The essential nature of construction chemicals in the construction and engineering sector is expected to support market growth for the duration of the assessment period from 2021 to 2031. In a new market report, Future Market Insights (FMI) has stated the valuation of the market at US$ 39 Bn in 2020. Construction chemicals play critical roles in construction projects including coatings, additives, sealants and more. Affordable housing and smart city projects are major influencers of demand.
Strong demand for concrete admixtures, plasticizers in particular is driving the growth of the construction chemicals market. The high degree of workability in areas requiring high levels of reinforcement in high rise buildings and public infrastructure projects will support sales prospects in the coming years.
The Asia Pacific excluding Japan region is expected to remain dominant. Major urbanization projects and substantial manufacturing facilities in China are likely to aid expansion of the market through the projection period.
The ongoing Covid-19 pandemic impacted the global economy and the construction sector considerably, with project delays and cancellations causing substantial losses. This trend created a short-term decline in demand for construction chemicals in 2020, while a steady recovery is expected through 2021.
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How Does Interest in Green Construction Influence Market Developments?
According to the World Economic Forum, the construction industry has an economic influence on almost every other industry, as most economic value creation activities take place in or owing to buildings or other engineered structures.
As an industry, the construction sector accounts for approximately 6% of the global GDP. The construction sector is also considered to be the largest consumer of raw materials, and engineered objects in the world, while also accounting for up to 40% of the world’s carbon emissions.
According to a 2020 UN Environment Program report of the Global Alliance for Buildings and Construction, of the 1,005 real estate companies, REITS, developers, and funds accounting for more than US$ 4 trillion in assets under management that reported to the Global ESG Benchmark for Real Assets (GRESB) in 2019, 90 percent align their projects with green building rating standards for construction and operations.
Green buildings represent major global investment opportunities in the coming decade, estimated by the International Finance Corporation (IFC) reach a valuation of $24.7 trillion by 2030.
The WEF has stated that the construction sector accounts for 50% of the global steel and 3 billion tons of raw materials annually including construction chemicals. 30% of the global greenhouse gas emissions are attributed to buildings.
The UK government has set a target of 50% reduction in greenhouse gas emissions for 2025. Also, the population of the world’s urban areas is estimated to rise by 200,000 people per day. This creates a substantial demand for affordable housing in addition to transport and utility infrastructure. These trends are expected to generate significant challenges and opportunities to players operating in the construction chemicals sector.
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Key Takeaways of Construction Chemicals Market Report
- The global construction chemicals market reached US$ 39 Bn in 2020, and is estimated to rise at over 5% CAGR through the assessment period.
- China will continue to reflect strong growth, accounting for more than 66% of the market in Asia Pacific excluding Japan.
- The United States will continue to rise strongly, exhibiting over 5% CAGR in 2021.
- Within Western Europe, Germany and the U.K. will remain key markets, driven by urbanization and smart city infrastructure projects.
- Demand from China and India will continue to rise on account of government infrastructure and housing initiatives.
Who is Winning?
Major manufacturers are increasingly pushing for the expansion of production and distribution activities to emerging economies in Asia and Africa. This shift can be attributed to easier access and lower costs of manpower and raw materials. Also, relatively relaxed regulations associated to the chemicals sector will positively influence the market.
Market Landscape: Competitive
The global construction chemicals market is moderately consolidated, with the presence of varied regional players. Manufacturers are increasingly focused on the optimization of assets including expansions and divestitures to maximize profits and set up sustainable revenue streams.
Key market players including BASF SE, GCP Applied Technologies, SIKA AG, The DOW Chemical Co., RPM International Inc., Ashland Inc., MAPEI, Akzo Nobel NV, Arkema SA, Fosroc, Pidilite Industries, Covestro AG, Henkel AG & Co. KGaA, HB Fuller Company, Lanxess AG, The 3M Company, Wacker Chemie AG, Huntsman Corporation, Momentive Performance Materials, and Guangzhou Jointas Chemical Co. Ltd., are pushing for strategic acquisitions and collaborations with other participants to increase market share.
Construction Chemicals Market by Category
- Water Proofing Chemicals
- Protective Coating
- Concrete Admixture
- Adhesives & Sealants
- Asphalt Additives
- Commercial & Industrial
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East and Africa (MEA)
- Asia Pacific excluding Japan