The global concrete admixtures market size is projected to grow from an estimated value of USD 15.4 billion in 2019 to USD 24.0 billion by 2024, at a CAGR of 9.3%, between 2019 and 2024. The market has been segmented on the basis of product type, end-use sector, and region.
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Concrete admixtures have found wide acceptance in the construction industry. The utilization of concrete admixtures (such as superplasticizers, accelerating agents, retarding agents, air-entraining agents, and water-proofing admixtures) provide flexibility to designers to modify and enhance the physical as well as chemical properties of concrete. This includes compressive strength, durability, surface finish, and resistance to withstand adverse climatic and working conditions as per design specifications or requirements without compromising the quality of the concrete structure.
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The rising demand for infrastructure development in the APAC region is expected to boost the concrete admixtures market. The Chinese government has made huge investments in railway construction projects. For instance, in December 2018, it invested USD 43.3 billion for Shanghai Urban Rail Transit Expansion, one of the most expensive projects in the country. This expansion consists of nine rail projects, including six-subway lines and three intercity lines, which will be completed, by 2023. The projects will add 286 km to the network by creating a better connection between Shanghai’s two airports and two main railway stations.
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In India, the government has made huge investments for upcoming infrastructure projects, for instance, Sagarmala, under which there are more than 610 projects that are identified for implementation during 2015-2035. In 2018, the Thailand government had announced plans of building two new airports in Chiang Mai and Phuket, by 2025. Also, the government’s investment for the establishment of a regional transport network under the Twelfth National Economic and Social Development Plan (2017–2021) is expected to support the concrete admixtures market growth during the forecast period.
APAC is projected to be the fastest-growing concrete admixtures market, in terms of value, during the forecast period. The growth is owing to the presence of developing countries, such as China and India. After the financial crisis in 2008, huge investments in infrastructure construction aided China to recover from the economic recession. Although there is growth in China in 2019, the general trend is of decreasing growth, due to excessive investments, which could lead to a debt crisis. This is also expected to be a weakness in South Korea, which is facing a sharp shrinkage in construction works. In India, there are positive advancements in the economic conditions, an increase in investor confidence and government funding in housing, energy, and transport infrastructure projects, which has facilitated the construction industry to regain growth momentum. The emerging markets of Southeast Asia have planned heavy investments in new infrastructure projects, supported by private investment.