Construction industry chemicals market to hit $80bn by 2023 thanks to rise of green buildings
The demand for specialist construction industry chemical products is set to rise steadily over the next five years due to rapid urbanisation across Asia Pacific and the BRICS economies, as well as a growing awareness of green building techniques.
According to a report by P&S Market Research, the global construction chemicals market was worth $55bn in 2017 and will grow at a rate of 6.5% a year to reach around $80bn by 2023.
Among the products in question are concrete admixtures, adhesives, sealants, protective coatings, asphalt modifiers, flooring chemicals and flame retardants.
- Interview: thyssenkrupp Elevator CEO Andreas Schierenbeck on the future of urban mobility
- Demand for construction robots will more than double by 2023
- Read the latest edition of Construction Global magazine
Concrete admixtures recorded the highest volume sales in the market, contributing more than 40% in 2017. This is attributable to its superior properties over other types, reducing construction costs by modifying the characteristics of the hardened concrete.
The demand for green building materials has been and will continue to be a key driver for the construction chemicals market.
These chemicals improve the overall durability of buildings, along with providing protection against environmental hazards.
These chemicals also bring down the volume of water and cement used in the construction process, which is also a major factor driving their demand. A growing awareness for energy conservation has also been increasing worldwide, thereby driving market growth in this segment.
Asia-Pacific (APAC) was the largest construction chemicals market, accounting for more than 35% sales in 2017. The region has the largest market owing to the massive growth in construction activities in countries such as India, China, and Japan.