The demand for construction chemicals in North America is expected to maintain a CAGR of about 6% over 2015-2020 analysis period, with the United States being the largest and the fastest growing market in the region. In terms of product, concrete & cement admixtures claim to be the largest, while, industrial development and infrastructure are the largest in terms of the areas of application areas.
With regard to the construction industry, a lot of research really goes into ascertaining and assuring the quality of products that are being used so that they offer improved properties to the structures. Designers of buildings and other projects gain from the flexibility provided through the chemicals used in construction. The chemicals being used are expected to have properties such as durability, compression rigidity, surface finish and the capability of enduring hostile climatic conditions as well as difficult working environments. They are also expected to safeguard themselves against natural calamities and instances of fire, in addition to bear a general aesthetic appeal. The demand for construction chemicals has a direct correlation with the establishment of new structures and the renovations of older ones. This has been revealed through the scale of infrastructure, industrial and commercial activity in these regions. Requirements of adequate housing for the growing population would fuel the demand for residential construction, which, in turn, would be instrumental in propelling other areas, such as development of infrastructure, industries and commercial spaces.
In terms of product, concrete & cement admixtures form the largest segment, while in the case of non-residential construction like the commercial, industrial and infrastructure sectors take the lead in terms of application areas for construction chemicals. While demand for concrete & cement admixtures is likely to maintain their ongoing fastest run, the growth in terms of application areas is expected to vary on a region-to-region basis. Another driving force for this market is the reason that the growing population and industry certainly require a larger infrastructure. All these parameters are the drivers of this market.
The global construction materials market can be segmented based upon the product (Adhesives & sealants, concrete and cement admixtures, flame retardants, protective coating, waterproofing materials and other construction materials) and by their application (Commercial construction, industrial construction, infrastructure construction and residential construction material). The key players are 3M Company (formerly known as the Minnesota Mining and Manufacturing Company), Aldo Co., Albemarle Corporation (headquartered in Louisiana), BASF SE, Bostik Inc., Henkel AG & Company, and KGaA.
There has been an ever increasing demand for infrastructure, residential and commercial construction in the developing economy. There is also an increasing demand for the availability of reliable and improved materials.
The construction industry is on the verge of getting stagnant as there is a lack of availability of adequate space in cities. This event occurs mainly because of the already present, previously built structures around. This has become a popular phenomenon in North America these days.
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