New Product Launches are Some of the Major Strategies Adopted by the Market Players to Achieve Growth in the Construction Additives Market.
Construction additives are natural or synthetic materials or chemicals that are mixed into binding agents, mortars, and concretes to add the required properties to the finished product. Construction material has a fast-setting property; thus, it is widely used in the construction materials to reduce the construction time. MarketsandMarkets projects that the construction additives market will grow from USD 20.70 Billion in 2017 to USD 28.95 Billion by 2022, at a compound annual growth rate (CAGR) of 6.94%. The increase in demand for construction additives from commercial and infrastructural sectors is driving the growth of the construction additives market.
The key players in the construction additives market include BASF (Germany), Sika (Switzerland), Dow (US), W.R. Grace & Co. (US), RPM International (US), CHRYSO (France), Evonik Industries (Germany), Mapei S.p.A. (Italy), Fosroc International (UK), and CICO Group (India). These players have adopted various strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions, and new product launches are some of the major strategies adopted by the market players to achieve growth in the construction additives market.
The mergers & acquisitions strategy accounted for the largest share of all strategic developments in the construction additives market in 2015. Companies such as Sika (Switzerland), CHRYSO SAS (France), and W.R. Grace & Co. (US) adopted this strategy to expand their geographic reach, strengthen their product & service portfolios, and enhance their growth prospects in the construction additives market.
BASF is focused on maintaining a presence throughout the construction value chain through urban planning, property development, design, legal, and financial engineering; and secondly, by developing sustainable structures that take into consideration the technical, environmental, and social issues related to the project. In 2016, the company expanded its business in Kharagpur, India by establishing a new concrete admixture plant with the aim to fulfil the growing demand for high-quality construction chemicals generating from the eastern part of India. The company has a strong international presence, which contributes to nearly half of its sales. It has a vast experience in managing complex projects and has the capacity to adapt to the changing markets.
Sika’s businesses are supported by a wide marketing and distribution network, and have established a reputation thereby gaining strong customer support. In 2015, the company acquired the remaining shares of Addiment Italia (Italy) from its joint venture partner Buzzi Unicem.
The company has bagged a significant number of both national and international acquisitions and expansions in 2015, one of which is the order for the construction of a midfield airport terminal building and car park at Abu Dhabi worth USD 49.2 Million.
Related Reports:
Construction Additives Market by Type (Chemical (Plasticizers, Air-entraining, Waterproofing, Retarding agent), Mineral, Fiber), End-use Sector (Residential, Commercial, Infrastructure), and Region - Global Forecast to 2022
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