How Investments in Manufacturing Sector Propelling Asia-Pacific Construction Chemicals Market?
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From $120 billion in 2017, the real estate sector of India is expected to grow to $1 trillion by 2030, according to the India Brand Equity Foundation (IBEF). This would be a direct result of the increasing population, which already numbers at 1.35 billion. Similarly, China, the world’s most populous nation, is home to 1.39 billion people; the number of people in both the countries continues to increase. This is resulting in the rising demand for residential, industrial, and commercial infrastructure in the Asia-Pacific (APAC) region.
With the use of admixtures in concrete, the usage of water and time taken to complete the construction project are reduced a good deal, which automatically results in substantial cost savings for real estate firms. There are several types of admixtures available, such as water-reducing,
retarding, accelerating, air-entraining, pozzolanic, damp-proofing, gas-forming, air-detraining, alkali-aggregate-expansion-inhibiting, anti-washout, grouting, corrosion-inhibiting, bonding, fungicidal, germicidal, insecticidal, and coloring admixtures, to fulfill a number of purposes within the construction sector.
With regional countries focusing on economic prosperity, they are increasing efforts to set up manufacturing plants. For instance, $405.88 billion was pumped into India’s manufacturing sector by government as well as private companies in 2019–20, as per the IBEF. Thus, with an increasing in the construction projects for production plants, the demand for the various chemicals associated with the process will also go up. Vietnam, Malaysia, China, and numerous other emerging economies in the region are undergoing a similar industrial transformation, which is further leading to an increasing requirement for construction chemicals.
Apart from the rising building activities, the awareness on the quality of the infrastructure is also increasing in the region. This is why construction firms are upping their usage of various chemicals to enhance the strength and durability of the built structures. Further, with the rise in the number of aesthetically pleasing skyscrapers, construction chemicals are being used more than ever. New York City is no more the world’s skyscraper capital, but cities like Shanghai, Tokyo, Kuala Lumpur, Seoul, and Hong Kong are.
Additionally, many of these cities are situated on or near the Pacific Ring of Fire. Being a high-seismic-activity region, it is prone to severe earthquakes, such as the 9.1-Richter earthquake of 2011, which resulted in the Tōhoku tsunami in Japan. With the population in the above-mentioned cities burgeoning, the construction activities are also picking up. And, with the land becoming increasingly scarce, skyscrapers are being erected to cater to as many people as possible, which is raising concerns over the quality of construction. Hence, strict regulations have been implemented in most APAC countries mandating the structures be durable and strong.
Up till now, China has been the most productive country in the APAC construction chemicals market, on account of its strong economy, in terms of purchasing power parity. Further, the infrastructure development projects are rising at a rapid pace in the nation, which is further driving the consumption of associated chemicals. Additionally, the majority of the leading manufacturers of construction chemicals have plants in China, which results in an easy availability of these materials here. In the coming years, the consumption of these materials would rise the fastest in India, owing to its high urbanization and industrialization rate.
Thus, with the increasing demand for residential, commercial, and industrial infrastructure and the surging awareness about its quality, the consumption of construction chemicals would continue to grow in the APAC region.
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