in these regions.
Companies forming new product launch and acquisition to boost market share and their presence in the business
The global construction chemicals market share is competitive with major players including BuildCore Chemicals, Croda International Plc, ACC Limited, Pidilite Industries, Evonik, RPM International, Arkema SA, and BASF SE. Industrial participants are focusing mainly on acquisitions and strategic partnership to increase their overall market share. Also, most of the manufacturers are spending in the new and novel product innovation to gain a competitive edge within the international and domestic market.
Also, companies offer a wide range of construction chemicals for new and existing infrastructure applications. For instance, Sika AG provides a wide range of construction chemical products which are used in cement, repair & rehabilitation, insulation, waterproofing, flooring, and others.
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The construction chemicals market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product.
An Infographic Representation of Construction Chemicals Market
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Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the recent years.
Value (USD billion), Volume (Kilotons)
Fortune Business Insights says that the global market size was USD 42.32 billion in 2018 and is projected to reach USD 70.91 billion by 2026.
In 2018, the market value stood at USD 42.32 billion.
Growing at a CAGR of 6.7%, the market will exhibit steady growth in the forecast period (2019-2026).
Concrete admixtures segment is expected to be the leading segment in this market during the forecast period.
Construction activities and urbanization in the market is fueling the demand for this market.
BASF SE is the leading player in the global market.
Asia Pacific dominated the market share in 2018.
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