Concrete Admixtures Market is Projected to Reach $24.0 Billion by 2024 | Major Players are BASF SE (Germany), SIKA AG (Switzerland), GCP Applied Technologies (US), RPM International Inc. (US), Fosroc International Inc. (UK), Mapei S.P.A (Italy), CICO Tech
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The market size is driven by the booming construction industry, rapid urbanization, and huge investments by governments for infrastructure development in emerging economies. Established infrastructure in developed countries and unstable economic cycles are restraining the market growth while the utilization of ready-mix concrete in developing countries offer opportunities to the manufacturers. The wide acceptance of concrete admixtures in construction industry is mainly driving the market growth.
Based on product type, air-entraining admixtures is expected to grow at the highest CAGR during the forecast period.
Air-entraining admixtures are projected to grow at a higher rate than the other chemical admixture types. They are used in the concrete mix to intentionally introduce and stabilize microscopic air bubbles in concrete. Air entrainment will dramatically improve the durability of concrete exposed to cycles of freezing and thawing. These are used in preparation of concrete during its mixing operation with water to achieve uniform dispersion. Entrained air in the mixtures also helps in breaking continuous formation of capillaries, thus restricting water flow between cement particles.
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The infrastructure is projected to be the fastest-growing end-use sector of the concrete admixtures market during the forecast period.
The infrastructure end-use sector is projected to grow at the highest CAGR between 2019 and 2024. The infrastructure sector plays an important role in the growth and development of the global economy. The increased demand for infrastructure and the easy availability of debt financing has led to a strong focus on this sector.
According to World Economic Forum, worldwide investment in infrastructure is expected to be USD 79 trillion, by 2040. In order to meet this investment requirement, the world will need to increase the proportion of GDP it dedicates to infrastructure to 3.5%, compared to the 3.0% expected under current trends. Therefore, the increasing construction activities is expected to drive the demand for concrete admixtures.
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Concrete admixtures market in APAC is projected to grow at the highest CAGR during the forecast period.
APAC is projected to be the fastest-growing concrete admixtures market during the forecast period. It dominates both, the production and demand for concrete admixtures. Owing to increased government investments in developing countries, for infrastructure; such as public utilities, commercial and entertainment structures; and housing demands to meet the expectations of the steadily-growing population; and several other similar factors would increase the demand for concrete admixtures in this region in the near future.
Major players in the concrete admixtures market include BASF SE (Germany), SIKA AG (Switzerland), GCP Applied Technologies (US), RPM International Inc. (US), Fosroc International Inc. (UK), Mapei S.P.A (Italy), CICO Technologies Ltd. (India), CHRYSO S.A.S (France), Concrete Additives and Chemicals Pvt. Ltd. (India), and Rhein-Chemotechnik GmbH (Germany).
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