Concrete Admixtures Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted April 23, 2021 by Statzyreports

The concrete admixtures market was estimated at around USD 13,500 million in 2020 and the market is projected to register a CAGR of over 6% during the forecast period (2021-2026).
 
The concrete admixtures market was estimated at around USD 13,500 million in 2020 and the market is projected to register a CAGR of over 6% during the forecast period (2021-2026). The market was negatively impacted due to COVID-19 in 2020. Owing to pandemic scenario, several countries across the world went into lockdown to curb the spreading of virus. The construction works were halted and also supply chain disruptions and labor shortages further affected the construction sector. This negatively affected the demand for concrete admixtures market. However, the condition is expected to recover in 2021, which is likely to benefit the market studied during the forecast period.

- Over the short term, the increasing construction of tall buildings and the recovering construction sector in China is expected to drive the market's growth.

- On the flip side, negative impact of COVID-19 pandemic is hindering the growth of the market studied.
- Growth Opportunities in Middle-East and Africa are likely to act as a growth opportunity for the Concrete Admixtures Market, in the future.

- The Asia-Pacific region has accounted for the major market share across the world, owing to the high constructional activities in China, India, and ASEAN countries.

Key Market Trends

Residential Construction Sector to Dominate the Market

- Growth in population, migration from hometowns to service sector clusters, and the growing trend of the nuclear family are some of the factors which have been driving the residential construction across the globe. Besides, decreasing land to population ratio and the growing trend of constructing high-rise residential buildings and townships have been driving the application of concrete admixtures in the residential construction segment across the globe.

- In the recent past, the highest growth rate, regarding residential construction was expected to be registered in the Asia-Pacific region, owing to the expanding housing construction market in China and India. Asia-Pacific has the largest low-cost housing construction segment, led by China, India, and various Southeast Asian countries. However, with most of the Asia-Pacific countries being severely affected by COVID-19 on a large scale the growth is expected to notably slower down in the short run.

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- Globally, there has been a significant undersupply to meet the demand for housing. This presented a major opportunity for the investors and developers to embrace the alternative methods of construction and new partnerships, in order to bring forward development.
For instance:
- In India, in November 2019, the Union Cabinet approved to set up an Alternative Investment Fund (AIF) of INR 25,000 crore (USD 3.58 billion) to revive about 1,600 delayed housing projects across the top cities in the country. Besides that, Puravankara Ltd. planned investment of about INR 850 crore (USD 121.6 million) for the development of three ultra-luxury residential projects in Chennai, Bengaluru, and Mumbai, over the next four years. The government is also pushing huge projects in the next few years. The government Housing for All initiative aims to build more than 20 million affordable homes for the urban poor by 2022. This will provide a significant boost to residential construction.

- In Southeast Asia, Indonesia is one of the largest and fastest-growing residential construction markets. Moreover, the Indonesian government has started a program to build about one million housing units across Indonesia, for which the government has allocated about USD 1 billion in the budget.

- In Canada, various government projects, including the Affordable Housing Initiative (AHI), New Building Canada Plan (NBCP), and Made in Canada, have been supporting the expansion of the sector.
- The above-mentioned factors are likely to show significant impact on the the demand for concrete admixture in the residential construction sector during the forecast period

In Asia-Pacific Region, China to Dominate the Market

- In the Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States. The economic growth rate of China in 2020 was initially expected to be moderate as compared to the previous year. However, due to the onset of COVID-19 in 2020, the economic growth of China has reduced to 1.90% and is expected to witness recovery at a rate of 8.20% in 2021.

- The construction industry grew at a strong pace in 2019, even though the growth slowed down during the year, compared to 2018. The construction sector has supported the economic growth in the country, while the US-China trade war affected the performance in other industries, such as automotive.
- According to the National Bureau of Statistics of China, the revenue generated by the Chinese construction industry has increased from CNY 17.67 trillion in 2014 to CNY 24.84 trillion in 2019.
- Rising household income levels, combined with population migrating from rural to urban areas, are expected to continue to drive demand for the residential construction sector in the country.

- Increased focus on affordable housing by both the public and private sectors is also driving the growth in the residential construction sector.
- The country is investing USD 1.43 trillion in the next five year till 2025, in major construction projects. According to National Development and Reform Commission (NDRC), Shanghai plan includes the investment of USD 38.7 billion in next three years, whereas Guangzhou has signed 16 new infrastructure projects with and investment of USD 8.09 billion.

- Even non-residential infrastructure is also expected to grow considerably. The aging population in the country is creating demand for the construction of healthcare facilities and new hospitals. The structural changes happening in the Chinese economy in the past few years as the service sector is taking larger and larger share in the total GDP has given rise to construction of huge commercial and office spaces.
- All the afore-mentioned factors are expected to boost the demand for concrete admixtures in the country.

Competitive Landscape

The concrete admixtures market is fragmented with no players holding a significant share in the market. The top five players hold a share of about ~30% in the market and the rest of the market is still very highly fragmented. The top players in the company include Sika AG, Lonestar Funds, CEMEX SAB de CV, Fosroc Inc., and GCP Applied Technologies Inc, among others.

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Tags concrete admixtures market , concrete admixtures market forecast , concrete admixtures market growth , concrete admixtures market share , concrete admixtures market size , concrete admixtures market trends , covid19 impact
Last Updated April 23, 2021