DOVER, DE — A study issued by research firm Global Market Insights Inc. reports that the worldwide concrete surface treatment chemicals market was valued $8 billion in 2018 and will surpass $15 billion by 2025, witnessing an annual growth rate of 8% over 2019 to 2025.
Rapid population growth across the globe will drive the demand of concrete surface treatment chemicals. The world has witnessed an increase in population of over 24% between 2000 and 2018. Asia-Pacific contributed significantly to this rapid growth. In 2018, China and India collectively accounted for over 36% of the entire world population. This surge coupled with increasing urbanization will further escalate construction activities, which in turn, will drive the consumption of concrete surface treatment chemicals through the forecast period.
The study reports that public and private investments for infrastructure development, government initiatives for improving connectivity, relaxation of real-estate norms, and favorable regulations will boost construction activities in Asia-Pacific. Construction chemicals enhance the quality and mechanical characteristics of cement and provide resistance against weather conditions. Their use is boosted by low prices and ease of use, increasing the demand for concrete surface treatment chemicals throughout the forecast period.
Solvent-based products have higher VOC content, which leads to adverse effects on environment and human health. Such harmful effects, along with the limited application of other products due to the availability of substitutes in developing economies, could hinder the growth of the concrete surface treatment chemicals industry.
The curing compounds product category has a significant share in the concrete surface treatment chemicals industry and, according to the study, will grow at a CAGR of over 6% during the forecast period. These products provide protection through optimal curing against solar heat. Preferred in spray form, they develop a layer over the surface to reduce water loss and provide accurate curing. They are mainly used for horizontal surfaces such as highways, streets and runways.
In 2018, municipal end-users accounted for approximately one-fifth of the total concrete surface treatment chemicals market. This segment includes civil structures, road construction and bridges. The study predicts that this end-user category will witness growth exceeding 6% CAGR in the forecast period, owing to ongoing developments in the construction market.
Asia-Pacific dominated the concrete surface treatment chemicals industry with over 50% of the industry share in 2018. A few factors responsible for the commanding position of this region include the large number of concrete surface treatment chemical manufacturers, high-production capabilities, and continuously increasing demand from China, India, South Korea and Japan. Initiatives by the government of India have increased demand in the construction sector in the country. Meanwhile, CAAC (Civil Aviation Administration of China) is aiming to build more than 200 airports by 2035 in order to meet the rising demand for air travel. These factors will drive regional demand for concrete surface treatment chemicals in the near future.
For additional information about the report, visit https://www.gminsights.com/pressrelease/concrete-surface-treatment-chemicals-market.