PORTLAND, Oregon /PRNewswire/ -- According to a new report published by Allied Market Research, titled, "Construction Chemicals Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022", the market is poised to reach $40,154 million by 2022, from $27,162 million in 2015, growing with a CAGR of 5.6 percent from 2016 to 2022. The concrete admixtures segment leads the construction chemicals market with more than one-third of the market share during the forecast period.
Construction chemicals are chemical compounds that optimize the performance of concrete and increase the life of end products. These additions provide further value for end users by reducing labor cost and minimizing wastage. The key elements that drive the construction chemicals market growth include rise in construction industry, increase in urbanization, 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 & roofing chemical segments together dominated the construction chemicals market in 2015, accounting around two-thirds of the market share collectively. Concrete admixtures segment is expected to grow with a high CAGR of 9.9 percent, 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 percent during the forecast period.
Key Findings of Construction Chemicals Market
- Infrastructure segment is projected to grow at the fastest rate with a CAGR of 9.7 percent (volume terms).
- Flooring, a type of construction chemicals, is projected to grow with a CAGR of 9.6 percent (volume terms) during the forecast period.
- Residential segment accounted for around half of the market share, in terms of value, in 2015.
- LAMEA is projected to occupy the highest market value, registering a CAGR of 5.8 percent.
- Asia-Pacific amounted for more than two-fifths of the market share, by volume, in 2015, growing at a CAGR of 10.2 percent.
The Asia-Pacific and LAMEA construction chemicals market is expected to offer lucrative growth opportunities, during the forecast period, with CAGRs of 5.8 percent and 6.1 percent, respectively. This is due to increase in economic development, expansion in the construction industry, and rise in the need for better infrastructure. The key players profiled in the world construction chemicals market include BASF SE, Arkema SA, Ashland Inc., Fosroc International Limited, Mapie S.p.A, Pidilite Industries, RPM International Inc., Sika AG, The Dow Chemical Company, and W.R. Grace & Company.