Cement and Concrete Additive Market Size

Cement and Concrete Additive Market Growth Projections and Opportunities

The global market for cement and concrete additives was worth $20,549.9 million in 2017 and is expected to grow at a rate of 8.16% to reach about $32,706.5 million by the end of 2023. Cement and concrete additives are substances added to cement and concrete mixes to make them perform better and last longer. The demand for these additives is mainly driven by an increase in construction activities worldwide.

The construction industry in developing markets like Asia-Pacific and the Middle East & Africa is expanding, with more residential and commercial construction projects. This growth is boosting the need for concrete and cement additives. Developed markets are also seeing an increase in construction due to more spending on renovating houses and developing infrastructure, further driving market growth. There is also a rising demand for high-performance additives that offer benefits like reduced water usage and sustainability.

The use of ready-mix concrete instead of traditional concrete is increasing because of its superior advantages, providing significant opportunities for the cement and concrete additives market. The emerging concept of 3D construction printing and the trend towards digitalization are creating a demand for fiber additives, presenting lucrative opportunities for manufacturers in the upcoming years. Moreover, there is a growing demand for environmentally friendly and sustainable cement products, leading to an increased need for high-performance cement and concrete additives.

Companies in the global cement and concrete additives market are focusing on developing new products and expanding their offerings in the developing markets of Asia-Pacific and the Middle East & Africa. However, the sluggish growth of the construction industry in Western and Eastern European countries may result in a decline in demand for cement and concrete additives, affecting market growth.

The market has been divided into types and applications. Chemical additives, accounting for the largest share, are expected to reach $15,127.4 million by the end of 2023. This growth is attributed to the increasing demand for additives in construction to enhance concrete and cement performance. The mineral additive segment is the fastest growing due to benefits like easy availability, low cost, and sustainability.

In terms of application, the residential segment holds the largest share, expected to reach $14,589.8 million by the end of 2023. The construction industry is growing in both developing and developed nations due to increased residential construction, urbanization, and demand for modern residential architecture. The commercial application is the fastest growing, driven by government investments in infrastructure development globally.

Region-wise, Asia-Pacific holds the largest market share, valued at $9,713 million in 2017, and is expected to reach $16,385.4 million by the end of 2023. The growth in this region is attributed to increased residential and commercial construction in emerging economies. North America and Europe are also prominent markets due to increased spending on house renovations, emphasis on energy-efficient buildings, and construction of complex and smart buildings. Latin America and the Middle East & Africa are expected to experience healthy growth during the review period due to industrialization and urbanization in these regions.