The increasing investment in construction sector by public and private players is anticipated to boost the concrete admixtures market demand during the forecast period 2021-2026. Concrete Admixtures Market size is forecast to reach $24.5 billion by 2026, after growing at a CAGR of 7.7% during 2021-2026.
With the rising demand in the construction sector, the concrete admixtures market is witnessing an increase in demand. Concrete admixtures are added to the concrete, that can help control the set time and other aspects of fresh concrete. Whereas growing public interest towards housing its repair works will further enhance the overall market demand for concrete admixtures industry during the forecast period.
Residential has been the primary market for concrete admixtures in the year 2020 and is expected to grow at a CAGR of 6.6% during the forecast period. The increasing constructions for various kinds of residential houses, are driving the demand for construction chemicals, this factor leads the growth of concrete admixture in the upcoming years. In U.K, according to Ministry of Housing Communities & Local Government, annual new build dwelling starts totalled 151,020 in the year to December 2019, a 10% decrease compared with the year to December 2018. But during the same period, totalled completed dwells are 178,800, an increase of 9% compared with last year (2018). Hence with the increasing demand for housing, the concrete admixture market is expected to grow.
APAC dominated the concrete admixtures market in the year 2020 and is expected to grow at a CAGR of 9.9% during the forecast period. Japan and South Korea are the major regions in this region which are dominating the concrete admixtures market. Japan is a large, technically-sophisticated construction market and a key location for advanced infrastructural properties, owing to which the concrete admixture manufacturing companies are increasingly expanding their portfolio and manufacturing plants in the country. For an instance, in July 2018, in Japan, BASF introduced an innovative "MasterRheosure" air-training water-reducing agent. It provides daily concrete with superior rheology and slump retention, helping concrete producers to master long delivery times even under demanding conditions. Thus, it is anticipated that the increasing expansion and product launches of market players in the Asian countries is largely contributing the concrete admixtures market growth in Japan during the forecast period.
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Concrete admixtures Market Growth Drivers:
Increase in renovation and repair Activities towards housing
The renovation and repair activities in the construction sector around the world have been increasing, with growing investments, majorly in the residential sector. The growth is expected to increase slowly in the upcoming years, owing to increase in the number of housing sales around the world. In July 2019, the UK government has allocated almost $775 (£600 billion) billion to invest in construction projects in which at least $56.59 (£44 billion) billions of this funding will be earmarked for housing while the rest of money will be spent on improving infrastructure. Whereas increasing global warming concerns and its consequences of the resultant climate changes are forcing the world to make regulations or policies to reduce carbon emissions, thereby, resulting in an increased need for infrastructural modification. Hence with the increase in infrastructural construction works, the demand for concrete admixtures will automatically increase.
Removal of Formwork in Short Period of Time
Formworks are usually not removed until the concrete has sufficiently hardened in order. In normal circumstances (generally where temperature is above 200°C), and where ordinary concrete is used, it takes almost 24-48 hours for walls, columns and others, to remove the form. Similarly, for different construction structures the time varies accordingly. Whereas the use of concrete admixtures in the cement or concrete enhances specific properties of the fresh or hardened concrete, such as workability, durability, or early and final strength. This eventually decreases the time of hardening concrete and hence this saves both money and time of the builder. So, with the increasing use of concrete admixtures in major construction projects specially for bridges, tunnels and others, the concrete admixtures market is expected to grow in the upcoming years.
The Major Players in this Market Include:
Major players in the Concrete admixtures Market are BASF SE (Master Builders Solutions), Sika AG, Yara International, Normet Group, CEMEX S.A.B. de C.V., Bostik, Chryso, GCP Applied Technologies Inc., Euclid Chemicals, Fosroc Inc., Mapei, PCC Group, Dow Chemical Company, CICO Group, Ak-Kim Kimya San. ve Tic. A.Ş., İKSA BETON ve YAPI KİMYASALLAR, Polisan Kimya San. A.S., Lyksor Kimya among others. In March 2019, BASF launched an innovative strength-enhancing admixture solution Master X-Seed STE for the construction industry, which significantly improves both early and late-age strength development in concrete. It helps make production of concrete more efficient.
The worldwide crisis of COVID-19 is leading to calls for action from a wide range of stakeholders including manufacturers, vendors, distributors, and consumers. Decline in business for at least five months during 2020 coupled with lower demand from a few major markets has put pressure on the profitability of concrete admixtures manufacturers and vendors. However, the negative impact of COVID-19 on concrete admixtures to be compensated over the medium to long term future. In addition, the pandemic has forced builder and contractors to delay or cancel many construction projects which has led to a million and billions of losses. According to the American Road & Transportation Builders Association (ARTBA) infrastructure projects totaling more than $9.6 billion have been either delayed or cancelled in the midst of the COVID-19 pandemic.
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