Market Dynamics of Global Construction Chemicals: Forecast and Analysis 2024-2031
The Global Construction Chemicals Market reached USD 53.0 billion in 2023 and is projected to grow to USD 83.2 billion by 2031, with a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2024 to 2031.
Urban revitalization projects will be crucial for unlocking future growth opportunities in the global construction chemicals market. Many municipal governments are prioritizing the enhancement of urban spaces and shifting away from car-centric infrastructure. The redevelopment of urban city centers is expected to boost commercial and residential real estate development in the surrounding areas.
However, economic stagnation in Western Europe due to high inflation and rising energy costs is causing a slowdown and even suspension of many construction projects. This decrease in European demand could negatively impact Asian chemical producers, who rely on developed regions to export their surplus production. Consequently, this slowdown is likely to hinder global market growth in the short term.
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Construction Chemicals Market Dynamics:
Expansion of Construction Activities Globally
Rapid urbanization in emerging countries within the Asia-Pacific region and the ongoing migration from rural to urban areas are driving demand for enhanced urban infrastructure. Over the past decade, stable economic growth has improved socio-economic conditions and increased disposable incomes in developing countries. Additionally, the easing of financing regulations and rising public sector investment have spurred a boom in residential and commercial construction.
New infrastructure projects, including residential apartments, commercial office parks, multipurpose complexes, shopping malls, stadiums, bridges, tunnels, and mass transit systems, have become top priorities for both private entities and governments. This surge in global construction activities is a significant driver for the global construction chemicals market.
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Market Segmentation:
By Type
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Concrete Admixtures
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Protecting Coatings
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Adhesives & Sealants
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Lubricants
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Industrial Flooring
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Waterproofing Agents
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Grinding Aids
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Others
By End-User
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Residential
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Commercial
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Industrial
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Infrastructure
By Region
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North America
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Europe
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South America
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Asia-Pacific
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Middle East and Africa
Construction Chemicals Market Updates:
In February 2024, Saint Gobain, the French materials manufacturer, announced it was in the advanced phase of testing new low-carbon additives for construction chemicals, including concrete admixtures.
In December 2023, MC Bauchemie, a German manufacturer of advanced materials and specialty chemicals, announced the opening of a subsidiary in Dar-es-Salaam, Tanzania. This move responds to the growing demand for construction chemicals in East Africa.
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Construction Chemicals Market Key Players:
Key Players are 3M, Arkema SA, BASF SE, Bolton Group, Akzo Nobel N.V., Albemarle Corporation, DuPont, Fosroc, Inc., W. R. Grace & Co and Henkel AG & Co. KGaA.
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