March 22, 2022 10:50 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, March 22, 2022 (GLOBE NEWSWIRE) -- The global construction chemicals market size is projected to reach USD 70.91 billion by the end of 2026. The need for improved infrastructure will open up a huge potential for the growth of the market. According to a report by Fortune Business Insights, titled “Construction Chemicals Market Size, Share & Industry Analysis, By Type (Admixtures, Flooring, Waterproofing, Repair & Rehabilitation, and Others), By Application (Residential, and Non-Residential), and Regional Forecast, 2019-2026,” the market was worth USD 42.32 billion in 22018 and will exhibit a CAGR of 6.7% during the forecast period, 2019-2026.
Construction chemicals are used as additives in cement and other construction material. They are widely used for improving the performance of several products, with a bid to establish durable structures and interiors. The high investment in the research and development of newer products will have a positive impact on the growth of the market in the coming years. Besides durability, this product provides strength to the substance in which they are used.
The presence of several large-scale companies will have a huge impact on the growth of the market in the foreseeable future. The properties of construction chemicals such have allowed applications across diverse construction sectors, subsequently contributing to the growth of the market.
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List of Key Players Present in the Construction Chemicals Market:
Asia Pacific to Emerge Dominant; Increasing Investment in Product R&D by major Companies to Aid Growth
The report analyzes the ongoing construction chemicals market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, Asia Pacific currently dominates the market. The availability of raw materials has attracted start-ups as well as encouraged established companies. Besides Asia Pacific, the market in North America will witness considerable growth in the coming years. As of 2018, the market in North America was worth USD 9.8 billion and this value is projected to increase further in the coming years.
Variations in Product Offerings Will Aid Growth of the Market
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the variations in product offerings will have a huge impact on the growth of the market. Several large-scale companies are looking to offer newer variations in these products in a bid to establish a stronghold in the market. In December 2018, Fosroc announced the launch of a green roof waterproofing grade Polyurea. The product will offer improved resistance and water permeability, accounting to which it will witness huge demand in the coming years. Fosroc’s latest product will not only have a positive impact on the growth of the company but will influence the growth of the market on a global scale.
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September 2019: BASF unveiled a new production plant in the Philippines for the supply of construction chemicals in the local market.
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