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Concrete Admixtures Market Key Trends And Strategies For Expansion 2024-2033
Concrete Admixtures Market Size
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According to The Business Research Company's, The concrete admixtures market size has grown steadily in recent years. It will grow from $15.45 billion in 2023 to $16.19 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to construction industry growth, infrastructure development, efficiency in concrete production, cost efficiency, environmental considerations, demand for high-performance concrete.
The concrete admixtures market size is expected to see strong growth in the next few years. It will grow to $19.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to sustainable construction practices, infrastructure renewal, smart cities initiatives, focus on durability, rapid urbanization in emerging markets, efforts to reduce carbon footprint. Major trends in the forecast period include high-performance admixtures, innovation in self-healing concrete technology, high-range water reducers (HRWR), rheology modifiers for special concrete applications, and air-entraining admixtures.
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Market Drivers and Trends:
The increase in demand from the construction sector is expected to propel the growth of the concrete admixture market going forward. Construction activities have been on the rise due to rapid industrialization and urbanization. Concrete admixture enables the construction business to speed up the entire project by facilitating the establishment of climate-controlled facilities and enhancing specific properties of fresh or hardened concrete. For instance, in 2021, according to U.S. Census Bureau, the federal government's largest statistical agency, an estimated 1,595,100 housing units were started in 2021, that increased by 15.6% from 1,379,600 in 2020 in the US. Therefore, the increasing demand from the construction sector will drive the concrete admixture market growth.
Technological advancements have emerged as a key trend gaining popularity in the concrete admixture market. Remarkable advances in the technology of cement materials, mineral additions, and admixtures, combined with advancements in production methods, have resulted in a diverse range of high-performance concretes capable of providing cost-effective, environmentally sound solutions for the most demanding applications. Major companies operating in the market are focused on innovating new products to strengthen their market position. For instance, In June 2021, CEMEX, a Mexico-based company that manufactures and distributes cement, ready-mix concrete, launched Vertua Ultra Zero concrete using cutting-edge technology. This technology reduces its carbon footprint by reducing carbon footprint by 70%, neutralizing the remaining 30% through off-setting efforts. Vertua Ultra Zero concrete is a fundamental step in achieving 2050 goal of delivering net-zero CO2 concrete globally.
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Major Key Players of the Market:
BASF SE, CRH plc, Rhein-Chemotechnik GmbH, Holcim Limited, Concrete Additives and Chemicals Pvt. Ltd., Cemex S.a.b. De C.v., The India Cement Limited, Sika AG, Wacker Chemie AG, RPM International Inc., CHRYSO S.A.S, Votorantim Cimentos S.A., Shree Cement Limited, Dalmia Bharat Cement Limited, ParexGroup, Fosroc Inc., UltraTech Cement Limited, ADCO Constructions Pty. Ltd., GCP Applied Technologies Inc., Ambuja Cement Limited, Mapei SpA, Flowcrete Group Ltd., Shandong Wanshan Chemical Co. Ltd., Buildtech Products Pvt. Ltd., MBCC Group, CICO Group, Pidilite Industries Ltd., HA-BE Betonchemie, Polisan Kimya San A.S, HeidelbergCement AG
Concrete Admixtures Market 2024 Key Insights:
• The concrete admixtures market size is expected to see strong growth in the next few years. It will grow to $19.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Rise Of Construction Sector To Drive Market Growth
• Technological Advancements Driving Innovation In Concrete Admixtures Market
• Asia-Pacific was the largest region in the concrete admixture market in 2023
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