Indian Construction Chemical Market Opportunities
Construction chemicals are the chemical formulations that are used with cement, concrete, and with any other construction materials while constructing anything to hold the construction material together. Construction chemicals are one of the important components of the chemical industry that are playing an important role in global infrastructure development. The global market of construction chemical is categorized as - Concrete admixtures. Asphalt modifiers. Adhesives and sealants. Protective coatings. Construction Chemicals are majorly used in the construction of industrial, residential, commercial, and infrastructure projects. The residential building has the biggest market share for construction chemicals followed by commercial buildings. Residential buildings are expected to maintain their supremacy in the market of global construction chemicals due to the increasing number of residential projects. The Asia Pacific has the biggest market share for products of construction chemicals globally and accounts for more than one-third of the global construction chemical market. China is anticipated to have its dominance, having an increasing domestic demand for residential and commercial buildings. Other countries that are expected to push the global market are India, Brazil, Russia, and Australia. High demand for public, commercial, and residential buildings along with the high urban population is holding the global construction chemical market. Moreover, the high disposable salary of consumers has increased the demand for better-quality residential buildings, and which is acting as a growth driver for the global construction chemical market. Demand for buildings, roads, bridges, dams, and tunnels is also increasing market growth. Increasing demand prospects in the construction industry meaning that a lot of multinational companies are starting to invest to develop advanced construction chemical products. The market of India’s chemical construction is segmented into the northern region, eastern region, western region, and southern region. Presently, the northern region is anticipated to experience the highest CAGR of 17.8% in comparison to other regions.
The Key Market Trends of Construction Chemical Industry
The construction sector is the largest in the country and it is increasing at a healthy rate, due to the increasing population, growth in middle-class income, and urbanization. Moreover, the government is also taking various steps to restructure corporate taxes and make them more appealing to foreign investors. This move is expected to boost the investment in the healthcare, education, housing, transport, and water infrastructure sectors. Investment worth USD 31,650 billion have been initiated by 99 cities under their smart city plans. Additionally, 100 smart cities and 500 cities are possibly to invite investment worth INR 2 trillion in the upcoming 5 years.
Market Overview of Construction Chemicals
The market of Indian construction chemicals is anticipated to see healthy growth, at an anticipated CAGR of almost 8% over the upcoming period. The market of Indian construction chemicals follows a slightly different trend than that of the global market. Because of a lack of awareness regarding the long term benefits of construction chemicals, the demand for chemicals, like concrete admixtures, adhesives, sealants, and waterproofing that have immediate tangible effects is high.
Upsurge in infrastructure construction activities around the globe is the key factor that is driving the growth of the market.
The increasing foreign direct investment is anticipated to act as an opportunity for the industry in the upcoming years.
NIIR project consultancy services (NPCS) makes detailed project reports on various topics. After doing the research it has made a project report on “Construction Chemicals Projects” NPCS has researched analyzing the market, confirming the availability of various necessities such as plant & machinery, raw materials to forecasting the financial requirements. The research at NPCS does the Market Surveys and Studies to get accurate data for the growth of the current market scenario and as well as future growth too.