According to a recent research report from Global Market Insights, Inc., the global construction chemicals market size will reach USD 50 billion by 2024.
The competitive landscape indicates a strategic shift towards divestment, product launches, strategic alliances and mergers & acquisitions. Global construction chemicals market key players are 3M Company, Dow Chemical, BASF SE, Evonik Industries, Henkel AG, Tata Chemicals, Huntsman Corporation, AkzoNovel, Pidlite Industries and Huntsman Corporation.
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In September 2020, BASF closed divestiture of its construction chemicals business to an affiliate of Lone Star. Meanwhile, 3M, in April 2021, introduced Hi-Tack silicone adhesive for medical devices with the rollout of 3M single coated medical film tape. The company has developed the silicone adhesives to keep up with the demand for medical devices.
Global construction chemicals market will grow, both in terms of volume and value, with expanding infrastructural developments. Rising construction activities have signified the demand for construction chemicals with soaring trend for green and smart cities. Burgeoning urbanization and soaring population will drive investments in the construction chemicals portfolio.
The global construction chemicals market is grappling with a slew of challenges as it deals with the influence of the COVID-19 pandemic. Considering the impact of unprecedented scale caused by the outbreak, the COVID-19 pandemic has caused a shortage of raw materials and price rise owing to the demand for construction chemicals in APAC and Europe. For instance, epoxy resin manufacturers have experienced some shift in production and supply chain logistics, adding to the restraints of paint and coating manufacturers.
Boosting sustainability quotient with concrete admixtures and adhesives
Industry players have exhibited increased traction for concrete admixtures for offering strength, durability and better finish to construction projects. Admixture can play an invaluable role in reducing construction costs by changing the attributes of hardened concrete. Concrete admixtures will gain prominence for corrosion inhibition, shrinkage reduction, bonding, damp proofing and workability enhancement. With growing concerns of waste products, stakeholders will inject funds into concrete admixtures to boost sustainability quotient.
Construction adhesives are forecast to observe promising growth following the demand for cement-based adhesives in wall tiles and floor. The use of adhesives has further gained impetus following heightened environmental awareness regarding petroleum-based resources. A notable shift towards green building will also set the trend for construction adhesives.
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Flourishing trend for silicone adhesives
Stakeholders have also shown traction for silicone adhesives given that they can reduce erosion in buildings and can provide resistance to heat, chemicals, wind and moisture. Prominently, commercial buildings will inject funds into using construction silicone adhesive, fueling investments in construction chemicals.
Lucrative growth opportunities in APAC
Asia Pacific will potentially emerge as one of the largest regional markets for construction chemical suppliers. Emerging economies such as China and India are spearheading the construction market, while Southeast Asian economies are observing strong demand for mega-projects. The APAC construction chemicals market share will reflect strong growth with rising trend for vertical construction and the use of recycled materials.
Moreover, biobased chemicals have also gained prominence in Japan and China following the trend for organic products across the region. Leading companies will vie to reduce carbon emissions and boost sustainability in manufacturing operations.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
