Construction Chemicals Market to Reach $80,025.4 Million in 2023

The urban population is growing rapidly as people from rural areas are migrating to cities in search for better opportunities and living standards, particularly in developing countries, such as Russia, China, Brazil, South Africa, and India. Since urbanization brings economic, social, and environmental changes, these countries will need to meet the requirements of the increasing urban population, including infrastructure, transport, housing, energy, and others. Attributed to this, the demand for construction chemicals, primarily for catering to the need for better infrastructure, in emerging economies is predicted to rise significantly in the coming years.

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The chemical formulations which are utilized with cement, concrete and other construction materials for holding the construction material together are referred to as construction chemicals. According to a research conducted by P&S Intelligence, the global construction chemicals market reached a value of $55,111.6 million in 2017 and is projected to attain $80,025.4 million in 2023, registering a 6.5% CAGR during the forecast period (2018-2023). The different types of construction chemicals are adhesives, protective coatings, concrete admixtures, sealants, asphalt modifiers, and others (which include flame retardants, flooring chemicals, and asphalt additives).

Among all the regions, namely Europe, Latin America (LATAM), North America, Asia-Pacific (APAC), and Middle East and Africa (MEA), the highest demand for construction chemicals was created by the APAC region during 2013-2017 and the situation is projected to be the same during the forecast period as well. The primary reason for this is the increasing construction activities in countries including Japan, China, and India. In addition to this, several incentives are also being provided by the governments of these countries for the development of the infrastructural sector to cater to the needs of the growing middle-class population. China is the major consumer of the construction chemicals in this region.

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Construction chemicals market's competitive landscape

Fosroc International Ltd., BASF SE, Ashland Global Holdings Inc., Sika AG, W.R. Grace & Co., Mapei S.p.A., Arkema Group, SOPREMA Group, Asia Mortar, Pidilite Industries Limited, Dahsin Waterproofing Co. Ltd., Bostik SA, Dayton Superior Corporation, SKK (S) Pte. Ltd., DowDuPont Inc., Saint-Gobain S.A., and H.B. Fuller Company are among the key players operating in the global construction chemicals market.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.