The global concrete admixtures market size was valued at USD 15.8 billion in 2020 and is expected to grow at USD 31.50 billion by 2027 at a compound annual growth rate (CAGR) of 9.1% from 2021 to 2027. Rising product demand from the construction industry coupled with favourable properties of admixtures including water reduction, durability, and others augments the market growth over the forecast period. Concrete admixtures are natural or manufactured chemicals or additives that are added during the concrete mixing process to enhance the properties of the concrete, such as workability, durability, and final strength.
The admixtures can modify certain characteristics of concrete, such as heat of hydration, water reduction, and accelerate or retard setting time. China’s construction industry is one of the largest in the Asia Pacific region on account of the rising need for residential and commercial buildings as a result of the growing population. Thus, China accounted for a significant share, in terms of product consumption, in the region. This trend is expected to continue over the forecast period owing to the high adoption of construction materials.
Concrete admixtures play a crucial role in the construction industry. The demand for various admixtures is based on the properties that they exhibit and the areas where they are used. The construction industry is the key end-user for the market, therefore, fluctuation in the construction sector might impact the market growth directly. The market is expected to be driven by the growing number of commercial and residential construction projects, as well as by the increasing commissioning of infrastructural projects, particularly in Asia Pacific.
The water-reducing admixture segment led the market and accounted for more than 48% of the global revenue share in 2020. The segment is projected to expand further at a steady CAGR over the forecast period on account of the wide usage of these products in various applications in the construction industry.
Admixtures are used to enhance the properties of the concrete for specialized construction applications. For instance, when the amount of water in the concrete mixture is reduced, the mixture becomes dense and offers high strength and enhances the overall performance.
Super plasticizers are considered as one of the fastest-growing segments in the market owing to their water-reducing, strength enhancement, and plasticizing properties. The use of admixtures is gaining prominence in conventional concrete construction as they offer a viable solution for improving the workability of the concrete.
The product use and its composition vary extensively based on various external factors, such as type of structure - bridges; weather- cold, humid, and other; the specific need of functionality - building with significant height, and other factors for the sustainability of buildings.
The Concrete Admixtures Market is segmented on the basis of product and region. On the basis of product Water Reducing Admixtures, Waterproofing Admixtures, Accelerating Admixtures, Air-Entraining Agents, Retarding Admixtures, Other Admixtures.
Asia Pacific accounted for the largest revenue share of more than 37% in 2020 and is anticipated to emerge as the fastest-growing regional market over the forecast period. This growth is attributed to rapid industrialization and potential market prospects in the region. North America is also estimated to register a significant growth owing to the growing construction activities in the U.S. and Canada.
In addition, the strong presence of multinational companies and their respective brands are projected to fuel the market growth facilitated by rising infrastructural development in the region.
Europe is expected to account for a considerable market share by 2027 owing to the increasing demand for innovative and technologically advanced construction materials and the associated market from the residential application segment in the region. The growing geriatric population has highlighted the need for investment in the construction of healthcare establishments, which will also support market growth. The rapidly growing global construction industry and the ever-increasing population across the world will drive the overall market.
Key companies are: Sika AG; BASF SE; GCP Applied Technologies Inc.; RPM International, Inc.; Fosroc, Inc.; Mapei SpA; CHYRSO SAS; Rhein-Chemotechnik GmbH.
Report : Concrete Admixtures Market - By product (Water Reducing Admixtures, Waterproofing Admixtures, Accelerating Admixtures, Air-Entraining Agents, Retarding Admixtures, Other Admixtures), By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) and Industry Analysis, Opportunity and Forecast 2021To 2027.