Construction Chemicals Market revenue to cross USD 100 Billion by 2033, says Research Nester

Research Nester

Key construction chemicals market players include GCP Applied Technologies Inc., SIKA AG, The DOW Chemical Company, RPM International Inc., Ashland Inc., MAPEI S.p.A, Akzo Nobel NV, Arkema, Fosroc, Inc and Pidilite Industries.

New York, July 05, 2023 (GLOBE NEWSWIRE) -- The global construction chemicals market is estimated to grow at a CAGR of ~7% from 2023 to 2033. The market is estimated to garner a revenue of nearly USD 100 billion by the end of 2033, up from a revenue of about USD 55 billion in the year 2022. Market growth can mainly be attributed to increased construction activity around the globe. For instance, by 2050, construction workers are expected to add 3,500 new structures every day. Construction chemicals are one of the most commonly used building materials. Without a good chemical base, buildings will not last long.

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In other words, these chemicals are the foundation of any construction industry. However, the construction industry has spread all over the world, and its history dates back to the age of civilization and enlightenment. People used to create buildings and basic structures according to their skills and strengths. As the world moved towards modernization, the construction industry also embraced many changes, improving construction chemistry to make buildings stronger. Concrete, sand, blocks, bricks, wood, stone, and other materials are the main materials for constructing buildings from the ground up. Apart from that, humans have invented various chemicals known as construction chemicals. These chemicals are the foundation of today's construction industry.

Global Construction Chemicals Market: Key Takeaways

• Market in Asia Pacific to propel highest growth

• The non-residential segment to garner the highest growth

• Market in North America to grow at a highest rate

Rapid Expansion in Urbanization Around the Globe to Boost Market Growth

The term urbanization describes the concentration of people in a particular geographical area. Land is transformed for residential, commercial, industrial, and transportation uses as a result of this concentration. It may encompass heavily populated areas as well as the peri-urban or suburban areas that border them. The population movement from rural to urban regions, the concomitant decline in the number of individuals living in rural areas, and the manner in which societies adjust to this transition are also included. Urbanization is significantly increasing all over the world and is estimated to increase more over the forecast period. Globally, 55% of people lived in cities in 2018, and 68% are expected to do so by 2050. The urbanization rate is rising as more individuals show a tendency to move to urban areas. As a result, the demand for homes has been growing, which has increased construction activity, where construction chemicals are widely used for different construction activities. In the end, all of these factors are anticipated to accelerate the expansion market of construction chemicals.

Global Construction Chemicals Market: Regional Overview

The construction chemicals market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Elevating Construction Work to Fuel Market Growth in the Asia Pacific Region

The construction chemicals market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The region's growth can be attributed in large part to the region's constantly expanding construction industry and related works. By 2030, Asia Pacific is expected to account for nearly USD 8 trillion of global construction output. Backed by the wide usage of chemicals in the construction industry, this is estimated to be an important factor driving the growth of the regional market. In addition to this, this region accounts for a major population that is involved in labor. For instance, India has a sizable labor pool as nearly half of its 1.2 billion people are of working age. With the onset of COVID-19, unemployment has increased significantly, rising to 9.1% in mid-August 2021 from 8.67% the previous week. There had been considerable gains after the jobless rate significantly increased in April and May of 2020 to over 23%, dropping to 7.4% in July. Hence, this is also anticipated to add to the market growth significantly.

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Increasing Industrial Works to Favor Market Growth in the North American Region

The construction chemicals market in the North American region is estimated to garner the highest CAGR by the end of 2033. The regional market growth can be attributed in large part to the rising residential construction industry in the region, which in turn is expected to increase the usage of construction chemicals. Growth in the US residential sector is slower than that in the non-residential sector. Population growth is expected to boost housing demand in the country. In addition, about 20 million homes are expected to be built over the next ten years in the region. The US commercial construction sector is expected to grow in the coming years. The University of Illinois at Chicago (UIC) recently announced plans to build a USD 95 million arts center on campus. The 88,000-square-meter building will be primarily used by UIC's School of Drama and Music. San Francisco city officials recently unveiled the design of the South San Francisco Civic Center Campus. It includes a new library, park, recreation center, and parliamentary chambers. The project's budget, is estimated at USD 210 million. All these factors are expected to increase the demand for construction chemicals in this region over the forecast period.

Increasing Industrial Works to Favor Market Growth in the North America Region

The construction chemicals market in North America region is estimated to garner the highest CAGR by the end of 2033. The regional market growth can majorly be attributed to the rising residential construction industry in the region, which in turn, is expected to rise the usage of construction chemicals. Growth in the US residential sector is slower than that in the non-residential sector. Population growth is expected to boost housing demand in the country. In addition, about 20 million homes are expected to be built over the next ten years in the region. The US commercial construction sector is expected to grow in the coming years. The University of Illinois at Chicago (UIC) recently announced plans to build USD 95 million arts center on campus. The 88,000-square-meter building will be primarily used by UIC's School of Drama and Music. San Francisco city officials recently unveiled the design of the South San Francisco Civic Center Campus. It includes a new library, park, recreation center and new parliamentary chambers. The project's budget he estimates at USD 210 million. All these factors are expected to increase the demand for construction chemicals in this region over the forecast period.

Global Construction Chemicals Market, Segmentation by Application

• Residential

• Non-Residential

Between these two segments, the non-residential segment is anticipated to hold the largest share over the forecast period. The growth of the segment can be attributed to the growth in non-residential activity across the world. There is a growing demand for the construction of office buildings, hotels, retail stores, and entertainment facilities. In 2020, the six largest cities in India recorded a net absorption of nearly 30 million square feet. Land that is not residential property can be classified as "non-residential land." In addition, vacant land is not technically residential but may become residential if dwellings are built over a valid period of time. A building is considered non-residential if only a small portion of the building (i.e., less than half of the total floor area) is used for residential purposes. Non-residential buildings include industrial buildings, commercial buildings, educational institutions, health buildings, and other buildings.

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Global Construction Chemicals Market, Segmentation by Type

• Admixtures

• Flooring

• Waterproofing

• Repair & Rehabilitation

Amongst these two segments, the admixtures segment is anticipated to hold a significant share over the forecast period. The segmental growth can be primarily attributed to the wide usage of chemical admixtures in concrete production, which is to be used in construction industries across the globe. Chemical admixtures are used in nearly 75% of the total yearly production of concrete, according to observations. Admixtures are defined as "materials other than water, aggregates, cementitious materials, and fiber reinforcements used as components of a cementitious mixture to modify its freshly mixed hardening or hardening properties before or during batch addition." Additives are classified according to their function. There are five different classes of chemical additives: air entrainment, water reduction, retardation, acceleration, and plasticizer. Concrete admixtures are natural or synthetic chemicals or additives added during concrete mixing to improve certain properties of ready-mixed or hardened concrete, that is, workability, durability, or initial and ultimate strength.

Few of the well-known market leaders in the global construction chemicals market that are profiled by Research Nester are GCP Applied Technologies Inc., SIKA AG, The DOW Chemical Company, RPM International Inc., Ashland Inc., MAPEI S.p.A, Akzo Nobel NV, Arkema, Fosroc, Inc., Pidilite Industries, and other key market players.

Recent Development in the Global Construction Chemicals Market

• Sika AG and MBCC Group (formerly BASF Construction Chemicals) have signed a binding contract. Regulations must approve transactions before they are completed. Sika's proposed acquisition of MBCC Group is being thoroughly investigated by the UK Competition and Markets Authority (CMA).

• The Dow Chemical Company, an American multinational chemical corporation, has announced a series of phased investments in its methylcellulose production capacity to help construction industry customers maintain a stable supply of critical additives in this booming market. These capacity additions represent the company's commitment to its dry mix business and are part of a multi-phase construction chemicals investment plan.

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