Chemicals market in Asia Pacific to reach $26.5 billion by 2020

The Asia-Pacific construction boom is fuelling demand for construction chemicals. As a result the chemicals market (by revenue) in the region was estimated to be valued at $17,495 million in 2014 and projected to reach $26,457 million by 2020, growing by an average of 8.32%. It is the biggest and the fastest growing region in the world due to the increase in construction activity, especially in India and China, according to a recent report by Research and Markets.

The report has been segmented on the basis of product type and by application and included product types such as adhesives, concrete & cement admixtures, flame retardants, protective coatings, sealants, waterproofing chemicals and other construction chemicals. It is identified that the admixtures market has the largest market share of 34.5%, major reason for growth of this market is high construction activity overall throughout every region.

By application the market segmentation includes commercial, industrial, infrastructure and residential. The residential segment has the largest market share of about 36%.