Sellbyville, DE -- (SBWire) -- 10/31/2018 --Construction Chemicals Market will likely cross USD 50 billion by 2024 according to this new research report. The global construction market in the coming years is likely to witness significant gains owing to on account of the rising costs on infrastructure across the BRICS countries. In 2015, the global construction industry was valued close to USD 8 trillion and is likely to gain with substantial rates. With strong growth predictions in 2015, the construction industry in China was recorded at over USD 1.7 trillion. Following China are the countries such as Japan and India with comparatively high growth predictions. Due to developing nations in the Asia Pacific region, construction industry is growing at a considerable rate propelling the ferroalloy market demand.
Lack of awareness about the product benefits in the developing countries may hinder the global construction chemicals market growth in near future. Due to its excellent properties, the product is expensive as compared to the others in the same category. Most of the small level builders and contractors minimize the construction costs to maximize their profits and tend to use low cost & poor quality material over these high cost materials leading to further hindrance to the global construction chemicals market.
Based on the product categories, the construction chemicals market has been segmented into asphalt modifiers, protective coatings, concrete admixtures, adhesives and sealants. Asphalt modifiers finds its extensive use in the construction of roads and highways and is likely to grow with over 9% CAGR in the forecast period.
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Concrete admixtures are further classified into chemical and mineral admixtures. Mineral concrete admixtures include silica fumes, granulated glass furnace slag, fly ash and rice husk ash. Chemical admixtures comprise of waterproofing admixtures, retarding agents, air-entraining agents, superplasticizers, accelerating agents and normal plasticizers. The segment accounted for over 50% of the market share and is expected to gain significantly in the coming years.
Rising demand for the maintenance work of existing buildings is driving the sealants and adhesives market highly. Repairs and modifications done over existing constructions as per the trends in the industry are likely to, in turn boost the construction chemicals market.
Asia Pacific held a major chunk of share in the global construction chemicals market owing to urbanization and heavy industrialization in the developing countries such as India, China and Japan. In 2015, the region is likely to grow with a CAGR of over 9% during the forecast period and registered a revenue exceeding USD 14 billion. Rising population in the developing economies such as India, China Japan, Vietnam, Malaysia, Indonesia and others are boosting the regional construction chemicals market to new heights.
The construction chemicals market in North America generated over 3.5 billion in 2015 and will comparatively grow at a slower rate as compared to Europe and Asia Pacific owing to developed infrastructure and construction industry.
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Prominent construction chemicals market players consist of multinationals such as BASF SE, Tata Chemicals, Huntsman Corporation, Albemarle, Gujarat Alkalies And Chemicals, Henkel AG, 3M Company, Evonik Industries, Ashland, Fosroc, MAPEI, Knopp GmbH, Pidlite Industries, Tremco Group, AkzoNobel Chemicals, Dow Chemical, Arkema, Sika Group and W. R. Grace & Company to name a few.
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Construction Chemicals Market Is Estimated over USD 50 Billion by 2024 : 3M, BASF, Sika, Henkel, AkzoNobel, the Dow Chemical Company, Evonik and 13 Other Companies Profil
Booming construction industries in the BRICS nations, led by China and India will have a major influence in the global construction chemicals market enhancement in the coming few years.