The APAC construction chemicals market is projected to reach $29,686.2 million by 2023, the market growth in the region is driven by the growing urbanization and increasing demand for aesthetically appealing residential and other infrastructure.
On the basis of type, the APAC construction chemicals market is categorized into concrete admixtures, adhesives, sealants, protective coatings, asphalt modifiers, and others. Others include flooring chemicals and flame retardants. Among all types, the volume sales of concrete admixtures are expected to exhibit the fastest growth in the APAC construction chemicals market, with a CAGR of 6.1% during the forecast period. Concrete admixtures offer high compressive strength, high workability, water tightness, durability, wear resistance, and high finish for complex modern structures. Along with that, the major reasons for growth include government initiatives and sustainable infrastructure opportunities in the construction industry, which require the use of concrete admixtures.
India is expected to be the fastest growing construction chemicals market during the forecast period. The country is experiencing a rapid industrialization and urbanization, which is a major factor contributing towards the country’s growth. Also, increased investment in infrastructure development is also driving the demand of construction materials in the country. Increasing housing demand due to rising population along with increasing government initiatives and investments are fueling the APAC construction chemicals market growth.
Over the past few years, countries such as China, India, and Indonesia have emerged as one of the major markets for construction materials. The rapid industrialization and commercialization in these countries have been characterized by the development of new commercial towers, manufacturing facilities, and new infrastructure projects, which have resulted in sharp increase in the consumption of construction materials. Additionally, the rising per capita income in emerging nations have resulted in the development of new residential projects. Hence, the continued growth in construction projects across emerging nations in APAC is expected to serve as a major opportunity for the market growth in the coming years.
The rising cost of projects, failures, and defects in the constructed facilities have resulted in both economic loss as well loss of life. Also, re-construction may be required even with minor defects, thus resulting in increased costs and delays. In order to address these concerns, various urban development agencies emphasize on the of usage of construction materials in order to strengthen the structure of a building. Hence, project developers are increasingly relying on the use of construction materials, thereby driving the APAC construction chemicals market growth.
Some of the major players operating in the APAC construction chemicals market are BASF SE, Sika AG, SOPREMA Group, asia mortar, Dayton Superior Corporation, Dahsin Waterproofing Co. Ltd., Bostik SA, Saint-Gobain S.A., SKK (S) Pte. Ltd., DowDuPont Inc., and H.B. Fuller Company.
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