Construction Chemicals Market Size Is Likely to Be Worth More Than Usd 35 Billion by 2023

Construction chemicals market size was estimated exceeding USD 20 billion in 2015 and is likely to be worth more than USD 35 billion by 2023 with expected gains of over 7.5% from 2016 to 2023.

Concrete admixtures market dominated demand and accounted for more than 50% of the total volume in 2014. It is likely to witness significant gains of over 7.6% from 2016 to 2023. China construction chemicals market share accounted for more than 40% of the total volume in 2014 and is likely to witness highest gains over the forecast period. Europe accounted for more than 12% of the total volume in 2014 and is likely to witness sluggish growth rate over the forecast period.

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Growing awareness for construction quality & technology innovation coupled with increase in infrastructure spending is likely to drive APAC, particularly India construction chemicals market size over the next seven years. These include concrete admixtures, asphalt additives, protective coatings, adhesives and sealants.

Construction chemicals provide properties such as durability, surface finish, compressive strength and resistance to extreme climatic conditions. These compounds impart physical as well as chemical properties in applications like phase change (from liquid to solid) or cross-linking. They are required for improving the concrete performance thereby increasing life of the construction work and providing protection from environmental hazards.

Rapid urbanization with the introduction of projects by government in tier-II and tier-II regions particularly in Asia Pacific is likely to drive construction chemicals demand. Asia Pacific accounted for approximately 44% of the construction spending market in 2013 in terms of revenue share with an estimated amount close to USD 3.59 trillion. China was the largest market in Asia Pacific with an estimated spending of approximately USD 1.78...