China Dominates Demand in the $17.5 Billion Global Cement & Concrete Additives Market
September 10, 2019 (Investorideas.com Newswire) The Chinese market for cement and concrete additives was the single largest overall in 2016, but will experience slower than average demand growth through 2023. This is according to Global Cement & Concrete Additives, a new study from The Freedonia Group.
Chinese Market Snapshot: High Demand Share, Below Average Growth
In 2018, Freedonia data indicated that China accounted for more than 25% of overall cement and concrete additive demand in value terms, making it the leading worldwide market for these products. This is expected to hold through 2023, even as sales grow at a comparatively slow annual rate for the forecast period.
This sluggishness can be attributed to several factors:
- China has a large, low-cost labor pool, which makes construction less expensive and reduces the necessity for faster setting, additive-fortified concrete.
- Growth in the Chinese economy - and, as a result, construction activity - held back potential gains between 2015 and 2018.
- China is home to a significant number of unoccupied housing stock and nonresidential facilities, limiting the need for new buildings that might spur additional additive demand.
Construction Modernization in China Offers Increased Additive Opportunities
While sales in China aren't expected to grow as quickly as regional neighbors like India, there are still ample opportunities for advancement. Projects like the New Silk Road trade corridor - intended to connect China with regions like Central Asia, the Middle East, and Europe - will spur construction of new roads and bridges, which should boost the need for additives as well.
Furthermore, ongoing modernization in the Chinese construction industry ought to pave the way for growth in additives that provide improved performance and environmental benefits.
Want to Learn More About Cement & Concrete Additives Worldwide?
Global Cement and Concrete Additives, a new study from The Freedonia Group, analyzes the global cement and concrete additive industry, presenting historical demand data (2008, 2013, and 2018) and forecasts for 2023 by product (chemical additives, mineral additives, fiber additives), market (building construction, roads and bridges, and other markets), and regions (North America, Central and South America, Western Europe, Eastern Europe, Asia/Pacific, and Africa/Mideast). The study also provides company market share and analyzes select industry participants like BASF, Boral, CHRYSO, GCP Applied Technologies, LANXESS, Mapei, and Sika.
More Chemicals studies are here: https://www.freedoniagroup.com/industry-category/chem/chemicals.htm
Press releases are now available on our website https://www.freedoniagroup.com/Content/News
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