Report : Asia Pacific Construction Chemicals Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Concrete Admixtures, Asphalt Additives, Waterproofing Chemicals, Adhesives and Sealants, Flame Retardants, and Others) and Application (Residential, Commercial, Industrial, Institutional, and Infrastructure)
At 6.7% CAGR, the Asia Pacific Construction Chemicals Market is speculated to be worth US$ 27,886.84 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Asia Pacific construction chemicals market was valued at US$ 18,847.46 million in 2022 and is expected to reach US$ 27,886.84 million by 2028, registering an annual growth rate of 6.7% from 2022 to 2028. Government support for the development of residential construction sector and strong growth of the construction industry are the critical factors attributed to the market expansion.
Various construction chemicals play a vital role in residential construction projects. Various government bodies across different countries are supporting for the development of the residential construction sector. For instance, during the 14th Five-Year Plan (2021-2025) period, China has planned to add 6.5 million government-subsidized rental homes in 40 key cities to help an estimated 13 million people in need of affordable housing. To offer more comfort to the residents, near about 219,000 old residential communities built before the end of 2000 in urban areas will be renovated by 2025. China also announced a plan to mend rickety rural homes or upgrade those in earthquake-prone rural areas, while the housing provident fund is expected to cover more people in the workforce. In India, Pradhan Mantri Awas Yojana (Urban) Mission launched in June 2015 which intends to provide housing for all in urban areas by year 2022. Moreover, launched in 2015, the Smart Cities Mission aims to develop 100 cities in India with comprehensive infrastructure including affordable housing, and the use of technology in improving security and safety. Various government supportive measures for the development of the residential construction sector are leading to an increase in the residential construction activities. This is creating demand for different construction chemicals, driving the Asia Pacific construction chemicals market growth.
On the contrary, fluctuating cost of raw materials and energy hurdles the growth of Asia Pacific construction chemicals market.
- Based on product, the Asia Pacific construction chemicals market is segmented into concrete admixtures, asphalt additives, waterproofing chemicals, adhesives and sealants, flame retardants, and others. The concrete admixtures segment held 35.2% market share in 2022, amassing US$ 6,630.96 million. It is projected to garner US$ 10,319.35 million by 2028 to expand at 7.6% CAGR during 2022–2028.
- Based on application, the Asia Pacific construction chemicals market is segmented into residential, commercial, industrial, institutional, and infrastructure. The residential segment held 35.1%market share in 2022, amassing US$ 6,618.25 million. It is projected to garner US$ 10,394.95 million by 2028 to expand at 7.8% CAGR during 2022–2028.
- Based on country, the Asia Pacific construction chemicals market has been categorized into Australia, China, India, Japan, South Korea, and rest of Asia Pacific. Our regional analysis states that China captured 46.6% market share in 2022. It was assessed at US$ 8,790.46 million in 2022 and is likely to hit US$ 13,279.71 million by 2028, exhibiting a CAGR of 7.1% during the forecast period.
Key players profiles in the Asia Pacific construction chemicals market report are Ashland Global Holdings Inc; BASF SE; MAPEI S p.A; Fosroc, Inc; Choksey Chemicals Pvt ltd; Sika AG; Compagnie de Saint – Gobain S.A; Pidilite Industries Limited; RPM International Inc; and Dow Chemicals Company among others.
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