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Construction chemical additives have found their way into construction application of various areas such as residential buildings, non-residential buildings, infrastructure and renovation. The additives used for these purposes vary based on the requirements. Concrete admixtures find their applications in concrete mixing, which are used in all the types of constructions but the quantity depends again on the requirements. For instance, plasticizers are used mostly in residential construction, whereas superplasticizers are mainly used in the infrastructure and non-residential segment because of their ability to reduce water usage up to 30%, which is not the case with plasticizers.
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ESCALATING GROWTH IN THE URBAN HOUSING SECTOR OF THE WORLD IS THE MAJOR DRIVING FORCE FOR THE CONSTRUCTION CHEMICAL ADDITIVES MARKET
Construction Chemical additives market has humungous growth potential that can be attributed to the assured growth in construction sector across the world. The total world urban population has increased form a mere 750 million in 1950 to an immense 3.9 billion in 2014. In the near future, the urban population is anticipated to surpass 6 billion by 2050. Worldwide there is a trend of increasing urbanization and formation of mega-cities. Rising standards of living and aging demography have a direct impact on the way we build, which demands high quality and precision in construction work. Rapid developments in emerging countries and use of innovative products and materials in construction activities have supported the growth of construction chemicals additives markets.
ASIA-PACIFIC IS POISED TO BE THE LARGEST MARKET BY 2020 FOLLOWED BY THE EUROPEAN REGION
Asia-Pacific (APAC) market is the largest and the fastest growing market followed by Europe. The demand for construction chemical additives is growing at a steady pace across the globe, with North America growing much faster than others. Though the market size in 2014 was lower than APAC in terms of revenue and volume, it is estimated to exhibit a CAGR of 13% during the forecast period.
Growth in APAC region is primarily attributed to the increase in residential construction. With the increase in population and a higher per capita income, the growth of construction chemical additives is on an upsurge. Growing urbanization makes it inevitable for the government to increase construction in people rich countries. Growing awareness among contractors regarding the benefits of additives forms another impetus for growth.
On the contrary, the growth in Europe and rest of the world is attributed to the increasing demand for non-residential and infrastructure construction.
Some of the companies which hold a major share in the production of construction chemical additives include BASF SE, AkzoNobel NV, The Dow Chemical Company, and W.R Grace & Co. among others.
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