Global Construction Chemicals Market to Grow 7%
The global construction chemicals market is estimated to reach $33.98 billion by 2020.
The global construction chemicals market is estimated to reach $33.98 billion by 2020 growing at a rate of 7.62% between 2015 and 2020, according to a recent report from Markets and Markets. The drivers identified in the construction chemicals market are growing infrastructure requirements in developing economies, improving economic factors for construction, and the increasing urbanization of the global population. Developing countries that are major markets of construction chemicals include China, India, Brazil, Egypt, Saudi Arabia, and the UAE. Developed countries that are major markets include the U.S., Germany, Japan, and Italy.
The global construction chemicals industry is witnessing a significant growth due reportedly to an increasing awareness of construction quality and technological advancements, as well as a growing number of new projects for housing, commercial spaces, and public infrastructure in the Asia-Pacific region and other developing countries such as Brazil, Colombia, UAE, and Saudi Arabia. Changing lifestyles, growing urbanization trend, and demand for enhanced aesthetics in residential spaces and infrastructures are also supporting the growth of the market, attributing to the design flexibility provided by construction chemicals—such as concrete admixtures, flame retardants, and adhesives and sealants—to modify and enhance the physical and chemical properties of a structure. These properties include compressive strength, durability, surface finish, and resistance to adverse climatic and working conditions as per design specifications and requirements.
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