The concrete surface retarders market is expected to register a CAGR of over 4% during the forecast period. The increasing infrastructure development projects and growing commercial construction are driving the demand for concrete surface retarders. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- Water-based concrete surface retarders are forecasted to dominate the market studied over the forecast period.
- The Asia-Pacific region is the largest market, and it is also expected to be the fastest-growing market over the forecast period, owing to the increasing consumption from countries, such as China, India, and Japan.
Key Market Trends
Water-based Concrete Surface Retarders to Dominate the Market
- Water-based concrete retarders are forecasted to be the largest and the fastest-growing product type segment in the concrete surface retarders market.
- Its properties, such as eco-friendly, non-hazardous, and low/no odor, make it widely popular for use in the construction sector.
- The lower VOC content in water-based concrete surface retarders is making it more popular as compared to the solvent-based, with growing concerns and stringent regulations related to VOC emissions.
- Hence, such benefits of water-based concrete surface retarders have been driving its demand in the construction industry across the world.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is projected to be the largest and the fastest-growing region for concrete surface retarders, owing to the growing number of residential, commercial, and infrastructure construction projects in the region.
- Asia-Pacific has the largest low-cost housing construction segment, led by China, India, and various Southeast Asian countries. With this, the housing construction market has been expanding in these countries, and thus, this is further fueling the demand for concrete.
- Countries, such as China, India, Indonesia, and Malaysia, have numerous malls under the planning or development phase.
- For instance, in India, about 65 million square feet of new mall spaces are estimated to be constructed by the end of 2022. In November 2019, about 124 new hotel construction projects began in Indonesia. Besides, China is likely to witness construction of 7,000 more shopping-centers, which were estimated to be opened by 2025.
- However, with China being already affected by COVID-19 on a large scale and countries, such as India, Indonesia, and Malaysia, are witnessing continuously increasing cases of COVID-19, the construction growth is expected to notably slow down in these countries during the short run.
- Hence, all such projects and planned investments are expected to provide growth in the demand for concrete as well as surface retarders used in the production of concrete over the forecast period.
The concrete surface retarders market is consolidated in nature. Some of the major players in the market include Sika AG, BASF SA, Mapei SpA, RussTech, Inc., and W. R. Meadows.
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