In countries such as China, Vietnam, Malaysia, and India, the manufacturing sector is expanding. It is resulting in the rising construction of new manufacturing facilities and warehouse units. This will, in turn, fuel the APAC construction chemicals market advance in the coming years, by propelling the consumption of cement and concrete admixtures, bricks and cinder blocks, asphalt, epoxy coatings, plaster of Paris, iron rods, sealants, and a variety of other chemicals and materials that are used during such activities.
It is due to the increasing population in the region, which, as per the Asian Development Bank, is expected to reach around 4.3 billion by 2030. This is, in turn, fueling economic development and urbanization, especially in Indonesia, China, and India, which will bring a gigantic change within the social, environmental, and economical aspects of life in these countries. As a result, they are investing heavily in the development of transportation centers, houses, energy networks, healthcare facilities, and civic infrastructure.
Therefore, on the basis of type, the concrete admixtures category held the largest share in the APAC construction chemicals market in the past. It was also due to the fact that developing countries are looking to improve the quality of construction, especially in the case of roads, bridges, tunnels, and water retention structures. Since concrete is the key material in these structures, the demand for it is rather high, Moreover, admixtures can reduce the water usage during construction, which has become vital for the APAC region, which suffers from an acute water shortage.
In preceding years, China accounted for the highest volume of construction chemical consumption in the region. It is one of the largest economies considering the purchasing power parity and the second-largest economy in terms of nominal GDP. Moreover, it is the biggest market for construction activities globally, with the World Bank pegging its spending on the sector in 2020 at over $5.5 trillion. In addition, it has manufacturing plants of almost all major construction chemical companies, which leads to an easy availability of these products.
Thus, the growing population in APAC nations will propel the demand for construction chemicals in the coming years.
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