Construction chemicals are a niche specialty segment of the chemical industry. They are used in both residential and non-residential construction activities to impart strength and durability, and to speed up the pace of the construction work. Construction chemicals also help minimise the quantity of cement and water used in the construction process.The demand for construction chemicals in any country is dependent on a number of factors, prime among them being the spending on infrastructure, real estate growth, and urbanisation trends.
India is one the fastest growing economies in the world. The Indian economy has witnessed phenomenal growth in the last decade or so, with infrastructure development receiving a major boost. These developments have provided an impetus to the country’s construction sector, and it has shown a Y-o-Y growth of over 10%.
Government Initiatives have Provided a Boost to the Indian Construction Chemicals Market
Over the years, there has been a renewed focus on infrastructural development in India. Successive governments have played an active role in providing a boost to the country’s infrastructural sector through high-investment programmes, such as Pradhan Mantri Gram Sadak Yojna (PMGSY) and National Highways Development Programme. The private sector companies have also played a major role in the growth of India’s residential, commercial, and industrial sectors. These factors have fuelled the growth in the Indian construction sector, which in turn, has provided an impetus to the construction chemicals market in the country.
The government’s effort to promote green buildings has also contributed to the increasing demand for construction chemicals. Moreover, the Asian Development Bank’s (ADB) mandate on using construction chemicals under stipulated guidelines for projected funded by it has augured well for the prospects of the Indian construction chemicals market.
Outlook on the Indian Construction Chemicals Market
The Indian construction chemicals market was worth US$ 728 Mn in 2014, and it is forecasted to grow at a steady rate through 2020. Infrastructure, residential, and non-residential are the three prominent sectors where construction chemicals are widely used. At a market share of 62%, the infrastructure sector is the most dominant consumer of the Indian construction chemicals market and it is projected to witness a higher growth as compared to residential and non-residential sectors.
Major Segments of the Indian Construction Chemicals Market
The five major segments of the Indian construction chemicals market include:
Among these, admixtures is the largest segment of the Indian construction chemicals market, and commands a market share of 40% of the total market. It is forecasted that the admixtures segment will witness a CAGR of 17.5% through 2020 and surpass US$ 800 Mn in market value. At a CAGR of 22.6%, the waterproofing compounds segment is anticipated to witness the highest growth among all the segments. On the other hand, repair and rehabilitation segment of the Indian construction chemicals market is forecasted to witness low CAGR as the concept of renovating old construction is still at a nascent stage in India.
Demand for Affordable Housing and Improvements in Modular Construction: Key Trends for Indian Construction Chemicals Market
The Indian residential sector has witnessed several changes in the last five years. The demand for affordable housing, increased focus on aesthetically-pleasing buildings, and improvements in modular construction are the factors that have been instrumental in creating the demand for construction chemicals in India. It is anticipated that these trends will continue to drive the Indian construction chemicals market in the future as well.
The stakeholders in the Indian construction chemicals market include large multinational companies, domestic companies, and regional players. Currently, large multinational companies have a major share in the Indian construction chemicals market and it is anticipated that these companies will further consolidate their position in the next five years.
Browse full Report of Indian Construction Chemicals Market: http://www.futuremarketinsights.com/reports/details/construction-chemicals-market
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