Primary application of construction chemicals is to improve strength, durability, and workability of construction chemicals. The robust expansion of the Indian real estate sector and increasing investments in commercial and residential construction projects will fuel the demand in the India construction chemicals market.
As per Future Market Insights’ analysis, the India construction chemicals market is anticipated to reach a value of US$ 21.7 Bn by 2031 end, expanding at a CAGR of 13.6% during 2021-2031.
Commonly used construction chemicals in India includes admixtures, water proofing chemicals, adhesives and sealants, protective coatings, and asphalt additives. The demand for construction chemicals is largely driven by affordable housing residential projects, in addition to infrastructure projects initiated by the government. Foreign direct investments are also likely to boost the sales in the country over the coming years.
However, the ongoing crisis caused by COVID-19 virus, has resulted in a short-term slump of production and distribution chains in the industry. Raw materials required for the production of construction chemicals are manufactured by chemical companies, which experienced a downturn during the pandemic as the supply chains were disturbed due to strict lockdown restrictions.
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Furthermore, the construction sector in India was highly impacted by the pandemic, as ongoing and upcoming construction projects have been delayed or cancelled.
Key Takeaways from India Construction Chemicals Market Study
- India Construction Chemicals Market will continue expanding, reaching a valuation of US$ 21,642 Mn by 2031, primarily driven by infrastructure investments.
- Water proofing and protective coatings collectively holds more than 50% of the market share in the country’s market, with impetus provided from renovation and repair applications.
- Governmental spending in the construction chemical sector has risen by approximately 1.8 times owing to the “Make in India” scheme for infrastructure and industrial development.
- North and South India account for 30% of the overall Indian construction chemicals market each, with major investments into smart city projects.
- The COVID-19 outbreak has resulted the construction industry in India coming to a standstill. As such, the construction chemicals market experienced a CAGR of -12.6% in 2020.
“The India construction chemicals market has a highly fragmented vendor landscape, which has resulted in fierce competition in the market. However, demand for construction chemicals in the country is likely to rise with increasing urbanization and subsequently rising demand for urban residential construction projects through the end of 2031,” said an analyst at FMI.
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Who is Winning?
The India construction chemicals market will remain fragmented due to strong presence of local players. Leading players are focusing on strengthening their product portfolio and expanding their market footprint through acquisition of smaller companies in the market.
Some of the key manufacturers of construction chemicals in India are BASF SE (Master builder Solutions), Pidilite Industries, The Dow Chemical Company, RPM International Inc., Mapei S.P.A., Magicrete Building Solutions pvt. Ltd., GCP Applied Technologies Inc., Akzo Novel N.V., Sika AG, Chembond Chemicals Ltd., Flowcrete India Ltd., Fosroc Holdings U.K. Limited, MC-Bauchemie, Balmer Lawries & Co. Ltd., Cera-Chem Pvt. Ltd., Choksey Chemicals Pvt. Ltd., MYK LATICRETE India, CICO Technologies Limited, Ardex Endura, KERAKOLL India Pvt. Ltd., and Saint-Gobain S.A. among others.
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