The global construction chemicals market is expected to reach
USD 67.61 billion by 2024, according to a new report by Grand View Research,
Inc. Construction chemicals were widely used in non-residential &
infrastructure sector accounting for over 60% of the global revenue share in
2015. Upcoming projects such as Panama Canal expansion is expected to foster
the market growth over the forecast period.
Moreover, the global market was
valued at USD 39.16 billion in 2015 and is projected to witness growth over the
forecast period on account of rising residential and infrastructure activities
in rapidly developing economies of Asia Pacific. Government initiatives in emerging
economies such as India are also expected to fuel market growth.
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Further key findings
from the report suggest:
·
The global construction
chemicals market demand was 33,309.2 kilo tons in 2015 and is projected to grow
at a CAGR of 5.2% over the forecast period. They help in reducing the water and
cement content in concrete, thereby bringing down the overall cost of the
structure and reducing emissions. They impart properties such as cross-linking
which results in increasing strength of the mortar.
·
The market for
concrete admixtures was estimated at USD 17.35 billion in 2015. Admixtures are
mixed with cement, sand and water to impart specific properties to the base
material such as durability. Most of the admixtures are available in a
ready-to-use form and are added to the mortar at the construction site.
·
Demand in Asia
Pacific was 17,119.6 kilo tons in 2015 and is projected to witness tremendous
growth on account of increased government spending on the infrastructure sector
and rising opportunities for FDI in China and India. Increasing demand for
industrial, transportation and commercial facilities is expected to drive
growth.
·
MEA is also
projected to be a key market for construction chemicals over the forecast
period. Infrastructure projects worth USD 172 billion have been planned in 2015
by various national governments in the region.
·
Key industry
players include BASF SE, Pidilite Industries Limited, FOSROC Chemicals India
Private Limited, Sika AG, W.R. Grace & Company, Dow Chemical Company, RPM
International Inc., Arkema S.A. and Mapei S.P.A. These companies focus on
R&D for product development to enhance their portfolio.
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc.
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Email: sales@grandviewresearch.com
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