The
worldwide construction chemicals market
is growing due to rapid urbanization and increasing focus on green buildings.
P&S Intelligence recently calculated the value of the domain in 2017 as $55,111.6
million and its forecast period (2018–2023) CAGR to be 6.5%. It is also being
expected that by 2023, the sale of such chemicals would generate a revenue of $80,025.4
million. In simple terms, construction chemicals are those that are added to
base materials, including concrete and cement, to enhance their strength and
durability.
When
segmented by type, concrete admixtures, adhesives, sealants, asphalt modifiers,
protective coatings, and others would be the different market categories. Among
these, concrete admixtures was the dominating category in 2017, with over 40.0%
sales volume share. One of the reasons for their high demand in the construction chemicals market has been that
these modify the properties of set concrete, thereby helping reduce
construction costs. For instance, their addition to concrete can reduce the
water requirement by up to 10.0%.
Across
the world, Asia-Pacific (APAC) was the largest construction chemicals market in 2017, accounting for over 35.0% of
the total sales. Countries, such as China, India, and Japan, have witnessed a
massive growth in construction activities in the past few years. People are
migrating to the cities at a high rate in search of employment, education, and
a better lifestyle, which is raising the requirement for their long-term
accommodation. The governments in these nations are avidly supporting
infrastructural development, and the residential sector is also expanding due
to the increasing middle-class population.
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Further,
the current trend has been a growing use of construction chemicals in
developing countries. As a large number of such nations are in APAC, the growth
of the real estate sector here is expected to positively impact the global construction chemicals market. Now, the
expansion of the construction industry is itself being triggered by the growing
population. As per the United Nations, the population of APAC is expected to
grow to 4.3 billion by 2023! Owing to these factors, APAC will also be the
fastest growing market during the forecast period, during which it will advance
at a 7.1% CAGR.
Thus,
it is clear that the growing population of APAC will be one of the major
drivers of the domain across the globe in the coming years.
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