According to Market Research Future (MRFR)’s assessment, the global cement, and concrete additives market has been projected to touch a valuation of USD 32,706.5 Mn by the end of 2023 up from USD 20,549.9 Mn in 2017. The market is estimated to expand at a robust CAGR of 8.16% during the forecast period 2018 to 2023. The growth trajectory of the market is presumed to be dictated by the rapid developments in the construction sector. In addition, the infrastructural development programs launched by the governments are likely to accelerate revenue creation for the participants of the cement and concrete additives market over the next couple of years.
The urban migration witnessed across the world owing to elevated standards of living and exploration of employment opportunities is expected to generate massive demand for the expansion of cities. This, in turn, is prognosticated to drive the growth of the cement and concrete additives market across the projection period.
The developing nations have unleashed immense potential for the growth of the cement and concrete additives market in the past few decades. It is likely to exhibit a similar trend across the review period. Furthermore, the emergence of advanced technologies in the developed nations, such as 3D printing, has been forecasted to aid the proliferation of the construction sector, thus, augmenting the cement and concrete additives market. The adoption of novel technologies across the global construction sector is expected to propel the expansion of the market in the next few years to some.
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Some of the key players identified in the report are Yara International ASA (Norway), CEMEX S.A.B. de C.V. (Mexico), Elkem ASA (Norway), Fosroc Inc. (U.K.), GCP Applied Technologies Inc. (U.S.), Cementaid (Australia), Oscrete Construction Products (Australia), Sika AG (Switzerland), Borregaard LignoTech (Norway), and BASF SE (Germany).
In February 2019, the Ministry of Housing & Urban Affairs, India, has announced the approval of the construction of another 4,78,670 affordable houses.
In January 2019, Cementos Bio Bio, Chile, has announced the investment of USD 20 Mn in the construction of a new grinding plant in South Peru.
By type, the global cement and concrete additives market has been segmented into chemical, mineral, and fiber additives. Among these, the chemical segment is likely to hold more than 50% of the market share towards the end of 2023.
By application, the global market has been segmented into residential, industrial, commercial, and other construction. Among these, the residential segment has been projected to contribute most significantly towards the expansion of the global market over the assessment period.
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By region, the report offers a detailed assessment of the cement and concrete additives market in North America, Latin America, Europe, the Middle East, and Africa, and Asia Pacific. The study reveals that the global cement and concrete additives market is poised to hold over 50% of the market share in the upcoming years and touch a valuation of USD 16,385.4 Mn by the end of 2023. The rapid urban migration witnessed in the region is likely to dictate the growth trajectory of the market. In addition, the schemes introduced by the governments for the development of houses for the underprivileged people have been anticipated to propel the expansion of the market over the next few years.
North America is another important growth pocket as efforts are being directed in the region to revamp construction sector. Europe is likely to exhibit a steady rate of expansion across the assessment period. Meanwhile, the thriving construction sector of the Middle Eastern countries such as Saudi Arabia, Qatar, the U.A.E, etc. is likely to drive the proliferation of the cement and concrete additives market through the projection period.