The APAC construction chemicals market is growing, and the trend will continue in the years to come as well. Fast industrialization and urbanization and rising consciousness for quality construction are the factors responsible for the growth of the industry.
Asia-Pacific (APAC) Construction Chemicals Market
Concrete admixtures dominated the industry in the past. The refining quality of construction in emerging nations; growing requirement for roads, buildings, bridges, tunnels and water retention structures; and necessity to decrease water use and time taken in construction are the major factors powering the industry growth.
China dominated the industry. The nation is the largest economy with regards to PPP, the second-largest economy with regards to nominal gross domestic product, and one of the main markets for construction activity globally.
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Moreover, nearly all key construction manufacturing companies have their industrial plants in China. These factors are credited to its largest share.
The key trend observed in the market is the snowballing consumption of construction chemicals. Fast industrialization and urbanization and growing consciousness for quality construction have been recognized as key drivers.
The growing consumption of construction materials in India, China and South Korea is the major trend in the APAC construction chemicals market, as stated by a market research company, P&S Intelligence. This can be majorly credited to growing populace, fueling the requirement of infra development.
As per the Asian Development Bank, the population in the APAC region will reach 4.3 billion in 2030, which would need an investment of almost USD 22,551 billion for infra development.
Urbanization brings vast social, economic, and environmental changes. For addressing these changes, these countries will invest heavily in the expansion of new housing, civic infrastructure facilities, transportation centers, energy health care facilities, and education centers; thus, boosting the growth of the industry.
With the of large-scale construction activities will occur in emerging APAC nations, the requirement for construction materials used in construction activities will rise in the years to come; therefore, fueling the growth of the industry.
Due to the rapid industrialization and urbanization, the demand for construction chemicals will continue to grow in the APAC region.