Construction chemicals are broadly used for waterproofing repairs, bonding agents, crack and expansion joint fillers, tile adhesives, retarders, plasticizers, air entraining compounds accelerators and others. Epoxy putty is a hardening substance utilized as a space-filling adhesive in the construction industry.
Construction chemicals are mainly classified into product segments such as protective coatings and sealers, grouts and mortars caulks and adhesives, cement and asphalt additives and polymer flooring and others. All such construction chemical products are widely used in the end-user industries such as residential construction, non-residential construction and non-building construction.
The rising demand from the rapidly growing construction industry across the globe, especially the Asia Pacific region, is expected to drive the global epoxy putty and construction chemicals market in the next few years.
The U.S. is the largest consumer of construction chemicals and epoxy putty across the globe and is closely followed by Europe and Asia Pacific regions. Latin America, Africa and the Middle East account for smaller portion of the market. Asia Pacific is expected to be the fastest growing market for epoxy putty and construction chemicals the next six years.
The major reason for this is the growing demand from developing countries such as China, India and South East Asian countries such as Thailand, Indonesia, Vietnam and Malaysia. In addition, the countries in the geographies such as Africa, South America and the Middle East are showing remarkable economic growth since the last few years.
These nations largely include South Africa, Brazil, Saudi Arabia, Egypt, Jordan, Qatar and Israel. Additionally, the U.S. and the European economies are gradually recovering from the economic slowdown.
All such economic, industrial and demographic factors are ultimately creating a positive prospect for the global industrial scenario. Considering this positive industry outlook, construction and related industries are anticipated to record a staggering growth in the next six years. There is a mammoth market potential for the construction industry in the countries such as India, China, Indonesia, Qatar, Thailand and Brazil due to rapid infrastructure development taking place in these countries.
Moreover, countries like Brazil and Qatar are hosting giant events such as Olympics and FIFA world Cup in the next few years and are developing numerous state-of-the-art stadiums and other infrastructure for those events. Owing to this, the demand for construction related products is expected to grow at a notable rate in the next few years.
This will eventually generate a huge demand for epoxy putty and construction chemicals in these emerging nations. The major infrastructure companies are focusing on these developing nations for tapping their gigantic market potential in terms of infrastructure projects. The key producers of epoxy putty and construction chemicals are installing robust production facilities in these growing countries to meet the rising regional demand.
Therefore, the global epoxy putty and construction chemicals market is expected to witness a substantial growth in the next few years.
Some of the major companies operating in the global epoxy putty and construction chemicals market are 3M Company, Akzonobel N.V., Adco Inc., Arkema S.A., Albemarle Corporation, Ashland Inc., Bolton Group, BASF SE, Bostik Inc., Pidilite Industries Ltd., Cementaid (N.S.W.) Pty. Ltd., Cico Technologies Ltd., Chryso S.A.S., E. I. Dupont De Nemours and Company, Lafarge S.A., Fosroc International Ltd., Mapei South Africa Pty. Ltd., Muhu (China) Construction Materials Co. Ltd., Conmix Ltd., RPM International Inc., Sika AG, Terraco Holdings Ltd., Selena FM S.A., The Dow Chemical Company and W.R. Grace and Co. among Others.
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Epoxy putty & construction chemicals market demand is expected to increase over the forecast period owing to the surging population of sports enthusiasts, along with the growing number of regional as well as international sports leagues. In addition to this, factors such as rapid urbanisation, the growing popularity of these chemicals, and inflating disposable incomes are predicted to contribute towards epoxy putty & construction chemicals market share. The market is further being facilitated by the emergence of an e-commerce channel, which offers an extensive variety of premium-quality, legitimate merchandise in addition to providing a smooth shopping experience to customers at competitive prices. Moreover, the rising prevalence of construction chemicals and epoxy putty manufacturers is anticipated to assist the market growth in the coming years.
The wide application spectrum of epoxy putty, such as in adhesives, paints and coatings, electrical systems and electronics, and industrial tooling and composites, is predicted to bolster the epoxy putty & construction chemicals market size. The potential benefits and successful large-scale implementation of the construction outsourcing model in the United States is an emerging trend that is expected to boost the demand for epoxy putty and construction chemicals in the region.
Regionally, the Asia Pacific epoxy putty & construction chemicals market is expected to witness rapid growth. This can be attributed to the thriving construction and building industry that utilises construction chemicals to achieve significant qualities, such as durability and workability of projects. Additionally, the epoxy putty & construction chemicals market is emerging in demand in the region, owing to favourable government policies for the construction industry, coupled with rising new buildings as well as renovation projects.
The market is expected to be driven by the various product launches and acquisitions by market key players. In addition to this, several opportunities exist in the construction chemicals market, which is expected to push the market development over the forecast period.
In February 2022, Nuvoco Vistas Corp. Ltd. launched Zero M Epoxy Tile Grout in Delhi, Haryana, Punjab, and West UP. Zero M Epoxy Tile Grout offers distinct features like flexural, high compression, resistance to acids and corrosive agents, and shear adhesion strength, and is applicable in commercial and residential spaces. These value-added products are recommended for bathrooms, kitchens, terraces, swimming pools, and balconies.
In January 2019, Birla Corporation Limited announced the debut of wall putty and construction chemicals as an add-on to Perfect Plus, its premium brand of cement. The company has launched three products, namely Latex and Perfect Plus Wall Putty, Perfect Plus SBR (styrene butadiene rubber), and Perfect Plus IWP (integral waterproofing). Birla Corporation has a yearly production capacity of 15.5 million tons. With this launch, the company is likely to develop new partnerships with retailers of construction materials, including hardware and paints.
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Epoxy Putty and Construction Chemicals Market
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