Growth in Infrastructure Sector, surge in Real Estate Construction and Increasing Awareness for Construction Chemicals to Foray Market Growth: Ken Research
Mumbai : Construction sector in India is a major growth driver for construction chemical market in India with majority of the demand coming from large housing project, infrastructure development and setting up of new manufacturing units. Construction chemicals accounts for nearly 2-5% of the project cost but the benefits realized are far more than the increase in the cost of the project. Present levels of urban infrastructure are inadequate to meet the demands of the existing urban population. Future cities of India will require smart real estate and urban infrastructure. 50% of the demand for construction activity in India comes from the infrastructure sector; the rest comes from industrial activities, residential and commercial development and other developments. The Indian construction industry (infrastructure and real estate) was valued at over USD 156.7 billion in 2015 with bright prospects for the future as well. During the 12th five year plan, USD 1trillion of infrastructure investment is projected to take place in India.
During the period 2008-2012, approximately 182 luxury housing projects which were comprised with 25,570 units were launched in top seven metro cities. Increase in number of high net worth individuals is expected to further drive the demand for luxury housing. With growing investment in infrastructure, it is expected that the usage of construction chemical will increase as these structures are executed by expert engineers who have full knowledge of benefits offered by use of construction chemical. Increased demand for cement will drive the growth of concrete admixture, repair and rehabilitation chemicals and thus develop the base for consumption of flooring compounds.
With global construction and manufacturing players entering the market, the awareness and the demand for internationally proven products and solutions are set to increase. Major Indian players will also follow suit as these proven technologies work and are going to become the norm. Great deal of discussion on the need of construction chemicals and proven concrete and waterproofing technologies were held in last few years. Think tanks and industry veterans came together to highlight the importance of construction chemical and related technologies through industry meets.
Construction chemical companies in India should create dealer network, engage existing dealers in cement and paint business or hardware dealers to promote sales. Moreover, though there are adequate training facilities to provide training in field related to civil and chemical application work, there is need to create training facilities that can club both civil and chemical expertise for safe use of construction chemicals. Government has to actively participate to create laws that can help construction chemical to gain more market as these chemicals ensure low energy and material consumption during construction, according to Research Analyst, Ken Research.
The report titled “India Construction Chemicals Market Outlook to 2020” provides detailed overview on the construction chemicals market in India and helps readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report is useful for construction chemical companies, construction companies, chemical suppliers and retailer, Manufacturer and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.