New Jersey, NJ, Aug. 26, 2019 (GLOBE NEWSWIRE) -- The key contributing factors to the growth are raising urbanization and infrastructure in developing economies especially India and China. The global construction chemical market is expected to grow from USD 36.35 billion in 2017 to USD 64.72 billion by 2025 at a CAGR of 7.46% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Chemical compounds that are used to alter and modify the properties of construction materials are referred as construction chemicals. These chemicals help in improving the stability and performance of the construction materials. Also, they help in reducing the quantity of water required thus, making construction process more eco-friendly. Construction chemicals also help in reducing the time required for the construction thus, making it more cost efficient.
Construction chemicals help in modifying properties of construction materials by improving the stability and the performance. By reducing the quantity of water required construction chemicals make construction process more eco-friendly. Construction chemicals are also beneficial in reducing the time required for the construction process thus, making it more cost and time efficient. However, lack of skilled labor, low acceptance of new materials, and severe price competition due to highly commoditized nature of the market is expected to restrain the construction chemicals market growth over the forecast period. Ongoing research and development in the fields of construction chemicals are only bound to increase the demand thus, expanding the global construction chemicals market for construction chemicals.
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The key players in global construction chemicals market are BASF SA, Dow Chemicals, Pidilite Industries, Arkema S.A., Fosroc Chemicals, Ashland Inc., Mapei SpA, Sika AG, WR Grace and Company, RPM International Inc, L.M. Scofield, Bostik Limited, Henkel AG, AkzoNobel Chemicals AG, KGaA among others. Due to the increasing demand from the developing economies around the world, all the major producers of construction chemicals companies have ramped up their production capacities to cater this increased demand effectively. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the global construction chemicals market.
- To cater the rising demand of construction chemicals from emerging economies, the production of construction chemicals has increased and this is the major driving factor for the growth of global players who are establishing joint ventures with local players for this reason. For instance, Berger Paints Bangladesh Ltd, market leader in Bangladesh Paints Industry and Fosroc International Ltd, a global leading company in the field of Construction Chemicals, have entered into a legally binding Joint Venture agreement signed on 31st January 2018 to set up a new legal entity “Berger Fosroc Limited”.
- For instance, in August 2018, LyondellBasell, one of the largest plastics, chemicals and refining companies in the world, announced that it has completed the acquisition of A. Schulman, Inc., a leading global supplier of high-performance plastic compounds, composites and powders. This acquisition was made to complement strengths of LyondellBasell in creating a substantial value proposition for its customers and positioning the company for future growth in chemicals market.
- For instance, in October 2018, WorleyParsons has entered into a binding agreement to acquire Jacobs Energy, Chemicals & Resources division, a leading global technical services provider across Hydrocarbons, Chemicals and Mining & Minerals. This agreement aimed to strengthen the Worley Parsons footprint in US, Canada, the Middle East and Indian regions. Both companies aimed to provide global sector leadership across hydrocarbons, chemicals and minerals & metals applications.
Concrete admixture segment held the largest market share of 36.78% by revenue in 2017.
Type segment is subdivided into concrete admixture, construction adhesives, construction sealants and flame retardants. Concrete admixture segment dominated the demand for construction chemicals with the largest market share of 36.78% by total revenue in 2017. Construction adhesives and sealants segment is projected to attain a robust growth due to their suitability for waterproofing the concrete structures. Massive spending on residential and commercial infrastructure development is proving to be a major propelling force behind the demand for construction chemicals.
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Residential segment is expected to grow at a CAGR of about 8.42% from 2018 to 2025.
End-user segment is categorized into residential and non-residential. Residential segment is projected to report a CAGR of 8.42% during the forecast period on account of increasing acceptance of construction chemicals in construction activities and massive spending that is being undertaken in developing economies for the purpose of residential housing and redevelopment projects. Non-residential segment is forecasted to report a steady growth over 2018-2025 due to increasing industrialization and emphasis on infrastructure development in India and China leading to increased demand for construction chemicals.
Regional Segment Analysis of the Construction Chemicals Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region dominated the global construction chemicals market with the market size of USD 16.56 Billion in 2017. Rapid and ever increasing urbanization, massive construction in housing and residential segment, construction of new smart and green cities and infrastructure projects are going to be the contributing factors. Other developing regions like South America are also expected to contribute handsomely. The demand for construction chemicals is expected to remain sluggish in North America and Europe region due to stagnant nature of their economies. Middle East region is also forecasted to report a healthy growth due to huge construction activities that have been undertaken in UAE, Saudi Arabia and Qatar.
About the report:
The global construction chemicals market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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