APAC to Drive Construction Chemicals Market Growth over 2016-2024, India and China to be the Major Revenue Pockets
Construction sector is surging at a rapid pace across BRICS nations, making vital contributions towards Construction Chemicals Market revenue. Thriving APAC construction industry will positively influence the business with China displaying strong growth trends. High preference for weather resistant and earthquake resistant buildings will provide construction chemicals industry players with new opportunities for exploring untapped markets.
Escalated government focus on improving the infrastructure and constructing eco-friendly houses will stimulate construction chemicals industry growth. As per the European commission, buildings consume nearly 40% of overall energy and account for over 30% of total carbon dioxide emissions. Ability of construction chemicals to reduce the GHG emissions will result in high market demand. According to Global Market Insights reports, “Construction Chemicals Industry size is slated to reach USD 50 billion by 2024.”
China construction chemicals market size, by product, 2013 – 2024 (USD Million)
Based on the regions, construction chemicals industry displays the following trends:
- Asia Pacific construction chemicals industry is expected to record a CAGR of 9% over the period from 2016 to 2024, having collected a revenue of USD 14 billion in 2015. China construction sector, estimated at USD 1.7 trillion in 2015, is expected to boost the regional growth. India and Japan are the few of the other countries of APAC, which are expected to make significant contributions towards the regional revenue, having attained a collective revenue of over USD 1 billion in 2015.
- Europe construction chemicals market, estimated at USD 4.5 billion in 2015, is expected to grow at an annual rate of 8% during the next seven years. Large-scale use of protective coatings in residential & commercial constructions to build fire resistance will add to the revenue. Mounting need for renovating heritage buildings will boost the demand for sealants and adhesives.
Concrete admixtures, sealants, protective coatings, adhesives, and asphalt modifiers are the key products of construction chemicals industry. Concrete admixtures, which made major contributions to the overall revenue in 2015, is expected to occupy a significant chunk of construction chemicals market share in future. Its ability to enhance cement quality and high resistance property have made it more popular in commercial and residential projects. Adhesives and sealants worth USD 2.5 billion and USD 1.5 billion in 2015, are predicted to make notable contributions towards the construction chemicals industry revenue over the coming seven years.
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The presence of multinational corporations has made construction chemicals industry extremely consolidated, with top four market players accounting for nearly 50% of the overall revenue. The business space is highly competitive with market participants depending on technological innovations, strategic alliances, and joint ventures to raise their production and retain their market positions.
Arkema, Pidlite Industries Limited, Ashland Incorporation, BASF SE, Evonik Industries, The DOW Chemical Company, Sika AG, Huntsman Corporation, The Tremco Group, Mapei, W. R. Grace & Company, RPM International Incorporation, Henkel AG & Company KGaA, Fosroc, The 3M Company, AkzoNobel Chemicals, Knopp GmbH, and Albemarle Corporation are the major participants of construction chemicals industry.
Author Name :Dhananjay Punekar