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Thursday, July 25, 2024

The Role of Construction Additives in Modern Architecture

Market Summary:

The global construction additives market size was USD 42 Billion in 2022 and is expected to reach USD 107.44 Billion in 2032, and register a rapid revenue CAGR of 11 % during the forecast period. Rising demand for cutting-edge building materials and number of infrastructure projects and increasing construction activities in developing nations and usage of construction additives to improve qualities of mortar and concrete are major factors driving market revenue growth.

Increase in construction spending is one of the major factors expected to stimulate market demand. Surging demand for residential and non-residential buildings has a notable impact on the sales for construction additives, owing to their rising application in the flooring and walls of the buildings. Growing inclination among consumers for better and high-quality cement is estimated to fuel the product demand in the upcoming years, as cement additives are useful in increasing construction strength coupled with providing of improved chemical resistance, waterproofing feature, color, and high water reduction.

Government initiatives to boost infrastructure development in developing nations are likely to drive product demand in the forecast period. This has resulted in the order book position of several construction players to be currently sufficient to offer medium-term revenue visibility. For instance, the Bharatmala Pariyojana project, by the Government of India, is a macro and corridor-based approach to development of roads, which caters to expansion as well as plugging of the existing infrastructure gaps and are likely to find enormous opportunities for the construction sector as it is the largest road development program in India.

The Asia Pacific is the largest revenue-generating regions in the market. The growth of the construction industry coupled with a rise in the level of disposable income of people in emerging economies, such as India and China, is causative of the market demand in the region.

Further key findings from the report suggest

  • By type, chemical additives contributed to the largest market share in 2018 and are expected to grow at a rate of 6.4% in the forecast period. These can enhance concrete quality, acceleration, or retardation of setting time, among other properties that could be altered to achieve specific results.
  • By availability, inorganic products dominated the market in 2018 and are expected to grow at a rate of 5.6% in the period 2019-2026.
  • Application of the product in commercial buildings held the largest market share in 2018 and is anticipated to witness the highest CAGR of 6.3% in the forecast period. The commercial building construction maintained its growth in 2018 steered by the increased investment in the commercial real estates, especially in developing nations.
  • North America held the second-largest market share in 2018 and is expected to grow at a rate of 5.4% in the forecast period. The construction industry is a significant contributor to the U.S. economy. The industry has over 680,000 employers with more than 7.0 million employees and generates around USD 1.300 trillion worth of structures annually. Construction is one of the largest customers for mining, manufacturing, and several other services.
  • Key participants include BASF SE, Sika, DOW, Chryso, W.R. Grace & Co., RPM International, Evonik Industries, Mapei SPA, Fosroc International, and Cico Group, among others.

Strategic Development:

  • In 2021, BASF SE announced the launch of a new range of construction additives for the European market called “MasterEase.” These additives improve the flowability and workability of concrete, making it easier to pour, place, and finish. MasterEase also enhances concrete’s early strength development, reducing the need for curing time and improving construction efficiency.
  • In 2020, W.R. Grace & Co. announced the acquisition of the Construction Chemicals business of Société Chimique des Charbonnages S.A. (SCC) for an undisclosed amount. The acquisition was aimed at expanding Grace’s product portfolio in the specialty construction chemicals market, particularly in the areas of concrete admixtures and waterproofing systems.
  • In 2020, Arkema S.A. launched a new range of sustainable construction additives called “Orgasol Evo.” These additives improve the mechanical properties of cement-based materials, reducing the need for cement and promoting sustainable construction practices. Orgasol Evo is made from bio-based raw materials and is recyclable, contributing to a more circular economy.
  • In 2019, Sika AG acquired Parex, a leading manufacturer of mortars and other construction materials, for approximately $2.5 billion. The acquisition was aimed at strengthening Sika’s position in the global construction market and expanding its product offerings in the areas of façade and interior finishing systems.
  • In 2018, Evonik Industries AG announced the launch of a new range of Specialty Silica products called “Aerosil.” These silica products improve the performance of construction materials, such as coatings, adhesives, and sealants, by enhancing their mechanical, rheological, and optical properties.

Get more information here: https://www.reportsanddata.com/report-detail/construction-additives-market

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