The Asia-Pacific Construction Chemicals market was valued at USD 19419.036 million in 2017 and is expected to register a CAGR of 6.84% during the forecast period (2018 – 2023). The market is expected to increase rapidly in the emerging economies, due to the increase in demand from the real estate sector.
Construction chemicals, regarded as specialty chemicals, are defined as chemical compounds that are added in construction materials, such as cement and concrete, at the construction site to improve the performance, enhance workability, as well as to protect and hold construction material and the finished structure strong and bonded together.
The increasing construction activities in emerging economies, such as India & China, and the increased adoption of innovative construction procedures are driving the market of the infrastructure sector. Furthermore, the growing adoption of ready-to-mix concrete in the region and the rising FDIs in the real estate sector is expected to offer numerous opportunities for the growth of the Asia-Pacific construction chemicals market. Demand for construction chemicals has a direct correlation with the level of new and redevelopment construction activity being undertaken in a specific region. The requirements of adequate housing for the growing populations in the world’s developing regions would fuel demand for residential construction, which, in turn, would be instrumental in propelling the construction in other areas, such as the development of infrastructure, industries, and commercial spaces. Asia-Pacific and the Middle East have a large contributed in this sector, as there have been large-scale infrastructure, industrial, and commercial activities in these regions.
China is the largest market and accounted for more than 63% of the Asia-Pacific construction chemicals market. It is expected to grow at a CAGR of 7.45% during the forecast period (2018-2023). The continuous improvements in economic conditions in the region have enhanced the financial status of the consumers, in turn, boosting the demand for buildings and other infrastructural activities in the region. The region is fast becoming a new industrial hub, consequently, making the Asia-Pacific an area of immense potential and opportunities.
Major Players: Mapei Inc., Sika AG, BASF SE, W.R.Grace Co., and RPM International Inc., among others.
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