The Construction Chemicals Market witnessed a high growth in the past few years which is estimated to increase in the coming years. This growth is largely fuelled by the growth of the construction industry, technological advancements, and growing demand in the Asia-Pacific region.
Asia-Pacific is the biggest and the fastest-growing region due to the growing demand for construction chemicals in India, China, Japan, and South Korea. North America and Europe are matured markets and are expected to grow at a low CAGR in comparison with Asia-Pacific till 2020.
Currently, the Asia-Pacific region is the largest market of construction chemicals and is estimated to register the highest CAGR. Countries such as China, Japan, and India are expected to lead the Asia-Pacific construction chemicals market, with China accounting for the largest share in the regional demand of construction chemicals. The market size, in terms of volume, of construction chemicals is comparatively low in the RoW region, but the estimated growth of the region is the second highest after Asia-Pacific.
Construction chemicals are chemical compounds added in formulation of various specialty chemicals or in construction materials made of cement, mortar, and concrete at construction sites to improve workability, performance, compatibility with construction structure and protect construction materials and finished structures.
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Construction chemicals comprise a wide variety of materials such as cementations; admixtures like waterproofing admixtures, plasticizers, accelerating agents, retarding agents and others; adhesives and sealants like acrylic adhesives, polyurethanes, polyvinyl acetates, epoxy and others; and flame retardants like ATH, antimony oxides, brominated, and chlorinated. The use of these chemicals depends and varies on the type of and scale of construction projects.
The market size of construction chemicals depends on new construction and its maintenance and repair activities. The demand for construction chemicals is mainly driven by growing requirements for housing and infrastructure. It is also influenced by consumer awareness, need for durable and aesthetic civil structure, and other benefits achieved in making construction structure more economical for contractors and other interest holders. The restraints in the market are different across regions, such as mature infrastructure, logistic issues, and low investments in the infrastructure sector. The opportunities are identified in new product launches for various construction applications.
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