The APAC construction chemicals market attained a value of $19,754.8 million in 2017. The market is further expected to reach $29,686.2 million by 2023, growing at a CAGR of 7.1% during the forecast period (2018–2023). This growth in the market is due to the increasing awareness about quality construction and rapid industrialization and urbanization. The chemical formulations used with cement, concrete, and other construction materials to hold them together are referred to as construction chemicals.
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When type is taken into consideration, the APAC construction chemicals market is categorized into asphalt modifiers, sealants, adhesives, protective coatings, concrete admixtures, and others. Out of these, concrete admixtures accounted for the largest value share (more than 45.0%) in 2017. The category is also predicted to grow at the highest CAGR during the forecast period, in terms of value and volume, due to the improving quality of construction in emerging economies, need to reduce water usage and construction time, and increasing demand for roads, buildings, bridges, tunnels, and water retention structures.
The largest revenue to the APAC construction chemicals market was contributed by China during the historical period (2013–2017), and it held more than 55.0% share in 2017. This is because the country is the largest in terms of purchasing power parity, home to one of the biggest construction sectors in the world, and the second-largest economy in terms of GDP. Moreover, almost all key construction chemical companies have their manufacturing plants in China. India is projected to witness the highest CAGR during the forecast period, in terms of volume and value.
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India is expected to be the fastest growing construction chemicals market during the forecast period. The country is experiencing a rapid industrialization and urbanization, which is a major factor contributing towards the country’s growth. Also, increased investment in infrastructure development is also driving the demand of construction materials in the country. Increasing housing demand due to rising population along with increasing government initiatives and investments are fueling the APAC construction chemicals market growth.
Rapid urbanization and industrialization are among the key driving factors of the APAC construction chemicals market. The urban population in the emerging economies in the region, including Indonesia, China, and India, is predicted to rise significantly. Due to this, these countries are expected to continue investing heavily in the development of civic infrastructure facilities, new houses, transportation centers, healthcare facilities, and education centers. In addition, the quickly growing manufacturing sector in this region is predicted to result in the construction of new production facilities, assembly plants, and warehousing units.
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