With the increasing urbanization rate, especially in developing countries such as India, South Africa, Brazil, and China, on account of the rapid migration of people from rural areas to urban areas for better employment opportunities and a higher standard of life, the demand for construction chemicals is surging sharply. This is attributed to the fact that the soaring population of people in urban areas is positively impacting the demand for new buildings, offices, and factories, which is, in turn, fueling the launch of many large-scale construction projects.
Moreover, many private companies are making huge investments in the construction industry in order to meet the rising need for infrastructure, which is also generating lucrative growth opportunities for construction chemical producing companies across the world. As per the Council on Foreign Relations, the construction industry in Mexico surged by 2.0% from 2015 to 2016, on account of the huge investments that were made by private companies in commercial and residential real estate projects in the country.
Additionally, the rapid construction of green buildings, on account of the increasing concerns being raised over the escalating pollution levels and the burgeoning requirement for energy conservation in buildings, is also driving the sales of construction chemicals, thereby causing the expansion of the construction chemicals market. Moreover, green building materials can massively reduce the emission of harmful gases, which further boosts their popularity across the world. Additionally, these chemicals have the ability to improve the durability of buildings and provide protection against various environmental hazards.
Adhesives, protective coatings, concrete admixtures, sealants, asphalt modifiers, and others such as flooring chemicals and flame retardants are the most widely used types of construction chemicals across the world. Out of these, the demand for concrete admixtures was found to be the highest in 2017. This was because of the extensive use of admixtures, owing to their ability to reduce the cost of construction by modifying the traits of the hardened concrete. For instance, the addition of admixtures to water can reduce water requirement by 5–10%.
Geographically, the sales of construction chemicals are predicted to rise at the fastest pace in the Asia-Pacific (APAC) region in the coming years. This is ascribed to the burgeoning demand for construction chemicals in regional countries such as China and India. China is widely considered as the world’s construction capital and the country is witnessing the launch of several construction projects. Moreover, the government is also making huge investments in infrastructure projects, which is also boosting the sales of construction chemicals in the country.
Thus, the demand for construction chemicals is certain to explode in the forthcoming years, primarily because of the increasing construction and infrastructural development activities, on account of the surging population of urban people, and rapid construction of green buildings across the world.
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The construction sector requires a large quantity of plasticizers due to the large-scale application of polyvinyl chloride (PVC) in the production of several building materials and tools.
PVC products are used in the construction sector as they offer excellent resistance to ultraviolet (UV) light and temperature.
PVC, in turn, requires plasticizers, such as dibutyl phthalate (DBP), diisononyl phthalate (DINP), dioctyl phthalate (DOP), and dioctyl terephthalate (DOTP), for softness.
The market was valued at $13,967.9 million in 2018, and it is projected to reach $16,700.6 million by 2024.The categories under the application segment of the plasticizers market are wires and cables; toys and child care products; automotive parts; films and sheets; medical equipment; flooring, roofing, and cladding; and others.
Till 2018, these products were largely used in the production of wires and cables for the automotive, electrical and electronics, and construction industries.
Large volumes of PVC are used in the production of wires and cables to offer these products optimum electrical insulation.
