According to a recent industry analysis by Future Market Insights, the construction chemicals market is expected to be worth US$ 54.85 billion in 2022. (FMI). Over the projection period, demand is expected to increase at a CAGR of 6.7%.
Major players in the construction chemical industry are focusing on environmentally friendly and sustainable products for cool roof treatments, thermal insulation, overall building protection, polycarboxylate ether-based green admixtures, and underground structure protection.
Demand for construction chemicals is boosted by rising living standards and per capita disposable income. There is probably more residential and non-residential construction to accommodate the growing demand brought on by urbanization. However, government regulations forbid the excessive use of construction chemicals, as VOC emissions prevent the construction chemicals market for these materials from growing.
In order to emphasize multifunctional properties and significantly support unique materials with a variety of uses, the building chemicals industry is generating a wide range of solutions, such as small changes of conventional materials and the development of new material assemblages.
Applications of construction chemicals are essential for maintenance tasks. The importance of maintaining, repairing, and enhancing existing structures, particularly for residential and infrastructural developments, is what drives demand for construction chemicals.
Numerous government initiatives to promote infrastructure development, together with the rising residential sector, have significantly supported the market expansion in the area over the predicted period.
Competitive Landscape:
To meet changing consumer demand, manufacturers of construction chemicals prioritize increasing production capacity. Construction chemical market trends are predicted to be influenced by portfolio expansion and divestment plans over the anticipated time period.
To boost their market share in the construction chemicals industry, the leading companies in this space mostly employ acquisition and growth strategies.
The DOW Chemical Co., RPM International Inc, Ashland Inc., MAPEI, Akzo Nobel NV, Arkema SA, Fosroc, Pidilite Industries, Covestro AG, Henkel AG Co. KGaA, HB Fuller Company, Lanxess AG, The 3M Company, Wacker Chemie AG, Huntsman Corporation, Momentive Performance Materials, Guangzhou Jointas Chemical Co. Ltd are some major key players in the construction chemicals market.
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