How Investments in Manufacturing Sector Propelling Asia-Pacific Construction Chemicals Market?
From $120 billion in 2017, the real estate sector of India is expected to grow to $1 trillion by 2030, according to the India Brand Equity Foundation (IBEF). This would be a direct result of the increasing population, which already numbers at 1.35 billion. Similarly, China, the world’s most populous nation, is home to 1.39 billion people; the number of people in both the countries continues to increase. This is resulting in the rising demand for residential, industrial, and commercial infrastructure in the Asia-Pacific (APAC) region.
Thus, with population growth, the APAC construction chemicals market size is projected to increase to $29,686.2 million by 2023 from $19,754.8 million in 2017, at a 7.1% CAGR during 2018–2023 (forecast period). A wide range of chemicals is used in the construction of infrastructure, including adhesives, concrete admixtures, protective coatings, sealants, and asphalt modifiers. Among these, concrete admixtures witness the highest consumption, as concrete is one of the most essential materials used in the infrastructure sector, especially for tunnels, roads, water retention structures, and bridges.
Additionally, many of these cities are situated on or near the Pacific Ring of Fire. Being a high-seismic-activity region, it is prone to severe earthquakes, such as the 9.1-Richter earthquake of 2011, which resulted in the Tōhoku tsunami in Japan. With the population in the above-mentioned cities burgeoning, the construction activities are also picking up. And, with the land becoming increasingly scarce, skyscrapers are being erected to cater to as many people as possible, which is raising concerns over the quality of construction. Hence, strict regulations have been implemented in most APAC countries mandating the structures be durable and strong.
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Up till now, China has been the most productive country in the APAC construction chemicals market, on account of its strong economy, in terms of purchasing power parity. Further, the infrastructure development projects are rising at a rapid pace in the nation, which is further driving the consumption of associated chemicals. Additionally, the majority of the leading manufacturers of construction chemicals have plants in China, which results in an easy availability of these materials here. In the coming years, the consumption of these materials would rise the fastest in India, owing to its high urbanization and industrialization rate.
Thus, with the increasing demand for residential, commercial, and industrial infrastructure and the surging awareness about its quality, the consumption of construction chemicals would continue to grow in the APAC region.
