Construction Chemicals Market 2020: Top Key Players CICO Technologies Ltd, Ashland Inc., BASF, SIKA
Construction Chemicals are chemical formulation used with cement, concrete or other construction material at the time of construction to hold the construction material together. These chemicals are mixed in a particular quantity with the construction materials so as to fulfill its functional, aesthetic, and design requirement of civil structures. Construction chemicals have become one of the important components of chemical industry playing an important role in global infrastructure development of the nation. Construction Chemicals are regarded as specialty chemical used while constructing any structures to increase their life and impart additional protection from environmental hazards. This chemical also minimizes the quantities of cement and water generally required during the construction.
Global construction chemical market can be bifurcated into concrete admixtures, asphalt modifiers, adhesives and sealants and protective coatings. Construction chemical are widely used in the construction of residential, industrial, commercial and infrastructural projects. Residential building has the major market share for construction chemical followed by commercial buildings. Residential building is expected to maintain its dominance in the global construction chemical market owing to increasing number of residential projects.
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Asia Pacific region has largest market share for construction chemical products, followed by Europe and North America. China alone accounts for largest market for construction chemical globally accounting for more than one third of global construction chemical market. Also, china is expected to maintain its dominance in the global market owing to increasing domestic demand for residential and commercial buildings. Other countries which are expected to boost the global market are India, Brazil, Russia and Australia.
Increasing demand for public, commercial and residential building paired with increasing urban population is driving the global construction chemical market. Additionally, increasing disposable income of individuals has influenced them to invest more for better residential structures, acting as one of the growth driver for the global construction chemical market. Demands of buildings, roads, bridges, tunnels and dams for the betterment of the infrastructure facility of the nation is further driving the market.
Owing to better growth prospect in the construction industry many multinational companies have started investing to develop advance construction chemical products. In 2012, globally construction chemical industries total investment on research and development of new products and applications was about 3% of total sales. Some of the major companies operating in the global construction chemical market are Axim Italcementi Group, The Dow Chemical Company, CICO Technologies Ltd, Ashland Inc., BASF, SIKA and RPM International.
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