Construction Chemicals Market is expected to reach US$ 71,449.75 Million by 2028

The construction chemicals market size is expected to reach US$ 71,449.75 million by 2028, registering at a CAGR of 5.8% from 2022 to 2028, according to a new research study conducted by The Insight Partners.

Strong Growth of Construction Industry in Developing Countries Drives Construction Chemicals Market Growth

The report highlights key factors driving the market growth and prominent players with their progress in the market.

The construction industry in developing countries is growing. According to Invest India, the construction Industry in India is expected to reach US$1.4 trillion by 2025 due to the rapid urbanization and the development of the residential sector. The urban population in India contributes 75% of GDP (63% present), and 68 cities will have a population of more than 1 million. By 2030, more than 40% of the population is expected to live in urban India (33% today), creating a demand for 25 million additional mid-end and affordable residential houses According to the Fitch Solutions Infrastructure Report, China is the world’s largest construction market. Under China’s 14th Five-Year Plan, the Ministry of Housing and Urban-Rural Development (MOHURD) issued a notice for the Implementation of Urban Renewal Actions in 2020. While China’s urbanization rate reached 60.6% in 2019, the urban renewal policy aims to develop greener and efficient cities as the government seeks to improve the quality of China’s urban living conditions. Along with this, the UAE is one of the fastest growing countries in the Middle East in terms of the construction industry. The largest property developers in Dubai have launched new construction projects within the last few months, all of which reportedly sold out immediately. March, April, and May 2022 saw the highest levels of real estate transactions in over a decade. Thus, the growing construction industry in developing countries is driving the construction chemicals market growth.

Ashland; BASF SE; Choksey Chemicals; Dow; Fosroc, Inc.; MAPEI; Pidilite Industries Ltd.; RPM International Inc.; Saint-Gobain; and Sika AG are among the well-established players operating in the construction chemicals market share.

Impact of COVID-19 Pandemic on Construction Chemicals Market

The COVID-19 pandemic adversely affected the chemicals & materials industry due to the shutdown of manufacturing facilities, difficulties in procuring raw materials and components, and restrictions on logistic operations. The outbreak distorted operational efficiencies and value chains due to the sudden shutdown of national and international boundaries, creating revenue loss and damage. Various construction chemicals manufacturers had to temporarily close their operations or reduce their production capacities in 2020. The COVID-19 pandemic also had a negative impact on the construction industry where the projects were stopped in the middle, and the development of new projects was postponed. The negative impact on the construction industry declined the demand for construction chemicals. However, the businesses are gaining ground as governments of various countries eased out the previously imposed restrictions in 2021. The resumption of operations in the construction chemicals manufacturing units is driving the growth of the construction chemicals market. Along with this, the revival of the construction industry post-pandemic is driving the market growth. The increased focus on sustainable construction and surged adoption of green-building concepts post-pandemic fuel the growth of the construction chemicals market.

Construction Chemicals Market Size, by Region, 2021–2028

The "Construction Chemicals Market Analysis to 2028" is a specialized and in-depth study of the consumer goods industry with a special focus on the construction chemicals market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The construction chemicals market is segmented on the basis of product, application, and geography. Based on product, the market is segmented into concrete admixtures, asphalt additives, waterproofing chemicals, adhesives and sealants, flame retardants, and others. By application, the market is segmented into residential, commercial, industrial, institutional, and infrastructure. Based on geography, the construction chemicals market is primarily segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia Pacific dominated the market in 2021 and is expected to register the highest CAGR during the forecast period. The growing construction industry and increasing adoption of green-building concepts across countries in Asia Pacific propel the demand for construction chemicals.