APAC to significantly drive Construction Chemicals Market growth over 2016-2024
High spending by BRICS nations on infrastructural development and construction activities will further drive the industry trends. BRICS construction sector, which was estimated at USD 3 trillion in 2015, is anticipated to cross USD 9 trillion by 2024 and will contribute significantly towards ferroalloy industry revenue. Furthermore, rising demand for eco-friendly green construction along with growing requirement for energy conservation is anticipated to propel industry size over the coming timeframe.
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The ‘Smart City’ mission launched by the government of India will elevate the construction sector growth, thereby propelling regional construction chemicals market size over the next few years. Construction sector in China, worth USD 1.7 trillion in 2015, is predicted to contribute substantially towards the industry revenue over the years to come.
Concrete Admixtures, minerals, protective coatings, asphalt modifiers, adhesives, and sealants are the major construction chemicals products. Concrete admixtures segment, which accounted for over 50% of construction chemicals market share in 2015, will observe a noticeable growth over 2016-2024, owing to its growing demand across residential and commercial complexes. Escalating requirement for improving the road quality and infrastructure in emerging economies will boost the demand for asphalt modifiers over the coming few years. Rising efforts for preserving heritage sites and buildings will also add to the rising popularity of sealants and adhesives over the years to come
Below are the geographical trends influencing global construction chemicals market over 2016-2024:
Europe construction chemicals industry revenue, valued at over USD 4.5 billion in 2015, is anticipated to record an annual growth of 8% over the coming period of 2016-2024, driven by high demand for sealants, protective coatings, and adhesives for repair and maintenance of heritage constructions.
Asia Pacific construction chemicals market size, worth USD 14 billion in 2015, is forecast to grow at a rate of 9% over the coming seven years. High government funding for infrastructural projects due to the swift rise in population will push the regional growth. Vietnam, China, Malaysia, Japan, Indonesia, Philippines, and India are likely to be the major regional revenue contributors.
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Latin America construction chemicals industry is projected to witness a massive growth over the coming seven years, owing to beneficial government polices to provide houses at reasonable costs to the low-income group population. Brazil is projected to contribute considerably toward the regional share.
Construction Chemicals industry is highly consolidated with top four industry players contributing to nearly 50% of the overall revenue. Market participants will also try to increase their ROI and increase their regional presence through product innovations, strategic collaborations, and joint ventures. W. R. Grace & Company, Huntsman Corporation, BASF SE, The DOW Chemical Company, Evonik Industries, Knopp GmbH, 3M Company, Arkema, AkzoNobel Chemicals, RPM International Incorporation, Sika Group, Henkel AG & Company KGaA, and Pidlite Industries Limited are some of the key players in construction chemicals market.
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