According to the recent updates, the global Construction Chemicals Market size is registered as USD 37,045.34 million in 2020 and is expected to grow at a significant rate of 6.13?GR along with market size of USD 56,173.87 million during the forecast period 2021-2028.
Construction chemicals are used as chemical compounds in construction works for holding the construction material altogether. These are the chemical components used with cement, concrete, or other construction materials. These chemicals improve the quality of building materials and are essentially used to expedite the process and increase the sustainability and strength of the structures. These are used in the different building materials for increasing the workability, performance, functionality, and also preserving the customized elements of a structure. Apart, these chemicals increase the strength and corrosion resistance of the infrastructure, and also reduce the volume of cement and water during the process of construction.
These construction chemicals changed the total environment of the construction industry. The rise in construction activities is propelling the usage of construction chemicals. Hence growing per capita disposable income and improved standard of living are the major factors that accelerate the growth of the construction chemicals market. In addition to that, rising infrastructural development, increasing the advanced technologies due to the enhancing building, construction, and other infrastructure activities are escalating the growth of the market. These chemicals protect the surface from corrosion by comprising of floorings, surface coatings, concrete admixtures, corrosion inhibitors, repair motors, grouts sealants which foster the growth of the market.
The construction chemicals market opportunities are increased due to its superior advantages like sustainability, being environmentally friendly, reduces the usage of cement and water. Moreover, growing construction chemicals revenue from foreign countries is boosting the opportunities for the market.
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Market Segmentation
Based on the latest information, the construction chemicals market is bifurcated into product type and end-use industry.
Product Type Segmentation: The construction chemicals by product types are classified into various types as concrete admixtures, waterproof chemicals, flooring compounds, adhesives sealants, and others.
End-use Industry Segmentation: By end-use industry, the construction chemicals are categorized into four segments residential, commercial, industrial, and infrastructure.
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Regional Analysis
Based on the construction chemicals market share and other aspects, the regional analysis is segmented into four major regions like Asia-Pacific, Europe, North America, and the Rest of the World. Among them, Asia-Pacific is expected to be the fastest-growing region for the rising demand for construction chemicals. Moreover, the escalating population in India and China is increasing the usage of construction chemicals and stood China as the major consumer of these chemicals. North America is holding the largest market share due to the rising government initiatives for promoting infrastructure activities coupled with enhancing the residential sector.
The construction chemicals market major key players are Pidilite Industries Limited of India, Croda International Plc, BASF SE, Arkem SA, Ashland Inc, Tata Chemicals, Huntsman International LLC, Evonik Industries AG, and others.
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Industry News
According to the latest updates, the construction chemicals market forecast states that these chemicals are going to reach immense growth in the coming years for their various advantages, new acquisitions, and by introducing the latest advanced technologies.
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