The global construction chemicals market size is projected to reach USD 70.91 billion by the end of 2026. The need for improved infrastructure will open up a huge potential for the growth of the market. According to a report by Fortune Business Insights, titled Construction Chemicals Market Size, Share Industry Analysis, By Type (Admixtures, Flooring, Waterproofing, Repair Rehabilitation, and Others), By Application (Residential, and Non-Residential), and Regional Forecast, 2019-2026, the market was worth USD 42.32 billion in 2018 and will exhibit a CAGR of 6.7% during the forecast period, 2019-2026.
Segmentation
Based on type, the market is segmented into concrete admixtures, flooring chemicals, waterproofing chemicals, repair rehabilitation chemicals, and others. Cement is widely used as a binding material within construction, cement added with crushed rock, water and sand in precise quantity to produce concrete. Concrete admixtures are then added to improve the properties of concrete.
Drivers Restraints
The growing construction industry in developing economies is expected to support the growth of construction chemicals market primarily driven by growing new construction and repair rehabilitation sectors. High demand for residential and non-residential structures in China, India, and South Korea due to a high population growth rate shall drive industry growth.
Asia Pacific to Emerge Dominant; Increasing Investment in Product RD by major Companies to Aid Growth
The report analyzes the ongoing construction chemicals market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, Asia Pacific currently dominates the market. The availability of raw materials has attracted start-ups as well as encouraged established companies. Besides Asia Pacific, the market in North America will witness considerable growth in the coming years. As of 2018, the market in North America was worth USD 9.8 billion and this value is projected to increase further in the coming years.
Information Source:
https://www.fortunebusinessinsights.com/construction-chemicals-market-102539
