DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Construction Chemicals Market Size, Share, Development, Growth and Demand Forecast to 2022" report to their offering.
The global construction chemicals market was valued at $41.7 billion in 2015, and it is expected to grow at a CAGR of 5.7% during 2016 - 2022.
Asia-Pacific accounted for the largest share in the global construction chemicals market and was valued at $19.2 billion in 2015. China was the largest market share in the construction chemicals market, and held more than a 60% share of the Asia-Pacific market in 2015; however, India is expected to witness the fastest growth at a CAGR of 10.9% during the forecast period.
Among the various types, the protective coating segment held the largest share in the global construction chemicals market in 2015, and it is expected to retain its dominance during the forecast period. However, the asphalt additives segment is expected to witness the fastest growth during 2016 - 2022, owing to increasing demand in superpave pavement formulations, asphalt shingles, modified bitumen roofing membranes, built up roofing asphalt (BURA), asphalt adhesives, sealants and coatings. The asphalt additive segment was valued at $2.9 billion in 2015 and is expected to grow at a CAGR of 7.5% during the forecast period.
The major reason behind the growth of the market in the region is the high demand for residential, commercial and public buildings caused as a result of increasing population and urbanization. The use of ready-mix concrete (RMC) and various governmental regulations for promoting the "Green revolution" are also fuelling the growth of the construction chemicals business.
The increasing demand for roads, bridges, dams and tunnels for the convenience of travelling and better connectivity is further driving the growth of the market. The unavailability of skilled labor, lack of interest for implementing a quality standard by infrastructure developers and fluctuating raw material prices are some of the challenges that are hindering the growth of the global construction chemicals market.
Some of the major manufacturers of construction chemicals include:
- Evonik Industries AG
- Bostik Inc.
- BASF SE
- Sika AG
- 3M Company
- Akzo Nobel N.V.
- Ashland Inc.
- Albemarle Corporation
For more information about this report visit http://www.researchandmarkets.com/research/5bbv5j/global.