Construction chemicals market in Asia Pacific to grow at 9% CAGR till 2024

Asia Pacific construction chemicals market accumulated revenue of more than USD 14 billion in the year 2015 and will register notable CAGR of over 9% in the coming years. In 2015, construction sector in China was estimated at USD 1.7 trillion and is expected to showcase robust growth patterns over forecasted timeframe. The need for weather and earthquake resistant buildings in APAC along with initiatives undertaken by the governments to provide affordable homes will provide construction chemicals market players with novel opportunities to explore untapped markets.

The infrastructure sector is witnessing unprecedented growth across BRICS nations, positively influencing global construction chemicals market forecast. Rise in disposable income among people across APAC nations along with increased FDI will steer the product demand in the region. The governments in countries like China, India, Japan, and Singapore are heavily investing in the construction of modern, efficient and eco-friendly buildings which help in reducing the level of carbon dioxide.

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Construction chemical products are segmented into concrete admixtures, asphalt modifiers, minerals, protective coatings, adhesives, and sealants. With an aim to increase global tourism, many historical buildings are undergoing restoration activities. Construction adhesives and sealants are widely being used globally to facilitate the same. Construction adhesive and sealants play an important role in the prevention of corrosion, removal of unevenness on material surfaces and enhanced surface tolerance.

The construction chemicals market is highly competitive with market players primarily depending on strategic alliances, technologic innovations, and joint ventures to enhance their production capabilities and retain their market positions. Key construction chemicals companies operating in the industry include BASF SE, RPM International, 3M Company, AkzoNobel Chemicals, Tata Chemicals, Huntsman Corporation, and Henkel AG, among several others.

Rise in carbon dioxide levels across the globe is posing serious health and environmental threat. Stringent policies are being adopted by governments and internationally recognized organizations to spread awareness regarding the use of sustainable alternatives and their possible benefits. As per the European Commission, buildings are responsible for nearly 40% of the total consumption of energy and generate over 33% of the total greenhouse emission across the region.

Construction chemicals carry the ability to improve the natural characteristics of construction materials along with reducing the total carbon footprint level. The properties of the products that help in controlling environmental depletion will supplement their demand in the near future. Increasing incidences of fire in buildings leading to loss of life and property are bolstering the use of protective coatings in buildings.

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These coatings help in providing protection from fire, prevent discoloration, resist salt and UV damage and prevent rotting. Increasing awareness among people regarding the need to ensure safety in both residential and commercial complexes will support the need for protective coatings. In the year 2015, concrete admixtures made key contributions to the overall market revenue accounting for more than 50% of the total construction chemicals market size. The products find extreme usage in residential and commercial buildings as well as other concrete structures such as flyovers, bridges, roads, etc.

The materials carry the ability to improve the quality of the cement and carry superior resistance property making them a viable option for use in residential and commercial infrastructures. Admixtures can furthermore be segmented into mineral and chemical concrete admixtures. Chemical concrete admixtures include normal plasticizers, superplasticizers, air-entraining agents, retarding agents and accelerating agents.

Evident rise in the construction of buildings due to the increasing presence of multinational corporations across the globe along with chemical manufacturers pushing to develop advanced products in order to provide reliable, safe and efficient construction solutions will add impetus to global construction chemicals market dynamics.

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