The value of the global construction chemicals market is expected to hit $67.6 billion by 2024, a new report predicts.
Used widely in non-residential uses and the infrastructure sector, the market for construction chemicals is expected to grow as a result of large residential and infrastructure building in Asia-Pacific region, according to the newly released predictions by Grand View Research Inc. The authors also point to government initiatives in India and the expansion of the Panama Canal as drivers of growth. The Middle East and Africa are also projected to be key markets for construction chemicals, with infrastructure projects valued at $172 billion planned by several national governments in 2015.
Demand for industrial, transportation, and commercial facilities is on the rise globally, the researchers said.
In 2015, the global market was valued at $36.1 billion and the demand was 33,309.2 kilotons. The researchers expect the market to grow at a compound annual growth rate (CAGR) of about 5.2% between now and 2024.
The key companies identified in the study as having a major role in the projected growth are: BASF SE, Pidilite Industries Ltd., FOSROC Chemicals India Private Ltd., Sika AG, W.R. Grace & Co., Dow Chemical Co., RPM International Inc., Arkema S.A., and Mapei S.P.A.