Huge steps by the Indian Government will pave the path for robust growth in demand for construction chemicals

India’s construction boom is mainly contributed by strong infrastructural growth in the country

India’s construction chemicals market is experiencing significant growth mainly owing to the country’s industrial boom. Huge investments are taking place in India’s infrastructure market, which is giving a push to the construction and construction chemicals market. Large-scale construction activities are currently ongoing in the country. The three major categories in which construction activities find application include infrastructural, industrial and commercial, and residential. Among these segments, infrastructure is projected to continue its dominance in the upcoming years and hold a market value of over US$ 1,500 Mn by the end of 2025. However, an increase in the government’s focus on vigorous development has resulted in various initiatives like “Make in India”, which has triggered the growth of construction in the commercial and industrial segment, which is expected to register a CAGR of over 17% during the forecast period. The rise in construction activities is expected to take place mostly in Western India predominantly in Maharashtra, Gujarat and Madhya Pradesh. Gujarat and Maharashtra are the hub of production activities for many industries, thus driving the growth of the construction market, and thereby boosting the demand for construction chemicals.

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Huge steps by the Indian Government will pave the path for robust growth in demand for construction chemicals

The use of construction chemicals is mandated by governmental regulations, which is why the Indian government’s construction initiatives have become a key driver for the growth of the construction chemicals market in the country. Between 2014 and 2017, the government of India increased the budget for highway construction by nearly 73%, i.e. US$ 33.95 Bn from US$ 19.62 Bn. The Indian government had planned the construction of 15,000 km of roads in 2016-17. The central government has decided to take various measures for the improvement of ease of starting and operating businesses in the country and hence foreign direct investment (FDI) in the country is increasing rapidly. This will in turn propel the demand for construction chemicals.

Furthermore government spending has also increased with its “Make in India” campaign that is aimed at bringing in improvements in infrastructure and industrialization of the country. The government’s plan of investing $1 trillion on infrastructure during the 12th Five-Year Plan is further anticipated to boost the demand for construction chemicals. India’s smart city project is another big leap that will have a massive impact on the country’s construction chemicals market. The smart city project is intended to develop certain Indian cities in terms of infrastructure, technology and services. Gujarat and Punjab are slated to display the highest incremental opportunities with many upcoming projects planned in these states.

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Lack of expertise and inadequate project management may restrict the growth of the construction chemicals market in India

India is a developing country and there is a great deficiency of skilled labor and professionals, especially in the field of project management, which in turn creates unfavorable situations for the growth of the construction, infrastructure and real estate sectors. Additionally, the use of conventional technology is also hampering the growth of the construction chemicals market as many of the companies are not even aware of new and better technologies available in the global market. There is a need for high investments in certain areas, which will enable companies to use advanced technologies and better raw materials. The Indian construction chemicals market is also dependent on imports. Many products are imported from China and other countries, which increases the cost of production and acts as a challenge for the domestic market.

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This release was published on openPR.