The market for concrete admixtures is expected to register a CAGR(Compound annual growth rate ) of over 6% during the forecast period (2019-2024). One of the key factors driving the market includes increasing demand for water usage and construction time. However, the rising prices of raw materials, like PCE (polycarboxylate ether)-based polymers, are likely to hinder the market growth.
- 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.
- 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.
Key Market Trends:
Residential Construction Sector is Likely to Dominate the Market
- The residential sector includes buildings for multi-family housing units, single-unit, duplex, quad-plex, mobile homes, and apartments.
- The rising middle-class population in Asia Pacific has resulted in increasing construction spending for developing residential areas.
- Moreover, there has been a surge in investment for new residential construction activities in the United States, which had increased from USD 252 billion, in 2011, to USD 562.6 billion, in 2018.
- The rising population in the Middle East & African countries, in the recent years, is also likely to drive the residential construction market during the forecast period.
- Hence, the aforementioned reasons are likely to help the residential construction sector dominate the market, during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region has accounted for the largest market share in 2018, owing to the high construction activities.
- Over the last decade, China’s construction industry developed rapidly, due to the central government’s push for infrastructure investment, as a means to sustain economic growth.
- Under its 13th five-year plan (2016-2020), the Chinese government is planning for infrastructure development of 30,000 km of railway lines and 30,000 km of expressways. Besides, there are numerous airport construction projects, which are either in development or planning stage.
- Additionally, the Chinese government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next 10 years, despite efforts to rebalance its economy to a more service-oriented form.
- Apart from China, the construction industry of other countries, like India, Japan, and ASEAN countries, are also growing rapidly.
- Hence, the Asia-Pacific region is likely to continue dominating the market during the forecast period.
The concrete admixture market is consolidated, as the major share of the market is divided among a few key companies. Some of the key players of the market include BASF SE, CEMEX SAB de CV, Fosroc International, and Sika AG, among others.