The construction industry is under constant pressure of megatrends such as scarcity of materials and resources as well as the impact of climate change. For fulfilling these demands, there arises a need to manufacture chemical additives that can enhance the properties of several construction materials. Construction chemicals are among the vital components that are extensively used in the construction industry to meet the requirements of modern constructions.
Applications of construction chemicals
Construction chemicals are widely used by the civil repair and construction industry for different purposes. These chemicals are used for enhancing the quality and strength of concrete, prevent leakages, and safeguard building structures from climatic changes. Construction chemicals comprises of various products that help in modification of concrete, waterproofing, repair & maintenance of constructions. These products are admixtures for concrete, concrete curing compounds, grouts, sealants, tile fixing adhesives, waterproofing chemicals, crack repair, jointing compounds, membranes, and special application mortars.
They can be used in the building and construction industry for various applications areas such as airports and metro transit, bridges and roads, architectural building, as well as in commercial, industrial, and residential construction projects and repair & rehabilitation activities.
Growing demand for construction chemicals
Currently, the trend to develop highly classy and sophisticated constructions in boosting every passing day. With this trend, construction activities are booming all across the world. Wetter winters and heavy monsoons severely reduce the durability of construction projects such as roads and buildings. The vulnerability of climate also disturbs the interior of building structures. Hence, to tackle such issues developers and builders highly prefer construction chemicals. These construction chemicals enhance the quality of construction projects by offering durability, compressive strength, and resistance to uninvited climatic circumstances. All these factors are highly responsible to boost the demand for construction chemicals all across the world.
Moreover, requirement for sustainable socio-economic constructions, rising demand for advanced structures with an extended lifespan, focus on minimizing the costs, impacting climate & environmental conditions, and speedy growth of construction projects are greatly influencing the growth of global construction chemical market.
Trends in construction chemicals industry
Considering the growing demand for construction chemicals several manufactures in the construction chemical business are hugely investing for development of advanced products. Moreover, many companies are looking forward to increase their construction chemicals business, For instance, in 2019, Lone Star Funds, a leading private equity firm acquires the Construction Chemicals Business of BASF, the second biggest manufacturer and vender of chemicals & related products in the North America. This acquisition was aimed to offer full leverage to the Construction Chemicals business for using its full potential.
Many other companies are currently actively taking up activities such as new product development, merges & collaborations to boost their business and obtain a strong foothold in the global chemical construction industry. Some of these companies are RPM International Inc., Arkema SA, W. R. GRACE & CO., Sika A.G., BASF SE, Dow, Ashland., MAPEI S.p.A., Fosroc, Inc., and Pidilite Industries Ltd.
Future scope of the industry
As per a report by Research Dive, the global chemical construction market s growing at an increased speed and is forecasted to grow with a CAGR of 5.6% from 2019 to 2020. Among several countries, the Asian countries such as India and China have shown a significant contribution to the development of the chemical construction industry. These countries are experiencing an increased rate of urbanization, which in the long run will fuel the demand for construction chemicals. Taking note of all these factors, it is clear that the global chemical construction market is climbing the steps of success and is sure to show exponential growth in the coming years.