Construction Chemicals Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Construction Chemicals Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Construction Chemicals Market is projected to reach USD 76,503 million by the end of this year. It is projected to register a CAGR of around 5.5% in the current year.

Key Highlights

• The COVID-19 outbreak negatively impacted the market in 2020. With the COVID-19 pandemic's beginning, construction work stopped worldwide, especially in major construction hubs, like China, India, United States, and European nations. The market is projected to grow steadily in the forecast period owing to global growth in the construction sector.
• Over the short term, growing construction activities in the Asia-Pacific region, especially in Asian countries, and strengthening demand for water-based products are some of the factors driving the growth of the market studied.
• Increasing environmental regulations regarding VOC emissions remains a constraint for the growth of the market studied.
• Moreover, increasing focus on sustainable materials and upcoming construction projects in United States will likely provide market growth opportunities.
• Asia-Pacific has dominated the market and is expected to continue dominating it through the forecast period.

Construction Chemicals Market TrendsIncreasing Demand from Residential segment

• Elite class is synonymous with luxury, and elite housing refers to luxurious residences. The demand for apartments, penthouses, villas, and bungalows in gated communities with world-class designs and amenities is increasing rapidly, and developers are launching projects to cater to such demands.
• Many residents have been showing huge interest in buying luxury homes globally for comfort, prestige, and privacy. Therefore, this has been increasing the number of elite housing projects worldwide.
• The highest growth rate in this regard was expected to be registered in the Asia-Pacific region, owing to China's and India's expanding housing construction market. Asia-Pacific has the largest low-cost housing construction segment, which China, India, and various Southeast Asian countries lead.
• The growing economic strength and high investments by the high-income category are expected to increase the demand for luxury homes in geographies of United States, Canada, Germany, United Kingdom, India, and Japan. Thus, it is likely to benefit the construction chemicals market.
• In October 2021, Sao Paulo State Housing Union (Secovi-SP) recorded 5,555 new residential units sold in Sao Paulo. The number is more likely to rise owing to consumer spending on residential housing units. Moreover, the growing trend for single-family housing in Brazil is expected to support the residential construction industry in the upcoming period.
• Therefore, based on the abovementioned factors, the residential segment is expected to dominate the market during the forecast period.

Asia-Pacific Region to Dominate the Market

• The Asia-Pacific construction sector is the largest in the world and is growing at a healthy rate, owing to the rising population, increase in middle-class incomes, and urbanization.
• Increasing infrastructure construction activities and the entry of major players from the European Union into the lucrative market of China have further fueled the industry’s expansion.
• In addition, many renovations have been taking place in China over the past 50 years, many buildings have been built, and they are facing severe damage now, and hence renovation of existing old building projects is very popular in the city and countryside as well as depicting a major marker area for construction chemicals.
• In February 2022, Shining Building Business Co., a building construction company in Taiwan, planned to launch new housing projects worth NTD 30 billion (USD 1.08 billion) in Taiwan and China. The plan included projects valued at NTD 10.8 billion in Taiwan and NTD 19 million in Chengdu, China.
• Moreover, the Indian Government has been actively boosting housing construction, aiming to provide homes to about 1.3 billion people. The country will likely witness around USD 1.3 trillion of investment in housing over the next seven years. It is also expected to see the construction of 60 million new homes in the country.
• New petrochemical facilities development boosted the private sector demand, while industrial and building projects in the Punggol Digital District contributed to the public sector demand in Singapore. The infrastructure sector is also expected to post relatively healthy growth, mainly driven by the efforts to upgrade the country’s road, rail, and other public transport infrastructure and investment in energy and utilities construction projects. The Government had been planning to invest SGD 28 billion (USD 20.9 billion) in the expansion and upgrading of the transport system by 2022.
• Hence, all such market trends are expected to drive the demand for construction chemicals in the region during the forecast period.

Construction Chemicals Market Competitive Analysis

The construction chemicals market is fragmented in nature. Some of the major players in the market include Sika AG, MBCC Group, RPM International Inc., MAPEI SpA, and Dow, among others.

Additional Benefits:

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

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