Construction Chemicals Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $40,154 million by 2022, registering a compound annual growth rate (CAGR) of 5.6% during the period 2016 2022.
Construction chemicals are chemical compounds that optimise the performance of concrete and increase the life of end products. These additions provide further value for end users by reducing labor cost and minimising wastage.
The key elements that drive the construction chemicals market growth include rise in construction industry, increase in urbanisation, and growth in conformity with latest manufacturing standards.
However, change in regulatory environment and low consumer awareness inhibit the market growth.
Concrete admixtures and water proofing and roofing chemical segments together dominated the construction chemicals market in 2015, accounting for around two-thirds of the market share collectively.
The concrete admixtures segment is expected to grow with a high CAGR of 9.9%, in volume terms, owing to the increased compressive strength and enhanced workability, so as to provide higher moving and positioning time.
Residential and infrastructure end-user segments collectively accounted for three-fifths of the market share, in terms of volume, in 2015. Infrastructure segment is estimated to grow at the fastest rate with a CAGR of 7.7% during the forecast period.
Key Findings of Construction Chemicals Market