Construction Chemicals Market to Reach USD 107.1 Billion by 2032 Driven by Growing Urbanization Trend in the Construction Industry | Report by SNS Insider

Pune, July 11, 2024 (GLOBE NEWSWIRE) — The SNS Insider report estimates the Construction Chemicals Market size at USD 58.4 billion in 2023, with a projected CAGR of 7.0% to reach USD 107.1 billion by 2032.

 

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Market Players Covered in this Report:

  • RPM International Inc.
  • MAPEI S.p.A.
  • Cross International Plc
  • MBCC Group
  • Saint-Gobain
  • Sika AG
  • Ardex Group
  • Oriental Yuhong
  • Arkema
  • Huntsman International LLC
  • CEMEX
  • S.A.B. de C.V.
  • MC-Bauchemie
  • Fosroc Inc.
  • LATICRETE International Inc.
  • H.B. Fuller Company
  • Jiangsu Subote New Material Co.
  • Henkel AG & Co. KGaA
  • BASF SE

Rapid urbanization and heavy investment in the infrastructure sector of different economies, interest in construction chemicals is accelerating due to the ensuing infrastructure projects for roads, bridges, and dams. Among these infrastructure applications, concrete admixtures, waterproofing solutions, and anchoring systems offer a probability of unique performance and longevity. An increase in the number of constructions related to infrastructure is increasing the demand for construction chemicals and hence promoting the growth of the construction chemicals market. Furthermore, growing environmental concerns and regulatory pressures are forcing industry players to conduct their operations on sustainable grounds. Accordingly, sustainability opened certain potential opportunities for eco-friendly construction chemicals, such as bio-based adhesives, admixtures from recycled content, and low-VOC coatings.

Also, buildings should be designed and constructed to be able to resist such forces in case of severe weather conditions that are projected to intensify in the future. High-performance construction chemicals are increasingly offering greater strength and resilience to structures. Key players are trying to strengthen buildings against negative environmental elements, creating growing demand for products such as corrosion inhibitors, fire retardants, and seismic-resistant materials. The companies are also taking initiatives such as partnerships, collaborations, investments, and geographical expansion of their business that help to boost market growth. For instance, in June 2024, Saint-Gobain will acquire FOSROC, a global leader in construction chemicals, for $1,025 million in cash, expanding its footprint with projected combined sales of €6.2 billion across 73 countries post-acquisition. FOSROC anticipates $487 million in 2024 sales with an 18.7% EBITDA margin, operating 20 plants and offering a range of construction solutions globally.

This growing emphasis on durability and resilience is likely to boost the high-performance construction chemicals market. On the other hand, extreme price volatility for raw materials is one of the major factors challenging the market. Changes in the prices of such key raw materials as petroleum derivatives and cement, fundamentally, along with specialty chemicals in general, affect cost structures for manufacturing companies that make products. This could be occasioned by changes in global geopolitics, breaks in supply chains, or alterations in demand versus supply scenarios worldwide. This challenge to the growth of the market will be made more manageable by robust strategies in supply chain management, which include diversification of suppliers, forward contracts, and constant scanning of market trends.

Construction Chemicals Market Report Scope & Overview:

Report Attributes Details
Market Size in 2023 USD 58.4 billion
Market Size in 2032 USD 107.1 billion
CAGR (2024-2032) 7.0%
Report Scope & Coverage Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Market Driver
  • Growth of buildings and infrastructure that helps the construction chemicals.

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Segment Analysis

By material, Concrete Admixtures dominated the construction chemicals market in 2023 with a market share of over 60% and are expected to grow significantly with the highest CAGR during the forecast period. The demand for construction chemicals from this segment is enhanced by the development of new concrete admixtures with improved properties. This is attributed to the high usage of admixtures, as these helps reduce the overall construction cost by changing the characteristics of the hardened concrete, in comparison with other types of construction materials. For example, adding admixtures to concrete can reduce the water requirement by 5–10%. Further, admixtures improve the concrete quality and help in smoothening the construction process.

By Chemical Type

  • Adhesives & Sealants
  • Anchors & Grouts
  • Concrete Admixtures
  • Concrete Protective Coatings
  • Flooring Resins
  • Repair & Rehabilitation Chemicals
  • Surface Treatment Chemicals
  • Waterproofing Solutions
  • Others

By End-user

  • Commercial
  • Industrial & Institutional
  • Residential

Recent Developments Showcase Technological Advancements and Strategic Partnerships

April 2024: Vink Chemicals, one of the major players, began constructing an entirely new production site in Schwerin, Germany. Located in the Göhrener Tannen industrial estate, this facility provides 45 permanent jobs and has made it possible to bring further raw materials into production.

May 2023: Oriental Yuhong signed a strategic cooperation agreement with Hebei Aorun Shunda Group for collaborative research on multidimensional waterproofing membranes, insulation coats, and other solutions.

June 2023: Fosroc allied with Chemtech, one of the large construction chemicals companies. Both companies have entered this partnership to use Chemtech’s network for the

Regional Analysis

In 2023, the Asia-Pacific region held a revenue share of about 35% in the global construction chemicals market. Against the backdrop of rapid urbanization across megacities like Shanghai, Tokyo, and Delhi among others, comes consistent demand for construction chemicals, thereby giving way to rampant construction of high-rise buildings, large infrastructure projects, and city expansions. In addition, initiatives on the part of governments, such as the Belt and Road Initiative by China, are responsible for entailing heavy investments in infrastructure across many countries in the region. This will consequently increase demand for vast volumes of construction chemicals. It is also expected that this region will gain a larger fraction of construction chemicals from its growing interest in sustainability, represented by stricter environmental regulations. Therefore, companies like Japan-based Nippon Paint and India-based JSW are serious about innovating into sustainable solutions for this growing demand, further anchoring the Asia–Pacific lead in the construction chemical market.

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SNS View on Construction Chemicals Market

The rise in demand from the construction industry and the flexibility to use sustainable and energy-efficient materials are big factors for the market growth of construction chemicals. On the other hand, low consumer awareness about the long-term benefits from construction chemicals and volatility in their regulatory environment are major factors acting as headwinds to the growth of this market. At present, the residential sector accounts for the largest consumption among the various market segments for construction chemicals, due to urbanization and demand for sustainable infrastructure. High entry rates of new entrants eyeing available international opportunities characterize the market, while established business stock engages in strategic partnerships towards capacity expansion and entry into new emerging markets. Within the past decade, there has been a surge in joint ventures, mergers, and acquisitions in the bid to win long-term contracts with the expectation of gainful and stable global operations.

Key Takeaways:

  • Increasing urbanization and infrastructure projects drive the demand for construction chemicals.
  • Innovations in green formulation and new, advanced materials prompt market growth.
  • Asia-Pacific leads the market due to rapid industrialization and urban development.

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