Global Construction Chemicals Market size was valued at USD 74.88 billion in 2022, expected to reach USD 123.93 billion in 2030 with a CAGR of 6.5% for the forecast period between 2023 and 2030. Construction chemicals are suitable for a wide range of solutions that are imperatively important in various sorts of construction projects. Construction chemicals are available in numerous varieties that provide effective solutions to infrastructure projects by extending the life and strength of such projects. Construction chemicals are available in different form of categories that are incorporated as hardening agents, coating solutions, waterproofing, etc.
Construction Chemicals Incorporated as Polymer Modified Mortar in the Construction Industry
Different types of construction chemicals are employed during infrastructure construction in various building stages. The explosion in urban population along with developing bridges, tunnels, and dams are prominently driving the construction chemical market. Conventional binders are lacking the strength characteristics and the replacement of such binders with polymers form a new type of polymer-modified mortar. Adding polymers subsequently improves the adhesion characteristics of mortar, imparting toughness, tensile strength, and resistance to few degraded chemicals. Polymer-modified mortar is often commercially available with all suitable ingredients to form strong admixtures.
The Biden administration has cleared a huge amount of USD 550 billion to substantially upgrade infrastructure projects, including roads, bridges, dams, etc. A long bridge in Saudia Arabia is coming into existence, connecting the intersection with the Riyadh-Jeddah highway.
The Applications of Construction Chemicals in Developing Concrete Curing Compounds
The advancement in creating chemical compounds with mixtures provides impeccable strength, thereby ensuring a smooth appearance on the surface. Concrete curing compounds are one kind of substance that comprises essential waxes, natural resins, and solvents of high volatility. The applied compound on the fresh concrete surface forms a moisture retention film, providing heat reflectance and a visible appearance. The addition of construction chemicals also assists in enhancing chemical resistance, impact, and abrasion resistance and is extensively used on industrial and factory floors.
The United States is recognized as the second largest chemical producing company, accounting for around USD 517 shipments in 2021. During the same year, the chemical industry in the United States reached 10% of all goods exports, where the contribution achieved USD 153 billion. With more than USD 30 billion in investments, the chemical sector to expand capacity and derive towards sustainability.
Construction Chemicals as Dry Mortars for Developing Innovative Building Materials
The strength of commercial as well as residential buildings is subsequently enhanced by incorporating cement and gypsum-based dry mortars. Different formulations are explored for creating dry building materials with significant properties like water retention, utmost strength, and excellent workability. The proper composition of dry mortars delivers distinctive textures in cement, and improves the cohesiveness and appearance of building materials. In forming dry mortars, the microscopic air bubbles should be uniformly distributed that improves workability. Ashland has developed a series of products that substantially assist in controlling rheology, water retention, workability, adhesive strength, deposition, and suspension while minimizing the challenges. Their trademark Aqualon product delivers numerous features like enhancing workability and providing phenomenal properties to dry-mixed building products.
Rise in Construction Activities are Amplifying the Market Growth
Construction chemicals such as water repellants, mortar admixtures, and efflorescence control are chemical substances deployed in the building & construction industry to enhance the tensile strength and performance of building materials, including cement and concrete. Furthermore, the increasing deployment of construction chemicals ensures superior strength, efficient workability, and excellent weather resistance. As a result, construction chemicals are vital for building & construction applications such as residential, commercial, industrial, and infrastructure to ensure excellent resistance. The increasing demand for larger commercial spaces, rising investments in parks, and the ongoing development of mixed-use commercial buildings are the prominent aspects amplifying the commercial construction industry.
For instance, in quarter 2 of 2023, construction of various commercial projects commenced at the global level, including Wadala GST Office Building in India (project completion year 2026), The Great Park Framework Green Space Community in the United States (project completion year 2030), and Forma Mixed-Use Development in Canada (project completion year 2028) are under various stages of construction. Henceforth, the booming development of new building & construction projects is spurring the demand for construction chemicals to ensure superior protection from the external environment. Therefore, the rise in the building & construction activities is propelling the construction chemicals market growth.
Significant Share of the Asia-Pacific in the Overall Market
The building & construction sector in Asia-Pacific is a key industry contributing to the overall economic growth of Asia-Pacific. The growth of construction activities in the Asia-Pacific buildings, surging public-private partnerships for infrastructure development projects, and the construction of new educational institutes.
For instance, as of November 2023, construction projects such as the Yamaguchi City Government Building in Japan (project completion year 2025) and Don Mueang–Suvarnabhumi–U-Tapao High-Speed Railway in Thailand (project completion year 2029) are under the development stage. Moreover, according to the recent statistics published by Invest India, a government of India nodal agency, India’s building & construction sector is projected to reach USD 1.4 trillion in 2025. The prime factors that will drive the growth of the Indian construction industry include an increase in policy support to ensure the rapid pace of infrastructure development projects, the growing population, and the robustly expanding industrial facilities. As a result, the flourishing building & construction activities in the Asia Pacific region are augmenting the demand for construction chemicals, this, in turn, is driving the market growth.
Impact of COVID-19
The outbreak of COVID-19 has severely impacted numerous sectors and human livelihood where every person was vulnerable to infectious disease. The shutdown of industrial operations due to imposed lockdowns and a workforce impacted numerous sectors, including construction chemicals. The closure of real estate business and workable construction industry has significantly impacted the growth of construction chemicals market. For illustration, according to the data published by Knauf Insulation., a leading insulation company, in 2020, the European Union construction industry registered a decline of 5.1% as compared to the year 2019 as major construction projects associated with high-rise building, infrastructure projects, and commercial buildings were halted in the region.
Likewise, the production of construction chemicals manufacturing facilities was halted since it did not fall under the category of essential products, thereby impacting the overall global supply of construction chemicals. This restricted the growth of the market in the year 2020. But with the ease in imposed conditions the real estate sectors started to recover economy and launched new projects that led it back to the track of development. Consequently, the construction chemicals market has incredible potential with the growth and demand of smart solutions for buildings and constructions.
Report Scope
“Construction Chemicals Market Assessment, Opportunities and Forecast, 2016–2030F”, is a comprehensive report by Markets and data, providing in-depth analysis and qualitative & quantitative assessment of the current state of the Construction Chemicals Market, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 and Russia-Ukraine war impact, opportunities and forecast between 2023 and 2030. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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