Concrete Admixtures Market size is anticipated to surpass USD 32 Billion by the end of 2033, growing at a CAGR of 9% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of concrete admixtures was over USD 19 Billion.The growth of the market can be attributed to boosting demand for more construction activities, a growing number of constructions including commercial and residential buildings, and increasing renovation works across the world. For instance, it is anticipated that 3,500 new structures would be added each day by construction workers by the year 2050.
Additionally, there has been growing investment made by the government in the construction industry, a growing population with rising income, and the development of smart cities through government projects which are also estimated to drive market growth. In March 2021, the Indian Parliament adopted a bill to create the National Bank for Financing Infrastructure and Development (NaBFID), a development finance institution with a budget of about USD 3 billion, to finance infrastructure projects in India.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
9% |
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Base Year Market Size (2022) |
USD 19 Billion |
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Forecast Year Market Size (2033) |
USD 32 Billion |
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Regional Scope |
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Application (Residential, Infrastructure, Commercial, Industrial)
The concrete admixtures market is segmented and analyzed for demand and supply by application into residential, infrastructure, commercial, and industrial. Out of these, the commercial segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing construction of commercial buildings. Buildings for offices, hotels, shops and entertainment venues are increasingly in demand. The six major cities in India experienced a net absorption of roughly 30 Mn sqft in 2020.
Our in-depth analysis of the global concrete admixtures market includes the following segments:
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By Type |
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By Application |
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Asia Pacific Market Forecast
The Asia Pacific region market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. Owing to growing population in this region. The Asia and Pacific region, which also includes the two most populous countries in the world, China and India, is home to almost 4.3 billion people. About 60 percent of the world's population resides in this area. Further growing urbanization and a rise in disposable income are also estimated to boost the growth of the market in this region.
In Stafford, Virginia, Sika AG is expected to open a new manufacturing facility for concrete admixtures. Sika is expanding its manufacturing capacity in the significant American construction industry with the launch of the factory close to Washington, D.C., in order to quickly meet the high demand in the Northeast and Mid-Atlantic areas.
In Atsugi, Japan, GCP Applied Technologies Inc. established a cutting-edge concrete admixture facility. The production capacity was originally manufactured at the GCP plant in Darex, which was sold to Henkel. The investment improves manufacturing efficiencies while incorporating the most recent environmental and safety safeguards.
Author Credits: Smruti Ranjan, Rajrani Baghel
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