The construction industry is the chief contributor to the Indian economy. With the rapid expansion of infrastructure in the country, Future Market Insights (FMI) projects India construction chemicals market to reach approximately US$ 22 Bn during 2021-2031, expanding at a stellar 13.6% CAGR.
Growing population and the need for various commercial and residential projects, coupled with increased funding by the government of India are key drivers in the India construction chemicals market.
For instance, in the Union Budget 2021, the government allocated US$ 1.89 Bn to support infrastructural initiatives such as Housing for All, Smart Cities Mission and Pradhan Mantri Awas Yojana, providing lucrative growth opportunities to players in the market.
Additionally, the Parliament passed a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund growing infrastructure projects in India in 2021.
As per the Indian Brand Equity Foundation, one of the major investments include Reliance Digital Fiber Infrastructure Trusts’ contribution of US$ 1 Bn, which has provided significant support to overall personal equity (PE) and venture capital (VC) investments in India.
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With the growing investments in the infrastructure sector, India construction chemicals market is also experiencing stellar growth, encouraging manufacturers to capitalize on innovative products such as watertight concrete, reliable and high-strength flooring concepts to cater to the increasing demand from commercial construction and infrastructure activities.
In 2020, due to the drastic impact of the COVID-19 outbreak, the construction chemicals industry in India experienced ominous losses, affecting overall sales and project completions. However, the market will recover gradually in 2021 with relaxations in regulations and investments being made by the government, find ESOMAR-certified consulting firm FMI in this study.
FMI's regional analysis states the dominance of North India in terms of sales and demand in India construction chemicals market. The growing demand is attributable to the expansion of construction projects across the region, with Punjab, Haryana, and Uttar Pradesh being the fastest-growing states.
“Rising infrastructure projects across the nation, coupled with government initiative supporting funding and R&D will continue fuelling sales in India construction chemicals market throughout the upcoming decade,” remarks the FMI analyst.
North India will lead the construction chemicals market, accounting for 3/10th of the total market share.
Expansion of the IT sector in South India, especially in Karnataka, Tamil Nadu, Andhra Pradesh, and Kerala will make it a lucrative market.
Increasing residential projects in West Bengal, Jharkhand and Bihar will augment market growth in East India
Waterproofing chemicals will lead the product segment, accounting for around 35% of the market share.
Concrete Admixtures will experience significant demand, holding 15% of the market share.
Infrastructural applications will account for 3/5th of the market sales.
Increasing levels of foreign direct investments will augment demand and sales in the market.
Rising expansion of residential and well as commercial projects across developing states in the country will drive growth in the market.
Product innovations by market players will generate demand in India construction chemicals market.
Lack of awareness regarding the quality of raw materials will negatively affect market growth.
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As per FMI’s analysis, India construction chemicals market exhibits dense competition among leading players and new market entrants. Manufacturers are focusing on research and development, along with mergers and acquisitions to expand potential revenue streams in the market. For instance:
In June 2021, JSW Cement announced its entry in the construction chemical segment with a unique green concrete mix product range to ensure responsible construction activities as the product uses less water during the application, aiding environment conservation.
Mater Builder Construction Chemicals Group acquired the chemicals division of BASF through Loan Star Funds, beginning operations in October 2020.
In February 2021, Nippon Paints announced a strategic partnership with Choksey Chemicals Pvt Ltd. to produce select waterproofing and sealant grade paints under Nippon’s ‘Walltron’ portfolio.
In October 2020, Pidilite Industries acquired Huntsman Group’s India subsidiary, which directly competes with Fevicol in the country. Huntsman Group produces and sells sealants, adhesives, and other construction chemical products under brand names such as Araldite, Araldite Karpenter, and Araseal.
Leading players operating in India construction chemicals market profiled by FMI include:
Chembond Chemicals Limited
Master Builder Solutions
The Dow Chemical Company
MAPEI Construction Products India Pvt. Ltd.
Flowcrete India Ltd
CICO Technologies Limited
MYK LATICRETE India
More Insights on FMI’s India Construction Chemicals Market
The latest market study on India construction chemicals market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
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Plasticizers (lingo, SNF, PCE)
Commercial & Industrial
Key Questions Covered in the Report
The report presents insights into India construction chemicals demand outlook for 2021-2031
Factors enabling construction chemicals sales across India between 2021 and 2031 are carefully analyzed
India construction chemicals market survey also identifies key factors impacting growth trajectory during the assessment period
The report offers evaluation of India construction chemicals market size and forecast and technological advancements within the industry
India construction chemicals market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Release ID: 89032669