Construction Chemicals Market will Reach US$ 65.2 Bn by 2027
The Global Construction Chemicals Market was valued at US$ 42.4 Bn in 2020 and expected to reach US$ 65.2 Bn by 2027 and is expanding at a CAGR of 6.3% during the forecast period.
Construction is an activity which is carried out all the time in all countries. Although covid has had a negative impact on construction activities across the globe still it will resurrect itself at some point of time in the future. Most of the companies will not compromise on the quality of the chemicals used in the construction since a lot of things are at stake including the lives of people. Hence quality is of utmost importance in this sector. The nature of construction has changed over the past few years. With many people demanding the home of their liking and they want it to be made exactly the way they want it. Although this category is niche and limited to people with a certain income bracket.
The construction industry has become a lot more competitive than before. Since it is a challenging task to build a specific home that is sustainable, low cost, visually appealing, etc, and at a specified time. In most urban areas space is very little and hence it is a challenging task to build a suitable home in such a small space. Chemicals play a very important role in building houses not just because they are essential but a house is something that an average person wants to build for a lifetime and it should be strong, resilient and durable. The construction chemicals industry is also very competitive since there are a lot of options available. Safety and security of residents is of paramount importance when building houses, nowadays we are seeing many buildings and bridges are collapsing due to bad weather or due to simply because of the use of poor materials hence. The onus is on the chemical companies to provide good quality material for construction. The demand of construction is completely different in rural parts of some countries than urban. Construction or rather developing the infrastructure is one of the most important tasks of any government and especially in developing countries. Here chemical companies play a very important role because governments are likely to build things of national importance, national heritage, places where there could be a lot of public like tunnels, bridges, airports, bus stands, etc. and a lot is at stake.
Developing countries like India, Pakistan, Sri Lanka, Bangladesh, etc are doing a lot of construction work recently. One of the ways for a developing country to become a developed country is to have good infrastructure, road network etc. Chemicals are equally important in civil constructions like bridges, dams etc. In countries like Singapore which are small in size they have to use the space very wisely. Also, countries like China and Japan have shown tremendous capability in building new and innovative constructions. The major challenge in countries like Japan which are earthquake prone is to build homes that are safe and strong. Many buildings in India and other countries have also been destroyed due to natural calamities and it is one of the major challenges of companies to build structures that withstand such calamities. A big issue facing construction chemicals is the corruption happening in the lower level of people handling the construction. Lower quality products are used in order to earn higher profits which in turn risks the lives of the people.
Key findings in Construction Chemicals Market
- Big deals see Saudi market for chemicals grow
- Rise in urbanization is one of the biggest reasons for the surge in the global construction chemicals market in the next few years
Recent news in Construction Chemicals Industry
- L&T construction arm bags significant contracts for various businesses
- US spending on construction rises 1.7% in January as new home building continues to lift the sector. Spending on residential construction rose 2.5% in January with single family home projects up 3%