Market Overview: In 2021, the global building and construction chemicals market reached a size of USD 71.3 Billion, and it is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 6.0% throughout the forecast period. The primary drivers of revenue growth in this market include the escalating demand for residential and commercial constructions in developing nations, a need for high-quality housing, and increased government expenditure on infrastructure development. Despite these positive factors, challenges such as the high cost of chemicals, emissions of harmful compounds during manufacturing, and economic instability are expected to impede market growth in the forecast period. Construction chemicals play a crucial role in various project types, including residential, commercial, industrial, and others. They are utilized to attain critical characteristics like workability and durability and are available in diverse variations, with a growing focus on high-quality materials for residential projects.
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Construction Chemicals Overview: Construction chemicals refer to chemical compounds employed in building structures, with polymers being a pivotal material in nearly every construction chemical. These chemicals expedite construction projects' progress, adding strength and durability to structures. They are integral to various construction materials, enhancing productivity, performance, and functionality while safeguarding building components. The demand for high-quality construction materials, especially in new and luxurious building structures, is met through the essential role of construction chemicals in the construction process.
Market Dynamics: Driving Forces:
1. Surging demand for residential buildings in developing nations.
2. Increasing government spending on infrastructure projects.
3. Growing emphasis on research and development for eco-friendly construction chemicals.
4. Preference for green and clean label production methods in construction.
Challenges:
1. Stringent regulations related to Volatile Organic Compounds (VOC) emissions.
2. High cost of chemicals and volatile feedstock prices.
3. Disruption in the supply chain due to the COVID-19 pandemic.
Key Highlights:
• Type Segmentation:
• Protective coatings dominate the market, driven by corrosion resistance, decorative appearance, and other benefits.
• Adhesives are expected to experience rapid growth due to increased demand for structural and non-structural bonding.
• Application Segmentation:
• New construction is projected to lead, propelled by rising demand for residential buildings and government focus on infrastructure projects.
• Repairs segment to grow faster, with various chemicals playing a vital role in structural repair and rehabilitation.
• End-Use Segmentation:
• Residential segment holds the largest revenue share, driven by demand for residential buildings and government initiatives for affordable housing.
• Infrastructure segment is expected to witness fast growth due to increased government spending on infrastructure projects.
• Regional Outlook:
• Asia Pacific is the largest market, with significant revenue growth expected, driven by government initiatives for infrastructure growth and smart building construction.
• Europe is forecasted to have fast revenue growth due to the adoption of eco-friendly materials and government support for smart building development.
• North America holds the second-largest market share, with rapid growth attributed to increased construction activities and infrastructure spending.
• Key Players:
• Major companies investing in research and development include Arkema S.A, Ashland Inc, Fosroc International Ltd., Mapei S.P.A., Pidilite Industries, RPM International Inc., Sika AG, and Dow Chemical Company.
• Recent Developments:
• In February 2022, Arkema acquired Ashland's Performance Adhesives division, enhancing its position in high-performance adhesives.
• In November 2021, Sika acquired MBCC Group for USD 5.6 billion, strengthening its regional footprint and product offerings in construction chemicals.
• Market Forecast:
• The market is anticipated to reach USD 119.75 Billion by 2030, with a CAGR of 6.0% from 2021 to 2030.
This comprehensive report covers various parameters such as market size, revenue forecast, company ranking, competitive landscape, growth factors, and trends. The market is segmented by type, application, end-use, and region, offering insights into specific market dynamics and opportunities.
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