Yahoo Finance Cement Additives Market size is set to grow by USD 10.38 billion from 2024-2028, Increasing demand for plasticizers to boost the market growth, Technavio
NEW YORK, July 1, 2024 /PRNewswire/ -- The global cement additives market size is estimated to grow by USD 10.38 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.36% during the forecast period. Increasing demand for plasticizers is driving market growth, with a trend towards shift toward sustainable practices in cement industry. However, increase in construction costs and lack of skilled workforce poses a challenge. Key market players include Ashland Inc., BASF SE, Compagnie de Saint Gobain, Dow Chemical Co., Elkem ASA, European Concrete Additives, Fosroc International Ltd., Global Drilling Fluids and Chemicals Ltd., Halliburton Co., Knauf Digital GmbH, Mapei SpA, MR Bond Polychem, Nan Pao Resins Chemical Co. Ltd., OMNOVA Solutions Inc., Oscrete UK Ltd., Sika AG, Solvay SA, Sterling Auxiliaries Pvt. Ltd., UNISOL Inc., and Universal Drilling Fluids.
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Forecast period | 2024-2028 |
Base Year | 2023 |
Historic Data | 2018 - 2022 |
Segment Covered | Type (Chemicals, Minerals, and Fiber), End-user (Residential and Non-residential), and Geography (APAC, Europe, North America, Middle East and Africa, and South America) |
Region Covered | APAC, Europe, North America, Middle East and Africa, and South America |
Key companies profiled | Ashland Inc., BASF SE, Compagnie de Saint Gobain, Dow Chemical Co., Elkem ASA, European Concrete Additives, Fosroc International Ltd., Global Drilling Fluids and Chemicals Ltd., Halliburton Co., Knauf Digital GmbH, Mapei SpA, MR Bond Polychem, Nan Pao Resins Chemical Co. Ltd., OMNOVA Solutions Inc., Oscrete UK Ltd., Sika AG, Solvay SA, Sterling Auxiliaries Pvt. Ltd., UNISOL Inc., and Universal Drilling Fluids |
Key Market Trends Fueling Growth
The cement additives market is expected to grow due to the cement industry's shift towards sustainable practices. Alternative fuels, such as waste oil, plastics, and industrial wastes, are successfully used in cement kilns, reducing CO2 emissions by up to 20%. Carbon capture and storage (CCS) technology, which captures 90% of CO2 emissions from industrial processes, is estimated to reduce the cement industry's emissions by over 1,050 million tons annually from 2050. Despite challenges, CCS can nearly halve emissions, making it a valuable addition to the cement industry's efforts to reduce its carbon footprint.
The cement industry relies heavily on additives to enhance product performance and reduce production costs. Fiber additives, such as silica and fly ash, are commonly used for strength and durability. Retarders, like hydrous lime and cement additives, help control the setting time. Aditives like calcium aluminate and gypsum improve workability and fineness. Urbanization and infrastructure development drive the demand for cement additives. Producers focus on sustainability and cost-effectiveness, leading to the use of waste materials as additives. The market for cement additives is expanding, with a strong emphasis on research and development to create innovative solutions.
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Market Challenges
The cement additives market faces challenges due to fluctuating construction costs and a shortage of skilled labor. Cement and steel make up a significant portion of these costs, with cement accounting for 1%-15% and steel for 8%-10%. Volatile economic conditions in countries like Nigeria and Namibia exacerbate price hikes. Labor costs, which account for 25%-30%, increase due to the shortage of skilled workers, putting financial strain on construction companies. Slow payments in the industry further limit their ability to invest in workforce training. In countries such as China, the US, India, and Japan, construction costs impact building or real estate prices. These factors hinder the growth of the global cement additives market.
The cement additives market faces several challenges. These include the need for cost-effective and high-performance additives, increasing demand for sustainable and eco-friendly solutions, and regulatory compliance. Producers must balance the use of expensive, high-performance additives with the need to keep costs down. Sustainability is a growing concern, with demand for additives that reduce clinker content and lower carbon emissions. Regulatory compliance is also a challenge, as new regulations continue to emerge, requiring producers to adapt quickly to maintain market access. Additionally, the need for consistent product quality and reliability adds to the complexity of the market.
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Segment Overview
This cement additives market report extensively covers market segmentation by
Type
1.1 Chemicals
1.2 Minerals
1.3 Fiber
End-user
2.1 Residential
2.2 Non-residential
Geography
3.1 APAC
3.2 Europe
3.3 North America
3.4 Middle East and Africa
3.5 South America
1.1 Chemicals- The cement additives market experiences consistent growth due to the increasing demand for superior quality concrete. Manufacturers incorporate these additives to enhance concrete properties, such as strength, durability, and workability. Key additives include fly ash, slag, and microsilica. Their use results in cost savings, reduced carbon emissions, and improved sustainability. This market trend is driven by the construction industry's focus on energy efficiency and environmental concerns.
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Research Analysis
The Cement Additives Market encompasses a wide range of products used to enhance the performance and properties of cement and concrete. These additives include Friction Reducers, Water Reducers, Retarders, Waterproofing Agents, Plasticizers, and various types of Additives such as Chemical Additives, Mineral Additives, and Fiber Additives. The use of these additives in Construction projects is essential for Infrastructure development, as they help reduce water consumption, improve grinding aids, and increase the Strength and Performance of the final product. The exportation of Cement and its related additives is a significant industry, with key players utilizing Sodium Gluconate as a crucial component in their production processes. Despite Lockdowns and disruptions to Production, the demand for these additives remains strong due to their integral role in Building and Construction projects. Key components of cement additives include Fly Ash, Silica Slag, Rice Husk Ash, and other Cement Additives.
Market Research Overview
The Cement Additives Market encompasses a wide range of products used to enhance the performance of cement in construction. These additives include fibers, retarders, waterproofing agents, and performance enhancers. They contribute significantly to the strength, durability, and workability of cement. The use of additives in cement production is a global trend, with applications spanning various sectors such as residential, commercial, and infrastructure. The demand for cement additives is driven by factors like increasing construction activities, growing urbanization, and the need for sustainable and eco-friendly construction solutions. The market is expected to grow steadily in the coming years due to these factors and the continuous research and development in the field.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
End-user
Geography
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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