Future Market Insights (FMI) released a new report titled “India Construction Chemical Market – Market Analysis and Opportunity Assessment, 2014-2020”. According to the report, the Indian economy has grown impressively during the last decade; doubling at least during this time.

London, UK -- (SBWire) -- 02/16/2015 --Infrastructure development, and consequently the construction sector were given prime focus during this period. Value-wise, the contribution of the construction sector to India's GDP increased from 6.1% in 2002–03 to around 6.9% in 2006–07, and is further estimated to account for approximately 9% in 2015. Furthermore, growth in the construction sector has remained healthy, and during the last five year has been growing at a Y-o-Y of over 10%.

Focus on physical infrastructure was quite apparent with the government initiated high-investment programmes such as National Highways Development Programme (NHDP) and Pradhan Mantri Gram SadakYojana (PMGSY). Private companies on the other hand concentrated on industrial, commercial and residential infrastructure during this time. Major investment coupled with rapid growth in the construction sector and demand for sustainable construction considerably increased the demand for construction chemicals. Despite the fact that the use of construction chemicals increases the cost of a project, it also renders multi-fold benefit to the structures and consequently the investors.

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Various initiatives and regulations catalysed the Indian construction chemicals market such as projects funded by Asian Development Bank (ADB) mandating the use of construction chemicals under stipulated guidelines. The concept of green buildings, promoted by the Indian government, is another critical factor spurring the demand for construction chemicals in India.

The construction chemicals market in the country reached US $ 528 Mn in 2012, as a result of the cumulative impact of economic and infrastructure development, demand for commercial and residential spaces, government initiatives and vertical growth in urban India. The market is estimated to be worth around US $ 728 Mn in 2014, reporting a Y-o-Y growth of 17.4% over 2013. Admixtures, flooring chemicals, waterproofing compounds, adhesives and sealants and repair and rehabilitation are five major segments in the industry. Of these, admixture is the largest segment, accounting for around 40% of the total market in terms of value. The market for admixtures is projected to surpass US $ 800 Mn by 2020, registering an average growth rate of 17.5%. However, waterproofing compounds is projected to register the highest growth rate of 22.6% throughout the forecast period. Among all segments, growth in repair and rehabilitation is anticipated to remain low, as the concept of renovation of old constructions is yet to pick up pace in Indian cities.

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Essien Jae, lead consultant at FMI said, "Demand for construction chemicals in India is subject to variations across various sectors and regions. In 2013, construction chemicals consumption in industrial & public infrastructure construction amounted to around US $ 378 Mn, which was roughly 60% of the total market. The commercial and residential sector accounted for the remaining contribution of the total construction chemicals market value." He further added, "The concept of using construction chemicals has been limited to Western and Southern India, but is gradually picking up in Northern India, especially for construction activities in the National Capital Territory (NCT) of Delhi".