According to the latest research report by The Insight Partners "Construction Chemicals Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product and Application,” the market is expected to grow from US$ 50,952.86 million in 2022 to US$ 71,449.75 million by 2028; it is estimated to grow at a CAGR of 5.8% from 2022 to 2028. The report highlights key factors driving the market growth and prominent players with their progress in the market.

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Strong Growth of Construction Industry in Developing Countries Drives Construction Chemicals Market Growth

Construction is becoming more prevalent in emerging nations. Due to India's increasing urbanisation and the growth of the residential sector, the construction industry is predicted to reach US$1.4 trillion by 2025. India's urban population currently provides 63% of the country's GDP, and 68 cities will have a population of one million or more by 2050.

India's population is projected to increase to more than 40% of urban dwellers by 2030 from 33% presently, generating a need for 25 million more mid-range and cheap homes. China is the largest construction market in the world, according to the Fitch Solutions Infrastructure Report. The Ministry of Housing and Urban-Rural Development (MOHURD) published a notice for the Implementation of Urban Renewal Actions in 2020 as part of China's 14th Five-Year Plan. While China's urbanisation rate reached 60.6% in 2019, the government is attempting to enhance the standard of urban living by implementing an urban regeneration policy that aims to create greener and more efficient cities. Additionally, when it comes to the Middle East, the UAE has one of the building industries that is developing the fastest.

Impact of COVID-19 Pandemic on Construction Chemicals Market

Due to the closure of manufacturing facilities, challenges obtaining raw materials and components, and limitations on logistical operations, the COVID-19 pandemic had a negative impact on the chemicals & materials business. Due to the abrupt closure of national and international borders, the outbreak altered operational efficiencies and value chains, resulting in revenue loss and harm. In 2020, a number of producers of building chemicals had to temporarily halt operations or cut back on production. The COVID-19 epidemic had a detrimental effect on the construction sector as well, when projects were abandoned in the middle of their development and new ones were delayed. The construction industry's unfavorable effects led to a decrease in demand for construction chemicals.

The market for Construction Chemicals is concentrated with some very well-established players. Some of the key players in the Construction Chemicals Market include

1.       Ashland Global Holdings Inc.

2.       BASF SE

3.       MAPEI S.p.A.

4.       Sika AG

5.       Fosroc, Inc.

6.       Compagnie de Saint-Gobain S.A.

7.       Pidilite Industries Limited

8.       Choksey Chemicals Pvt Ltd

9.       RPM International Inc.

10.   Dow Chemicals Company

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