Construction Chemicals Market to Grow 7%
The construction chemicals market is estimated to reach $33.98 billion in terms of volume by 2020, signifying a compound annual growth rate (CAGR) of more than 7.62% between 2015 and 2020, according to a new report from Markets and Markets.
The construction chemicals market reportedly registered a high growth in the past few years; this is estimated to continue in the coming years supported by growing construction industry in Asia-Pacific and rest-of-world regions. Construction chemicals demand depends on new construction and its maintenance and repair activities. The demand for these chemicals is mainly driven by growing requirements for housing and infrastructure. It is also influenced by consumer awareness, need for durable and aesthetic civil structure, and other benefits achieved in making construction structure more economical for contractors and other interest holders.
The demand for construction chemicals depends upon concrete consumption and the extent of construction development activities occurring in a particular region. As per the trends in the construction sector, slow growth is expected in European and North American regions, whereas promising growth is expected in developing regions, due to stable economic conditions and increasing demand for residential units and infrastructure development activities.
Currently, the Asia-Pacific region is reportedly the largest market of construction chemicals; is estimated to register the highest CAGR. Countries such as China, Japan and India are expected to lead the Asia-Pacific construction chemicals market, with China accounting for the largest share in the regional demand of construction chemicals.
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