How is Swift Urbanization Driving Construction Chemicals Market?

The urban population is growing rapidly as people from rural areas are migrating to cities in search for better opportunities and living standards, particularly in developing countries, such as Russia, China, Brazil, South Africa, and India. Since urbanization brings economic, social, and environmental changes, these countries will need to meet the requirements of the increasing urban population, including infrastructure, transport, housing, energy, and others. Attributed to this, the demand for construction chemicals, primarily for catering to the need for better infrastructure, in emerging economies is predicted to rise significantly in the coming years.

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The chemical formulations which are utilized with cement, concrete and other construction materials for holding the construction material together are referred to as construction chemicals. According to a research conducted by P&S Intelligence, the global construction chemicals market reached a value of $55,111.6 million in 2017 and is projected to attain $80,025.4 million in 2023, registering a 6.5% CAGR during the forecast period (2018–2023). The different types of construction chemicals are adhesives, protective coatings, concrete admixtures, sealants, asphalt modifiers, and others (which include flame retardants, flooring chemicals, and asphalt additives).

Among all the regions, namely Europe, Latin America (LATAM), North America, Asia-Pacific (APAC), and Middle East and Africa (MEA), the highest demand for construction chemicals was created by the APAC region during 2013–2017 and the situation is projected to be the same during the forecast period as well. The primary reason for this is the increasing construction activities in countries including Japan, China, and India. In addition to this, several incentives are also being provided by the governments of these countries for the development of the infrastructural sector to cater to the needs of the growing middle-class population. China is the major consumer of the construction chemicals in this region.

Out of these, concrete admixtures were the most in demand during 2013–2017 and are further expected to be required the most during the forecast period. Also known as chemical admixtures, concrete admixtures are ingredients that are added to the cement mix for modifying the properties of concrete, such as the rate of bleeding, workability, and pumpability.

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The rising awareness regarding green buildings is also contributing significantly to the growth of the construction chemicals market. The preference for green buildings is increasing as they have the potential to reduce emissions, which is further driving the demand for construction chemicals. These chemicals enhance the durability and overall quality of the buildings and furthermore provide protection against environmental hazards. In addition to this, construction chemicals help decrease the usage of cement and water in the construction process and aid in energy conservation. Due to all these factors, the requirement for construction chemicals in rising for the development of green buildings.

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Created on Dec 26th 2019 05:50. Viewed 340 times.

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