The Construction chemicals Market is estimated to be valued at US$ 49.9 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 are chemical formulations that enhance the quality and strength of construction materials and structures by protecting or strengthening them. These chemicals are used at different stages of construction from pre-construction to post-construction. Admixtures, protective coatings, adhesives, sealants, and concrete repair & rehabilitation products are some examples of construction chemicals. They enhance the durability and lifespan of structures by protecting them from corrosion, moisture and cracks. Market key trends: Infrastructure development in emerging economies is a key driver for growth of the construction chemicals market. Rapid urbanization and growing populations are increasing demand for residential, commercial and industrial construction, which requires large amounts of construction chemicals. Governments across India, China, Indonesia and other Asian countries are investing heavily in infrastructure projects like roads, bridges, airports and other public structures. This is fueling consumption of various construction chemicals like concrete admixtures, adhesives, protective coatings and repair compounds. The construction chemicals market is expected to continue growing steadily with increasing investment in infrastructure globally over the forecast period. Porter’s Analysis: Threat of new entrants: The threat of new entrants is moderate as the construction chemicals market requires large capital investments and established distribution channels. However, the industry experiences steady growth providing opportunities for new players. Bargaining power of buyers: The bargaining power of buyers is high given the fragmented nature of the industry with numerous local and regional construction chemical providers. Buyers can negotiate on price and quality. Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials for construction chemicals like resins and polymers have few substitutes and suppliers. However, established players can source from multiple suppliers. Threat of new substitutes: The threat of substitutes is low as construction chemicals have few product substitutes that provide the same functionalities of adhesion, waterproofing etc. Competitive rivalry: Intense competition. SWOT Analysis: Strengths: Wide product portfolio and presence across regions. Established brands and technical expertise. Weaknesses: Vulnerable to fluctuations in raw material prices. High customer acquisition and retention costs. Opportunities: Growing infrastructure and real estate development worldwide. Shift towards green buildings provides opportunities. Threats: Stringent regulations regarding VOCs and hazardous chemicals. Economic slowdowns negatively impact demand. Key Takeaways: The global construction chemicals market size is expected to reach $49.9 billion in 2022, exhibiting a CAGR of 6% during the forecast period. Rapid urbanization and the rise of mega cities around the world is driving demand for new residential and commercial construction. The commercial segment dominates currently due to rising investments in hotels, malls and office spaces. Regionally, Asia Pacific dominates the construction chemicals market currently and is projected to continue its lead, growing at over 7% annually till 2032. This can be attributed to the robust expansion of the residential and infrastructural construction industries in China and India. Western Europe and North America are also sizable markets driven by renovation and refurbishment activities. 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 leading vendors dominate through extensive R&D and new product launches catering to evolving construction requirements like green buildings. Read More: https://www.rapidwebwire.com/construction-chemicals-market-estimated-to-witness-exponential-growth/
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