Report : North America 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 5.9% CAGR, the North America Construction Chemicals Market is speculated to be worth US$ 19,412.90 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the North America construction chemicals market was valued at US$ 13,787.84 million in 2022 and is expected to reach US$ 19,412.90 million by 2028, registering an annual growth rate of 5.9% from 2022 to 2028. Development and adoption of innovative products such as ready-mix concrete and strong growth of the construction industry in developing countries are the critical factors attributed to the market expansion.
Ready-mix concrete is a concrete that is batched for delivery from a central plant instead of being mixed on the job site. It is ideal for many jobs. Ready-mix concrete is particularly beneficial when small quantities of concrete or intermittent placing of concrete are required. It is also ideal for large jobs where space is limited and there is little room for a mixing plant and aggregate stockpiles. There are several advantages of ready-mix concrete, making it a more viable and efficient alternative to site-mix concrete. Ready-mix concrete circumvents the messy and long-drawn task of producing the concrete onsite. With the better handling practices and proper mixing, the consumption of cement can be reduced by nearly 10% to 12%. Ready-mix concrete helps save on capital investments by not having to invest in plants and machinery for cement. All these benefits contribute to the increasing use of ready-mix concrete in various construction activities. Various cities are increasingly changing the traditional dynamics with growing ready-mix concrete penetration. Therefore, the development and adoption of innovative products such as ready-mix-concrete is predicted to offer lucrative opportunities for the North America construction chemicals market growth during the forecast period.
On the contrary, fluctuating cost of raw materials and energy hurdles the growth of North America construction chemicals market.
- Based on product, the North America construction chemicals market is segmented into concrete admixtures, asphalt additives, waterproofing chemicals, adhesives and sealants, flame retardants, and others. The concrete admixtures segment held 29.6% market share in 2022, amassing US$ 4,075.35 million. It is projected to garner US$ 6,058.09 million by 2028 to expand at 6.8% CAGR during 2022–2028.
- Based on application, the North America construction chemicals market is segmented into residential, commercial, industrial, institutional, and infrastructure. The residential segment held 36.4% market share in 2022, amassing US$ 5,015.97 million. It is projected to garner US$ 7,369.15 million by 2028 to expand at 6.6% CAGR during 2022–2028.
- Based on country, the North America construction chemicals market has been categorized into US, Canada, and Mexico. Our regional analysis states that US captured 80.1% market share in 2022. It was assessed at US$ 11,048.20 million in 2022 and is likely to hit US$ 15,856.45 million by 2028, exhibiting a CAGR of 6.2% during the forecast period.
Key players profiles in the North America construction chemicals market report are Ashland Global Holdings Inc; BASF SE; MAPEI S p.A; Sika AG; Compagnie de Saint – Gobain S.A; Pidilite Industries Limited; RPM International Inc; and Dow Chemicals Company among others.
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