Dublin, Oct. 03, 2022 (GLOBE NEWSWIRE) -- The "Construction Chemicals Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 By Product Type, By Application, By Region" report has been added to ResearchAndMarkets.com's offering.
The Global Construction Chemicals Market was valued at USD 37295.64 million in 2027 and is anticipated to project a robust growth during the forecast period at a CAGR of 5.30% due to massive capital investment and supportive government policies.
Growing Investments in Infrastructure for Renewable Energy
During the forecast period, the construction chemicals industry is anticipated to be driven by a rapid increase in expenditure in renewable power production capacity. Particularly in the United States and Europe, several power producing businesses are making investments in renewable energy sources.
Additionally, governments all over the world are pushing renewable energy sources by providing incentives and subsidies to enterprises that produce renewable energy.
The Indian government cleared a USD 1518.3 Million plan to set up infrastructure to transmit electricity from renewable energy projects as it seeks to boost the output from green sources and meet half of the nation's energy requirement from them by 2030.
The Australian government provided wind power producers with subsidies of USD600 million. This is anticipated to increase consumer demand for the services offered by construction firms, boosting the market throughout the anticipated timeframe.
Rising Construction Activities in Developing Countries
In the upcoming years, it is anticipated that rising construction activity in emerging regions would fuel market expansion. China, Brazil, India, Saudi Arabia, and Indonesia were among the emerging economies with active building sectors.
For instance, the National Bureau of Statistics reports that the contribution of building production to China's GDP increased from 6.2% in 2019 to 25.9% in 2020. The construction market expanded as a result of the quick increase in construction activities.
Growing Urbanization and Supportive Government Policies
Rapid urbanisation and population growth have resulted in a steady increase in all sectors, especially, construction sector around the world. Residential construction has seen a significant resurgence in 2021, driven by the continued demand for homes and helpful government policies.
Substantial national government support for the housing industry, for example, in India, a significant amount of money was allocated for housing in the national 2021 budget, including USD 6327.31 million for the Ministry of Housing and Urban Affairs (MoHUA) and the establishment of a 3.5-billion-dollar fund to assist in the completion of housing projects that have stalled.
The Asia-Pacific construction chemicals market stood at USD 9900.58 million in the year 2021 and is projected to grow at a CAGR of 5.87% during the forecast period.
Asia-Pacific comprises some of the most populated and developing nations, such as China, Japan, India, South Korea, Thailand etc., so construction and infrastructure development will directly boost the construction chemicals market. The United States construction chemicals market stood at USD 1153.80 million in the year 2021.
Major market players in the global platform that lead the market
The Dow Chemical Company
Pidilite Industries Limited
Construction Chemicals Market, By Product Type:
Construction Adhesives & Sealants
Construction Chemicals Market, By Application:
Construction Chemicals Market, By Region:
Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/1g1onz
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