Strong Growth of the Construction Industry in Developing Countries
The construction chemicals help to enhance the workability, performance, functionality, chemical resistance, and durability of the construction materials. India is one of the largest construction markets. In India, the growth in the construction activities is driven by continuing industrialization, urbanization, increasing population, growth in middle-class income, and the increase in infrastructural developments. According to the Department for Promotion of Industry and Internal Trade (DPIIT), foreign direct investments (FDIs) in the construction development sector and construction (infrastructure) activities stood at US$ 26.20 billion and US$ 27.92 billion, respectively, between April 2000-March 2022. The government of India has given a massive push to the infrastructure sector by allocating US$ 130.57 billion in order to enhance the infrastructure sector. According to the India Brand Equity Foundation, the country is planning to spend US$ 1.4 trillion on infrastructure projects through the National Infrastructure Pipeline (NIP), from 2019 to 2023, to ensure sustainable development in the country. The government of India has also decided to come up with a single window clearance facility to accord speedy approval of construction projects to boost the construction of buildings in the country. All these factors contribute to the strong growth of the construction industry in India. Further, as per the Ministry of Statistics and Program Implementation, the construction sector in India is expected to increase at 10.7% in 2022 in a rebound from a decrease of 8.6% in 2021, due to the government’s boosted focus on infrastructure projects and smart recovery of demand for residential and commercial segments. Hence, the strong growth of the construction industry in these developing countries is mainly driving the Asia Pacific construction chemicals market growth.
Market Overview
Australia, China, India, Japan, South Korea, and rest of Asia Pacific are the key contributors to the construction chemicals market in the Asia Pacific. The Asia Pacific has been promoted as one of the leading markets for using construction chemicals owing to the surge in construction activities. Moreover, government policies and initiatives such as Make-in-India encourage the setup of different manufacturing plants in India. Further, rising government and foreign investments in mega projects in the Asia Pacific are encouraging construction chemical manufacturers in the region to push strongly toward incorporating sustainable and technologically advanced materials in concrete admixtures, waterproofing, and industrial flooring. The growing number of construction chemicals used in many residential and non-residential sectors is anticipated to increase the construction chemicals demand in the Asia Pacific region. The building and construction industry contributes to the market's growth. For instance, in India, the construction industry is the second largest industry after agriculture, accounting for about 11% of the country's GDP. Further, key players operating in the Asia Pacific construction chemicals market are Hume Cemboard Industries Sdn Bhd, Tepe Betopan A.Ş., Nichiha Co., Ltd Dow Inc., etc. In recent years, the major market players in the region have invested heavily in R&D initiatives. This significant increase in research and development activity investment is expected to propel the Asia Pacific construction chemicals market growth.
Asia Pacific Construction Chemicals Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Construction Chemicals Market Segmentation
The Asia Pacific construction chemicals market is segmented into product, application, and country.
Based on product, the market is segmented into concrete admixtures, asphalt additives, waterproofing chemicals, adhesives and sealants, flame retardants, and others. The concrete admixtures segment registered the largest market share in 2022.
Based on application, the market is segmented into residential, commercial, industrial, institutional, and infrastructure. The residential segment held the largest market share in 2022.
Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and rest of Asia Pacific. China dominated the market share in 2022.
Ashland Global Holdings Inc; BASF SE; MAPEI S.p.A; Sika AG; Compagnie de Saint-Gobain S.A.; Pidilite Industries Limited; Fosroc, Inc; Choksey Chemicals Pvt ltd; RPM International Inc; and Dow Chemicals Company are the leading companies operating in the construction chemicals market in the Asia Pacific region.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 18,847.46 Million |
| Market Size by 2028 | US$ 27,886.84 Million |
| CAGR (2022 - 2028) | 6.7% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Construction Chemicals Market is valued at US$ 18,847.46 Million in 2022, it is projected to reach US$ 27,886.84 Million by 2028.
As per our report Asia Pacific Construction Chemicals Market, the market size is valued at US$ 18,847.46 Million in 2022, projecting it to reach US$ 27,886.84 Million by 2028. This translates to a CAGR of approximately 6.7% during the forecast period.
The Asia Pacific Construction Chemicals Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Construction Chemicals Market report:
The Asia Pacific Construction Chemicals Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Construction Chemicals Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Construction Chemicals Market value chain can benefit from the information contained in a comprehensive market report.
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