Reports estimate that global construction chemicals market size will surpass an annual valuation of over US$50 billion by 2024. Explained below are a few notable factors augmenting the product demand over the next few years.
Construction chemicals and materials play an important role in making modern infrastructure durable and sustainable. These chemicals are added to concrete or cement during construction to enhance the quality and strength of concrete, impart water tightness, and protect concrete structures form environmental and atmospheric degradation.
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Different types of chemicals used in construction including concrete admixtures, asphalt modifiers, waterproofing admixtures, adhesives, sealants, and protective coatings. Chemicals manufacturers have been experimenting with new technologies to develop innovative and sustainable solutions.
For instance, in September 2020, France’s Chryso and U.S. based Solidia Technologies developed a new ultralow carbon concrete. The companies added chemicals that can absorb carbon dioxide during concrete formation and reduce overall carbon footprint by up to 70 percent.
- Rapid infrastructure development in BRICS countries
With rapid growth in urbanization, the global construction sector has experienced significant growth in recent decades. The rate of infrastructure development and refurbishment has been particularly higher in BRICS nations. The global construction industry was estimated to be worth more than US$8 trillion in 2015, with China alone accounting for a valuation of US$1.7 trillion. Considering the current rate of population growth, BRICS countries are expected to invest substantially in development of sustainable infrastructure in the upcoming years.
Meanwhile developed regions are likely to invest in repair, maintenance, and renovation of existing residential and commercial infrastructure, which will create a need for adhesives, sealants, protective coatings, and other chemicals.
- Robust demand for asphalt modifiers and concrete admixtures
The demand for asphalt modifiers is projected to grow at a healthy 9% CAGR through 2024. These modifiers are extensively use in construction of roads, highways, and bridges. Growing investment in improvement of road infrastructure mainly in developing countries will certainly augment the product demand.
On the other hand, concrete admixtures are expected to capture more than 50% revenue share of construction chemicals industry by 2024. They can be classified into mineral and chemical admixtures. Mineral concrete admixtures mainly comprise of rice husk ash, silica fumes, fly ash, furnace slag, and granulated glass. Chemical admixtures include normal plasticizers, superplasticizers retarding agents, accelerating agents, air-entraining agents, and waterproofing admixtures.
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- Rising infrastructure investments in Asia Pacific
Asia Pacific has experienced one of the fastest growth rates in urbanization and industrialization across the globe and the regional construction chemicals market is projected to witness a CAGR of 9% through 2024, exceeding a valuation of more than US$14 billion. Developing APAC countries including China, India, Japan, Indonesia, Malaysia, and Vietnam are expected to invest heavily in expansion of residential and commercial infrastructure. The need for sustainable infrastructure development will certainly augment the demand for high-quality chemicals and materials.
Construction chemicals industry in North America was valued at US$3.5 billion in 2015 and is anticipated to grow substantially in the near future. However, the growth will be slower compared to Asia Pacific and Europe due to a well-established construction industry.
The global construction industry will need to tackles a variety of new challenges over the course of the next few years in terms of designing stronger, sleeker, and sustainable infrastructure. These factors along with changing legislation is likely to fuel the demand for sustainable construction chemicals and materials with improved performance.
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