A new research report, released by P&S Market Research, shows that construction chemicals market is projected to reach $80,025.4 million by 2023.
Growing urbanization and increasing demand for aesthetically appealing residential and commercial infrastructures will drive the market growth, according to the report.
On the basis of type, the construction chemicals market is categorized into concrete admixtures, adhesives, sealants, protective coatings, asphalt modifiers, and others. Others include flooring chemicals and flame retardants.
Among all types, the volume sales of concrete admixtures are expected to exhibit fastest growth in the construction chemicals market, witnessing a CAGR of 5.4% during the forecast period. Concrete admixtures offer high compressive strength, high workability, watertight, durability, wear resistance, and high finish for the complex modern structures. Along with that, the major reasons for growth include government initiatives and sustainable infrastructure opportunities in the construction industry, which require the use of concrete admixtures.
The construction chemicals market in Asia-Pacific (APAC) is expected to register a CAGR of 7.1% during the forecast period, in terms of value. The market growth in the region is mainly driven by the growing demand for construction chemicals from countries such as China and India. China is regarded as the construction capital of the world and the scale of construction in the country is gaining momentum at a fast rate. The strong demand of construction products in the country is mainly driven by huge government investment in infrastructure projects in recent years.
Green building materials have an emission reduction potential, due to which, the market of green buildings is growing, in turn driving the construction chemicals market. Construction chemicals improve the overall durability buildings, along with providing protection against environmental hazards. Along with that, awareness about energy conservation has also been increasing globally, owing to which manufacturers dealing in the construction sector are adopting environment friendly construction chemicals. Thus, the growing awareness of the eco-friendliness of green buildings is the major factor driving the adoption of construction chemicals around the world.
