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.
Construction chemicals are used as additives in cement and other construction material. They are widely used for improving the performance of several products, with a bid to establishing durable and structures and interiors. The high investment in the research and development of newer products will have a positive impact on the growth of the market in the coming years. Besides durability, this product provides strength to the substance in which they are used.
The presence of several large scale companies will have a huge impact on the growth of the market in the foreseeable future. The properties of construction chemicals such have allowed applications across diverse construction sectors, subsequently contributing to the growth of the market.
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.
Variations in Product Offerings Will Aid Growth of the Market
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the variations in product offerings will have a huge impact on the growth of the market. Several large scale companies are looking to offer newer variations in these products with a bid to establishing a stronghold in the market. The In December 2018, Fosroc announced the launch of a green roof waterproofing grade of Polyurea. The product will offer improved resistance and water permeability, accounting to which it will witness huge demand in the coming years. Fosrocs latest product will not only have a positive impact on the growth of the company, but will influence the growth of the market on a global scale.
Informationo Source:
https://www.fortunebusinessinsights.com/construction-chemicals-market-102539
