The increasing demand for construction additive, especially in the developing economies and the growing investment in the construction industry, are the major factors that are driving the growth of the market over the coming years.
The strong demand for construction additives in the developing economies, enhanced quality, and features of the construction materials, followed by rapid urbanization, are the primary factors that are responsible for the expansion of the construction additives market. It has been observed that more than half of the world’s population lives in urban areas, mostly in the highly-dense areas. This transition has significantly changed the way of working, living, and traveling. With the growing rate of population, the demand for residential, commercial, and industrial areas has drastically increased. This rising demand for construction activities is accelerating the demand for construction additives, thus boosting the growth of the construction additives market size.
The investment in the construction industry is increasing rapidly. Construction additives enhance the life of building or structure and offer protection from different environmental hazard. The government of various countries is emphasizing on increasing the expenditure on the construction of dams, tunnels, bridges, and roads. All these factors are presenting numerous growth opportunities for the global construction additives market. On the other hand, the unstable cost of energy and raw materials is likely to have a negative impact on market growth.
On the basis of type, the chemical additives segment is expected to maintain its dominance over the forecast period. Chemical additives offer various features such as reduced cost of construction, ensure the quality of concrete during transporting/ mixing/placing/curing, and modifies properties of hardened concrete, and overcome certain emergencies during concrete operations. These exceptional advantages offered by these additives are attracting a large number of end-users to opt for this segment.
Based on the end-use, the commercial segment is predicted to witness considerable growth in the next six years due to the high adoption of construction additives in hotels, high-rise buildings, hospitals, malls, and others. In addition to this, the growing urbanization, increasing need for eco-friendly building structures, modern business techniques in the developed and developing countries, are the key drivers that are surging the demand of the segment.
On the basis of the region, the North American region is anticipated to dominate the construction additives market in the next six years. This is due to continuous improvement in living standards of people and increasing consumer preference towards hygiene-related construction additives products in the market. Moreover, the implementation of strict government regulations to maintain the quality and certifications/tags with the product and to make it more appealing is another factor that is boosting the market growth in the region. On the other hand, the Asia-Pacific and Rest of the world region are predicted to experience a higher CAGR due to the increasing awareness related to the benefits of the construction additives and the growing number of fast-food outlets.
The key players of the construction additives market include RPM International Inc., Thermax Limited, MAPEI S.p.A., Fosroc, Inc., Dow Inc., BASF SE, W.R. Grace & Company, Sika AG, PAC Technologies, LLC, and Krete Industries, Inc., among others.
The research report on the construction additives market provides an in-depth analysis of the market revenue based on type, end-use, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.