Construction Chemical Market Growth at a CAGR of 8.6 % CAGR through 2031
WESTFORD, MASSACHUSETTS, UNITED STATES, July 9, 2024 /EINPresswire.com/ -- Construction Chemicals Market1 size was valued at USD 27.74 billion in 2022 and is poised to grow from USD 30.1 billion in 2023 to USD 37.55 billion by 2031, growing at a CAGR of 8.6% in the forecast period (2024-2031).
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Construction chemicals are specialty chemicals used in construction. For strength and durability, these compounds are mixed with cement, concrete, coatings, and other building materials to improve construction work. These chemicals also help in protecting against environmental threats. Construction chemicals play a significant role in improving the performance of concrete and help in reducing the amount of cement and water used during construction. Construction chemicals have altered the settings in the entire construction industry. Their application has raised the quality of building materials, and as a result, they are frequently utilized to offer sustainability in building projects.
Changing Dynamics of the Construction Industry is Driving the Chemical Construction Market Growth
The expansion of the construction along with repair and rehabilitation sectors in emerging countries is the main driver anticipated to fuel the growth of the construction chemical industry. The need for residential and non-residential constructions will rise in tandem with the population growth, resulting in the usage of several construction chemicals, such as adhesives, concrete admixtures, and cement additives driving the market growth. The construction chemical sector will also grow as new products are introduced, including mortars, polymer-based grouts, and specialty cement additives. Building chemicals provide a technological advantage by reducing corrosion and extending the lifespan and performance of a construction. Chemicals are also used in corrosion inhibitors, floors, grouts, surface coatings, repair mortars, and admixtures for concrete. The global market for construction chemicals is being driven by the increasingly technologically advanced construction sector and the constant growth in demand for public, commercial, and residential structures.
Increasing Awareness Towards Green Construction Will Boost the Market Growth in the Next 4-5 Years
The following are the key Construction Chemicals Trends2 that will shape the growth of the market in the next 5 years
The increased awareness of environmental concerns generated by traditional buildings, as well as shifts in government regulation, are the primary drivers of construction chemical usage, particularly for construction work. Many key players in the construction sector have chosen to concentrate on underground structure protection with green and sustainable materials, like polycarboxylate ether-based green admixtures, thermal insulation. This type of material is used for building protection, cool roof treatment, and other initiatives that play an important role in achieving sustainability.
Growing Urbanization is Pushing the Development of the Construction Chemical Market
Numerous emerging economies are undergoing rapid urbanization as a result of increased migration to fast developing cities. Growth in per capita disposable income and a better standard of living will boost total construction chemical market growth. New residential and non-residential structures will be built to meet the increasing demand created by urbanization. In addition to residential structures, there are movie theaters, commercial centers, hospitals, and restaurants. This will help to accelerate the expansion of the market.
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Nanotechnology is Going to Influence Construction Chemical Market Growth in the Next 10 Years
Innovative technology is going to revolutionize construction chemicals by bringing huge advancements. Nanotechnology will be key to making improved materials with improved properties. Nanoparticles will be used more to improve concrete's strength, durability, and self-healing. This technology allows buildings to self-repair cracks and last longer. Present study in additive manufacturing, or 3D printing, suggests unique construction methods using specific chemical compositions. By allowing comprehensive designs and optimal material use, this technology could save waste and building time on-site. Materials science developments like carbon-negative or carbon-neutral materials are being considered to reduce building chemical carbon emissions.
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Latest Headlines to Follow in the Construction Market
Magicrete completed a Ranchi mass housing project in March 2024. The project was done with 1,000 3D modular precast concrete apartments. The program cut building time by 40% while preserving cost.
Sika AG acquired MBCC Group, formerly BASF Construction Chemicals, in May 2023. The purchase strengthened Sika's global market position and product portfolio after regulatory approvals. It was anticipated that the company's revenues will reach over US$ 2.2 billion by 2022.
In December 2023, Saint-Gobain bolstered its presence in the building chemical industry in Latin America by purchasing a controlling stake in IMPTEK Chova del Ecuador, a prominent participant in the Ecuadorian market. The decision was taken to further the development of its distinctive waterproofing solutions, which were in line with the company's strategic objective of 'Grow & Impact'.
Eco-Friendly Materials are Influencing the Growth of Construction Chemical Market
Construction chemicals have become important for the advancement of the construction sector. New technologies and eco-friendly materials can revolutionize the market with the help of smart environmentally responsible solutions. Nanotechnology, advanced polymers, and eco-friendly materials will change the way structures are built, making them stronger and more resilient. These buildings will become more sustainable. Businesses must follow industry trends to benefit from these developments. Accepting innovation and applying advanced research into construction processes will be critical for market development.
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