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The global construction chemicals market size is projected to reach USD 70.91 billion by the end of 2026. The increasing investment in the development of newer products will have a direct impact on the growth of the market in the coming years. According to a report by Fortune Business Insights, titled “Construction Chemicals Market Size, Share & Industry Analysis, By Type (Admixtures, Flooring, Waterproofing, Repair & Rehabilitation, and Others), By Application (Residential, and Non-Residential), and Regional Forecast, 2019-2026,” the market was worth USD 42.32 billion in 22018 and will exhibit a CAGR of 6.7% during the forecast period, 2019-2026.
Construction chemicals are specialty chemicals that are formed by mixtures of liquid or solid substances. They are used in construction sites for several purposes, including additives for cements, concrete and mortar admixtures, and other additives. These products provide high strength and durability to the substance in which they are used. The increasing construction activities across the world have opened up a huge platform for the growth of the companies operating in the market. As a result, massive investments are being made in the research and development of newer products. The presence of several large scale companies will have a positive impact on the growth of the market in the forthcoming years.
Berger Paints’ Collaboration with Fosroc International Will Aid Market Growth
Accounting to the massive potential held by construction chemicals, several companies are investing massive capitals towards the development of newer products. Large scale companies are adopting standout strategies with a bid to establishing a stronghold in the market. In November 2017, Berger Paints announced that it will be entering into a joint venture with Fosroc International. The collaboration is aimed at the development of a new construction chemical in Bangladesh. This step was taken to meet the huge demand for the product, primarily resulting from the infrastructure development activities across the country. This collaboration will not only affect the regional market, but will have a direct impact on the growth of the global market.
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Growing Urbanization Trend in Emerging Countries to Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing urbanization trend has opened up a huge potential for the companies operating in the market. The need for aesthetically appealing interior as well as exterior infrastructure will fuel the demand for the product in several countries across the world. The increasing number of commercial places such as malls, theatres, and shopping complexes has been a pivotal factor towards the huge adoption of the product. Moreover, the availability of the product in abundance, coupled with the low cost of the product, will emerge in favor of the growth of the market in the coming years.
Major Companies are Focusing on SME Acquisitions
Considering the huge potential held by construction chemicals across the world, several large scale companies are looking to acquire smaller and medium enterprises. Due to the healthy market competition, several companies are also looking to introduce newer and advanced product to keep the competition at bay. A few of the leading companies that are operating in the global construction chemicals market are:
Further Report Findings:
The global construction chemicals market is segmented on the basis of:
Value (USD billion), Volume (Kilotons)