The global Construction Chemicals Market is estimated to be valued at US$ 49.9 Bn or billion in 2022 and is expected to exhibit a CAGR of 6% over the forecast period 2023 to 2032, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Construction chemicals refer to chemical formulations that are used in building and civil construction projects. They include concrete admixtures, flooring, waterproofing, repair, and protection chemicals. Construction chemicals provide advantages such as high strength, durability, workability, lower permeability, extended service life and sustainability to constructions. They are an essential component of modern construction practices to develop efficient, eco-friendly and long-lasting infrastructure.
Market key trends:
One of the key trends in the construction chemicals market is the rising demand for green and sustainable construction chemicals. There is growing awareness about the environmental impact of conventional construction materials and practices. This has increased the demand for eco-friendly construction chemicals that can aid in green building construction. Manufacturers are increasingly focusing on developing bio-based and recycled content construction chemicals. They are also offering products with lower volatile organic compound (VOC) emissions to reduce the carbon footprint of constructions. This focus on sustainability is expected to drive the demand for green construction chemicals over the forecast period.
Porter’s Analysis
The threat of new entrants: The threat of new entrants in the construction chemicals market is moderate as the production of construction chemicals requires high capital investment and an established distribution network.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many existing suppliers and the commoditized nature of construction chemical products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials used in construction chemicals are highly fragmented and accessible.
The threat of new substitutes: The threat of substitutes is low as construction chemicals are specialized products tailored for specific construction applications.
Competitive rivalry: The construction chemicals market is highly competitive with the presence of many global and regional players.
Key Takeaways
The global construction chemicals market size was valued at $49.9 billion in 2022 and is expected to witness high growth, exhibiting a CAGR of 6% over the forecast period 2023 to 2032, due to increasing infrastructural development activities across the world.
The Asia Pacific region held the largest share of the global construction chemicals market in 2022 and projected to maintain its dominance during the forecast period. Countries in Asia Pacific are witnessing rising residential and commercial construction which is driving the demand for construction chemicals in this region.
Key players operating in the construction chemicals market are Pidilite Industries, BASF SE, RPM International Inc., Sika A.G., The Dow Chemical Company, Fosroc International, Arkema S.A., Ashland Inc., Mapei S.p.A, and W.R. Grace. These players are focusing on new product launches and expansion of production facilities to meet the growing demand for construction chemicals.
