Concrete Admixtures Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Concrete Admixtures Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The concrete admixtures market is estimated at around USD 13,797.92 million in 2022, and the market is projected to register a CAGR of over 5% during the forecast period (2022-2027).

The market was negatively impacted due to the COVID-19 pandemic in 2020. Restrictions on construction activities, supply chain disruptions, and labor shortages negatively affected the concrete admixtures market. However, the condition is recovering in 2022, which is expected to benefit the market studied during the forecast period.

Key Highlights

• Over the short term, increasing demand from the residential construction sector and recovering construction sector in emerging economies of tall buildings and the recovering construction sector in emerging economies are some driving factors stimulating the market demand.
• The lack of a skilled workforce and awareness of construction industry workers are the factors that are hindering the market's growth.
• Growth opportunities in Middle-East and Africa may likely act as growth opportunities for the concrete admixtures market in the future.
• The Asian-Pacific region is expected to dominate the market and may also witness the highest CAGR during the forecast period.

Key Market TrendsIncreasing Usage in the Residential Construction

• Growth in population, migration from hometowns to service sector clusters, and the growing trend of the nuclear family are some factors driving residential construction globally. Besides, the decreasing land-to-population ratio and the growing trend of constructing high-rise residential buildings and townships have been driving the application of concrete admixture in the residential construction segment globally.
• Residential properties such as apartments, bungalows, and villas are gaining popularity in emerging nations and are mainly driven by urbanization.
• In the recent past, the highest growth rate regarding residential construction was expected to be registered in the Asian-Pacific region due to the expanding housing construction market in China and India. Asia-Pacific has the largest low-cost housing construction segment, led by China, India, and Southeast Asian countries.
• One of the factors driving demand for the residential construction market in China is the rising pace of urbanization. By the end of 2020, China’s urbanization ratio was around 64%, and this ratio is expected to rise over the next five years from 70% to 75%.
• In addition, the country has the largest construction market in the world, encompassing 20% of all construction investments globally. China is expected to spend nearly USD 13 trillion on buildings by 2030, creating a positive market outlook for the concrete admixtures market.
• The Indian government has been actively boosting housing construction as it aims to provide homes to about 1.3 billion people. The country is likely to witness around USD 1.3 trillion of investment in housing over the next seven years and is likely to witness the construction of 60 million new homes in the country.
• Furthermore, in the United Kingdom, with an investment of USD 333 million, the construction of a 40-story residential tower and a 14-story office building at Albion Street in Central Manchester was commissioned in the third quarter of 2021, with completion estimated by 2024.
• In Southeast Asia, Indonesia is one of the largest- and fastest-growing residential construction markets. Moreover, the Indonesian government has started a program to build about one million housing units across Indonesia, for which the government has allocated about USD 1 billion in the budget.
• Various government projects in Canada, including the Affordable Housing Initiative (AHI), New Building Canada Plan (NBCP), and Made in Canada, supported the sector's expansion.
• The factors mentioned above are expected to significantly impact the demand for concrete admixture in the residential construction sector during the forecast period.

Asia-Pacific Region to Dominate the Market

• The Asian-Pacific region is expected to dominate the market. In the region, China is the largest economy in terms of GDP. China and India are among the fastest emerging economies globally.
• Increasing spending power, combined with the population migrating from rural to urban areas, is expected to continue to drive the demand for the construction sector in China.
• The growing trend of co-working space and increasing online retailing have resulted in moderate growth for the global commercial construction industry over the past few years.
• The Chinese government rolled out massive construction plans, including making provisions for the movement of 250 million people to its new megacities over the next ten years, creating a major scope for construction materials, such as concrete admixtures used in the future in various applications during construction activities to enhance the building properties.
• According to China’s five-year plan unveiled in January 2022, the construction industry in the country is estimated to register a growth rate of approximately 6% in 2022. China plans to increase the construction of prefabricated buildings to reduce pollution and waste from construction sites.
• Increased focus on affordable housing by both the public and private sectors is also driving the growth in the residential construction sector.
• The country is expected to invest USD 1.43 trillion in the next five years till 2025 in major construction projects. According to National Development and Reform Commission (NDRC), the Shanghai Plan includes an investment of USD 38.7 billion in the next three years. In contrast, Guangzhou signed 16 new infrastructure projects with an investment of USD 8.09 billion.
• Non-residential infrastructure is also expected to grow considerably. The aging population in the country is creating demand for the construction of healthcare facilities and new hospitals. Structural changes were observed in the Chinese economy over the past few years as the service sector is taking a larger share in the total GDP, which has given rise to the construction of huge commercial and office spaces.
• All the factors mentioned above are expected to boost the demand for concrete admixtures in the country.

Competitive Landscape

The concrete admixtures market is fragmented in nature. Some of the major players in the market include Sika AG, CEMEX SAB de CV, Fosroc International, GCP Applied Technologies Inc., and MAPEI SpA (not in any particular order).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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