The worldwide construction chemicals market is growing due to rapid urbanization and increasing focus on green buildings. P&S Intelligence recently calculated the value of the domain in 2017 as $55,111.6 million and its forecast period (2018–2023) CAGR to be 6.5%. It is also being expected that by 2023, the sale of such chemicals would generate a revenue of $80,025.4 million. In simple terms, construction chemicals are those that are added to base materials, including concrete and cement, to enhance their strength and durability.
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When segmented by type, concrete admixtures, adhesives, sealants, asphalt modifiers, protective coatings, and others would be the different market categories. Among these, concrete admixtures was the dominating category in 2017, with over 40.0% sales volume share. One of the reasons for their high demand in the construction chemicals market has been that these modify the properties of set concrete, thereby helping reduce construction costs. For instance, their addition to concrete can reduce the water requirement by up to 10.0%.
Across the world, Asia-Pacific (APAC) was the largest construction chemicals market in 2017, accounting for over 35.0% of the total sales. Countries, such as China, India, and Japan, have witnessed a massive growth in construction activities in the past few years. People are migrating to the cities at a high rate in search of employment, education, and a better lifestyle, which is raising the requirement for their long-term accommodation. The governments in these nations are avidly supporting infrastructural development, and the residential sector is also expanding due to the increasing middle-class population.
Across the world, Asia-Pacific (APAC) was the largest construction chemicals market in 2017, accounting for over 35.0% of the total sales. Countries, such as China, India, and Japan, have witnessed a massive growth in construction activities in the past few years. People are migrating to the cities at a high rate in search of employment, education, and a better lifestyle, which is raising the requirement for their long-term accommodation. The governments in these nations are avidly supporting infrastructural development, and the residential sector is also expanding due to the increasing middle-class population.
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Further, the current trend has been a growing use of construction chemicals in developing countries. As a large number of such nations are in APAC, the growth of the real estate sector here is expected to positively impact the global construction chemicals market. Now, the expansion of the construction industry is itself being triggered by the growing population. As per the United Nations, the population of APAC is expected to grow to 4.3 billion by 2023! Owing to these factors, APAC will also be the fastest growing market during the forecast period, during which it will advance at a 7.1% CAGR.
Apart from population growth and rapid urbanization, another factor aiding the progress of the construction chemicals market is an increasing awareness about green buildings. Construction chemicals, as already noted above, can reduce the water requirement during construction. Apart from this, these also aid in conserving energy, which is a significant requirement considering environmental degradation. An increasing number of countries are making adherence to green building standards, such as the Leadership in Energy and Environmental Design (LEED) certification, mandatory, thereby, raising the demand for construction chemicals.
Thus, it is clear that the growing population of APAC will be one of the major drivers of the domain across the globe in the coming years.
Further, the current trend has been a growing use of construction chemicals in developing countries. As a large number of such nations are in APAC, the growth of the real estate sector here is expected to positively impact the global construction chemicals market. Now, the expansion of the construction industry is itself being triggered by the growing population. As per the United Nations, the population of APAC is expected to grow to 4.3 billion by 2023! Owing to these factors, APAC will also be the fastest growing market during the forecast period, during which it will advance at a 7.1% CAGR.
Apart from population growth and rapid urbanization, another factor aiding the progress of the construction chemicals market is an increasing awareness about green buildings. Construction chemicals, as already noted above, can reduce the water requirement during construction. Apart from this, these also aid in conserving energy, which is a significant requirement considering environmental degradation. An increasing number of countries are making adherence to green building standards, such as the Leadership in Energy and Environmental Design (LEED) certification, mandatory, thereby, raising the demand for construction chemicals.
Thus, it is clear that the growing population of APAC will be one of the major drivers of the domain across the globe in the coming years.
