Construction Chemicals Market
The market was valued at USD 39,329.59 million in 2016. This market is expected to reach a value of USD 55,665.70 million by 2022, with an estimated CAGR of 6.06% during the forecast period (2017-2022). The construction chemical market is globally driven by a growing construction industry and increased innovation in construction procedures.
Construction chemicals, also known as specialty chemicals, are chemical compounds added in construction materials, such as cement and concrete. These compounds are added to improve performance, enhance workability, and protect and hold construction material and finished structures (such as that they are strong and bonded well together). In addition, these chemicals also aid in minimizing the amount of water and cement required during the construction process. Construction chemicals undergo physical (from melt to solidify) and chemical changes while being applied.
Source: Mordor Intelligence Analysis
However, a lack of proper know-how of construction chemicals in the developing nations presents a challenge to the market. Therefore, manufacturers are penetrating the emerging markets, such as the Asia-Pacific, and Middle East & Africa, to increase the product adaptation rate, with a long-term goal of grabbing potential opportunities in these markets.
Areas with Scope for Construction Chemicals
The construction chemicals market is dominated by Asia-Pacific, which holds around 50% of the global market. Owing to growing construction activities in countries like China and India, this region is expected to maintain its high market share up to 2022. The recovering construction market in Europe is driving the market in this region, and Europe follows Asia-Pacific in terms of global construction chemicals market share. The North American market is also expected to grow at a healthy rate due to high demand from the housing sector. African, Latin American, and (especially) Middle Eastern markets are expected to grow at a healthy rate.
Notable Developments in the Market
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