Construction Chemicals Market To Almost Reach $90bn By 2032
According to the latest analysis by Emergen Research, which happens to be a market research and consulting company, the size of the global construction chemicals market was $49.90 billion in 2022. It is projected to experience a revenue CAGR of 6% during the forecast period.
The market’s revenue growth is being driven by significant investments in specialised waterproofing as well as chemical-resistant coatings. There is an enormous need for waterproofing products and solutions, particularly in areas that are susceptible to heavy rainfall or flooding. Significant trends in the global market include the use of building chemicals for below-grade waterproofing, roof waterproofing, as well as the waterproofing of critical structures. Chemical industries, such as chemical processing plants, are in need of advanced coatings and linings that offer exceptional resistance to chemicals as well as safeguarding for their facilities.
Compliance and Regulations: Elements to consider
Major factors restraining the growth of market revenue include compliance with regulations, opposition to change, and lengthy adoption cycles. Strict laws along with compliance requirements in various areas can pose obstacles to entry as well as restrict the utilisation of specific construction chemicals.
Manufacturers are making significant investments in costly testing and certification processes in order to meet these regulations. However, these investments can lead to higher costs and a potential slowdown in market revenue growth. The construction industry is known for its conservative nature and tendency to resist transformation. Certain builders and contractors have a preference for conventional building methods and materials compared to more modern construction chemicals. It is well to be noted that construction projects frequently involve lengthy planning and adoption cycles. The process of gaining approval and being specified in projects can significantly delay revenue growth for new construction chemicals.
Strategic development
On May 20, 2021, one of the prominent manufacturers as well as distributor of performance materials for construction and also industrial markets headquartered in France made an announcement regarding their acquisition of a global player in the construction chemicals market known for providing unique and innovative solutions.
The acquisition was made from funds advised by one of the global private equity firms. The acquisition aligns perfectly with the strategic goal of the acquirer, which is to become a global leader in sustainable construction. With sales exceeding USD 3 billion in 66 countries, this will significantly enhance the group’s presence in the rapidly growing building chemicals industry.
Some key highlights from the report-
- In 2022, the concrete admixture segment contributed significantly to the overall revenue. The revenue growth of this segment is being driven by a growing emphasis on sustainability, power, and longevity. It is well worth noting that the construction industry is placing a growing emphasis on sustainability as well as environmental responsibility. There is a high demand for concrete admixtures that have the ability to decrease the carbon footprint of concrete, improve energy efficiency, or utilise recycled materials. Furthermore, the utilisation of concrete admixtures can significantly enhance the strength and durability of concrete, thus broadening its suitability for various applications such as towering buildings, bridges, and industrial structures.
- The industrial segment contributed significantly to the overall revenue in 2022. The growing emphasis on opposition against corrosion, chemicals, abrasion, and other factors is an important component of revenue growth in this segment. Industrial facilities, like chemical plants, refineries, and also manufacturing plants, often face the challenge of being exposed to corrosive environments. Construction chemicals, including corrosion-related coatings and sealants, as well as repair mortars, play a crucial role in safeguarding structures and equipment against corrosion.
- In 2022, the European market held a significant portion of the revenue share. The market revenue growth in this region is being driven by substantial expenditures on the restoration of old structures and an increasing need for advanced building technologies. Europe is renowned for its abundance of historical sites and structures that are in need of restoration and preservation. Construction chemicals are utilised in these assignments to preserve the historic significance and architectural integrity of these buildings.
