Rapid urbanization & industrialization in Asia Pacific, due to improving socio-economic factors is likely to boost the construction industry and make a noteworthy contribution to the concrete admixture market size in the forecast spell. For instance, the construction industry in the Asia Pacific accounts for a major chunk of the global construction industry mainly due to China, India and Australia. Further, Indonesia and Malaysia are making substantial investments in new construction projects which will trigger construction industry growth in the region and will make a notable impact on the concrete additive market size over the projected time frame. New projects on affordable living will further boost the market in the region. Concrete admixtures play an important role in improving the workability, durability, acceleration or retardation of setting time, reducing water cement ratio, etc. and is henceforth increasingly preferred in the construction industry.
Rising population in Middle East is expected to boost the demand of residential construction, which will in turn, fuel the demand of concrete admixtures.
Revival of the U.S. and Europe construction and renovation industry for both buildings and other infrastructure will also make a significant contribution to the concrete admixture market size in the coming years. For instance, Europe construction policies are encouraging sustainable construction to achieve resource efficiency, as buildings have the potential to reduce greenhouse gas emissions by approximately 90%. Henceforth, substantial investment to revive the construction sector in the region will boost product demand and will help attain promising gains to concrete additive market size in the near future.
Lack of skilled labor in the unorganized construction sectors mainly in the African region is a major factor, likely to hinder the market size in the coming years. Additionally, lack of awareness about value adding product properties including durability, improved workability, reducing time, etc. is another major factor which is probable to hamper the concrete additive market size over the forecast time spell.
Market division
On the basis of function, concrete admixtures can see a classification by air entraining admixtures, water reducing admixtures, plasticizers, accelerating admixtures, retarding admixtures, retarding admixtures, hydration-control admixtures, corrosion inhibitors, shrinkage reducers, alkali-silica reactivity inhibitors, and coloring admixtures.
Based on the product, concrete admixture market size for superplasticizer is likely to grow at a CAGR of more than 9.5% during the forecast timeframe. Superplasticizers possess excellent properties which reduces the water requirement by approximately 15-30% without impacting the workability which results in forming dense concrete. It is majorly applicable in producing heavy reinforced structures with inaccessible areas. Persistence need to save natural resources, such as water has propelled demand of admixture across construction sector to achieve desired workability without utilizing large amounts of water, which in turn will have a positive impact on the concrete additive market size over the projected time spell.
Based on the application, concrete admixture market size for residential application was valued more than USD 5.5 billion in 2016. Residential sector includes building for multi-family dwellings, single-unit, duplex, quad-plex and apartments. Rising middle class population mainly in the Asia Pacific and the Middle East has resulted in increasing construction spending for developing residential areas. These trends are likely to make substantial impact on the concrete additive market size in the forecast timeframe. For instance, nearly 7 million people are added to the middle east population in last 5 years which is anticipated to get double by 2050, which will have subsequent impact on the construction spending in the residential sector.
Asia Pacific concrete admixture market size attained a major chunk which accounted for more than 40% in 2016. Increasing urbanization coupled with rising government investment in the major projects across residential, non-residential and commercial sector will make prominent contribution to the business size in the forecast timespan. For instance, Malaysia has been awarded new and on-going infrastructure projects worth USD 22 billion in 2017-18 on public infrastructure and residential housing. Additionally, Indonesia spending on infrastructure is projected to surpass USD 165 billion by 2025 which will have substantial impact on the concrete additive market size over the forecast timespan.
The driving factors
- Advancement of the global construction industry and growth in compliance with the latest manufacturing standards are major drivers of the market.
- Concrete admixtures have gained prominence in concrete construction activities as they allow cost reduction
- One of the key factors driving the market include increasing demand for water usage and construction time.
- Increasing Construction Activities
- Apart from enhancing the quality of concrete, they help in its maintenance during important stages such as mixing, transporting, placing, and curing and also in adverse weather conditions.
- Increasing construction activities across the world are also likely to boost the demand for concrete admixtures, as it is primarily used for enhancing the concrete properties during construction.
- Increase in government initiatives regarding energy conservation and sustainable infrastructure is expected new opportunity
- The growing need for repair and maintenance of aging house in developed economies is also likely to substantiate the growth of the concrete admixtures market during the forecast period.
- The adoption of ready-mix concrete in developing economies is likely to act as a growth opportunity for the market, in the future.
- The Asia-Pacific region has accounted for the major market share across the world, owing to the high constructional activities in China, India, and ASEAN countries.
- The rising middle-class population in Asia Pacific has resulted in increasing construction spending for developing residential areas.
- The growth of vertical construction in India is positively impacting the demand for ready-mix concrete and superplasticizers.
- Growing concrete consumption in India, coupled with increasing use of superplasticizers, is expected to positively impact naphthalene and PCE based admixtures market in the country.
- The demand for the high-rise buildings have certainly grown in the recent times. With horizontal land construction coming to halt due to limiting space in the city, developers are widely favouring the construction of vertical high-rise towers to accommodate people.
- Large-scale development in seaport infrastructure to expand international trade is likely to fuel the demand in the coming years
Conclusion
Global concrete admixtures construction chemicals market was valued US$ 10.85 Bn in 2017 and is expected to reach US$ 16.54 Bn by 2026, at a CAGR of 5.41 % during the forecast period. Concrete admixtures construction chemicals market is register to the highest CAGR 5.41 % during the forecast period owing to the growth in infrastructure projects like airports, highways, bridges, dams and wastewater facilities are estimated to open new opportunities for the market players.
The concrete admixtures construction chemical market in Asia-Pacific is projected to grow at the highest CAGR and leading the market in terms of revenue owing to the growing infrastructural construction activities. Furthermore, the growth in population in Asia-Pacific countries is estimated to boost the demand for housing & commercial infrastructure, which is projected to drive the global concrete admixtures construction chemicals market.
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