Cement and Concrete Additives Market

The global cement and concrete additives market was valued at USD 20,549.9 million in 2017 and is expected to register a CAGR of 8.16% to reach around USD 32,706.5 million by the end of 2023. Cement and concrete additives can be defined as additives used in cement and concrete mixes to improve the performance and increase the durability of the mix. The global demand for cement and concrete additives is mainly driven by a rise in construction activities globally. Expanding the construction industry in the developing markets of Asia-Pacific and the Middle East & Africa region with the rise in residential and commercial construction is fueling the demand for concrete and cement additives. Increase in construction activities in developed markets because of increasing spending on the renovation of houses and infrastructure development is likely to drive the market growth. Additionally, increasing requirement for high-performance additives with superior benefits such as reduced water requirement and sustainability is expected to stimulate the product demand.

Increasing use of ready-mix concrete over traditional concrete due to superior benefits is likely to witness significant growth opportunities for the cement and concrete additives market. Also, emerging concept of 3D construction printing coupled with growing digitalization is driving the demand for fiber additives which in turn is expected to offer lucrative opportunities to the manufacturers of cement and concrete additives in the coming years. Moreover, increasing demand for green/sustainable cement products due to shifting in focus from traditionally constructed building to green and energy-efficient building by using lightweight construction materials is one of the growing trends noticed in the construction industry. This is likely to result in growth in demand for high-performance cement and concrete additives during the review period.

The players operating in the global cement and concrete additives are emphasizing on new product development and product expansion in the developing markets in Asia-Pacific and the Middle East & Africa. However, sluggish growth of the construction industry in Western and Eastern European countries is likely to lead to declining in demand for cement and concrete additives and thereby, is likely to hamper the market growth during the review period.

The global cement and concrete additives market has been segmented by type and application. Based on type, the global cement, and concrete additives market has been segmented into chemical, mineral, and fiber additives. The chemical additives segment accounted for the largest share of the global cement and concrete additives market and was valued at USD 9,141.4 million in 2017; it is expected to reach USD 15,127.4 million by the end of 2023. This market growth can be attributed to the increasing demand for admixtures in construction to improve the performance of concrete and cement and reduce the water requirement. The mineral additive segment is the fastest growing segment with increasing use in construction activities due to superior benefits such as easy availability, low cost, and sustainability.

Based on application, the global cement, and concrete additives market has been segmented into residential, commercial, industrial and others. The residential segment accounted for the largest share of the global cement and concrete additives market and was valued at USD 9,023.2 million in 2017; it is expected to reach USD 14,589.8 million by the end of 2023. The construction industry is expanding in both developing and developed nations on account of increasing residential construction coupled with growing urbanization and the growing demand for modern residential architecture respectively. This boom in the construction industry is likely to drive the growth of the global cement and concrete additives market in the coming years. Commercial application is the fastest growing segment with an increase in investment by government in construction for infrastructure development globally.

Based on region, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The market in Asia-Pacific accounted for a 47.27% share and was valued at USD 9,713 million in 2017; it is expected to reach USD 16,385.4 million by the end of 2023. The growth of the regional market can be attributed to the rise in residential and commercial construction in emerging economies such as China, India, and South-East Asian nations including Thailand, Indonesia, and Singapore.

North America and Europe are the other prominent markets for cement, and concrete additives on account of the increased spending on the renovation of houses coupled with growing emphasis on energy efficient buildings. Additionally, the increase in construction of complex building structures and smart buildings in the developed markets together with growing digitalization is expected to support the market growth. The markets in Latin America and the Middle East & Africa are expected to grow at healthy CAGRs during the review period due to industrialization and urbanization in the regions.