India’s central government has decided to take various measures to ensure ease of starting and operating a business, and hence, foreign direct investment (FDI) in the country is growing significantly. This, in turn, is expected to fuel the demand for construction chemicals.
Anticipated robust economic growth in the country is expected to fuel investments in residential and commercial infrastructure. Over the coming years, multiple investments and project collaborations with the government will boost growth of the India construction chemicals market. New infrastructure projects, along with rehabilitation & restructuring of old infrastructure, is expected to drive the growth of the India construction chemicals market over the coming years.
'Make in India' Initiative to Positively Impact Growth of India Construction Chemicals Market
Government spending has increased approximately 1.8X during this fiscal year, due to the 'Make in India' scheme. The initiative aims to improve infrastructure and industrialization in the country. The government’s plan of investing US$ 1 trillion on infrastructure during the 12th Five-Year Plan and other similar initiatives will boost the demand for construction chemicals in the country during the forecast period.
Lack of Skilled Manpower and Conservative Usage of Technology
In developing countries such as India, although the population is significant in numbers, there is a deficiency of skilled manpower and professionals, especially in the field of project management, which, in turn, leads to unfavorable situations for the growth of the construction, infrastructure, and real estate sectors. Additionally, the use of outdated construction methods and technology is also hampering the growth of the India construction chemicals market, as many companies are not aware of new and better technologies. Construction companies in certain regions of India are still focusing on the Brick Bat Coba (BBC) System, instead of using more effective and efficient waterproofing chemicals such as PU Foam and others, in their construction projects.
It is estimated that, the demand for semi-skilled and support professionals and staff for the construction sector is expected to rise at an 8-9% CAGR during 2015-2022, and reach approximately 74 Mn people. Also, by the end of 2022, the construction industry is expected to require approximately 5 Mn professionals, which is around four times the existing number.
India Construction Chemicals Market: Competition Overview
The India construction chemicals market is estimated to be fairly fragmented, with leading market participants accounting for nearly one-third of total market share. Market players have been channelizing efforts toward expanding their distribution as well as sales channels across the country and enhancing their product portfolio. Some of the key players in the India construction chemicals market are Chembond Chemicals Limited, BASF SE, Sika AG, The Dow Chemical Company, Pidilite Industries, Fosroc International, Mapei Construction Products India Pvt. Ltd., Flowcrete India Ltd, CICO Technologies Limited, MYK LATICRETE India, Ardex Endura, KERAKOLL India Pvt. Ltd, Akzo Nobel NV, RPM International Inc., Saint-Gobain S.A., etc.
The India construction chemicals market will witness significant growth over the forecast period. This growth is expected to be supported by rising construction spending and advanced technologies adopted across the industry. Cumulatively, South India and West India are expected to hold a significant share in the India construction chemicals market. Market participants can emphasize on providing customized products and expand their footprints across the economy through business acquisitions.
India Construction Chemicals Market – Report Scope
Persistence Market Research (PMR) recently published a study report on the India construction chemicals market. The report provides detailed valuation on key market dynamics, such as the drivers, trends, opportunities, and restraints, along with detailed information about the India construction chemicals market structure. This market research report presents exclusive facts and figures about how the India construction chemicals market will grow over the forecast period.
Key indicators of market growth, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the India construction chemicals market over the forecast period.
The study is relevant for stakeholders in the India construction chemicals market, as well as manufacturers, distributors, suppliers, and investors, as it can help them understand applicable strategies to grow in the market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the India construction chemicals market can leverage the information and statistics presented in PMR’s research report.
The report includes facts and figures related to the macro as well as microeconomic factors that are impacting the growth of the India construction chemicals market. The study also offers actionable insights based on the future trends in the India construction chemicals market. Furthermore, regional players and new entrants in the India construction chemicals market can also use the information presented in this report to make business decisions and gain momentum in the market.
Key Segments of India Construction Chemicals Market
PMR’s study on the India construction chemicals market is divided into three segments - type, end use, and region. This report offers comprehensive data and information about important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s India Construction Chemicals Market Report
India Construction Chemicals Market: Research Methodology
In PMR’s research report, an exclusive research methodology has been utilized to conduct comprehensive research on the development of the India construction chemicals market, and reach conclusions on the future growth prospects for the market. In this research methodology, secondary and primary research has been utilized by analysts to ensure the precision and reliability of the conclusions.
Secondary resources have been referred to by analysts during the evaluation of the India construction chemicals market study, which comprises facts and figures from the World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary resources and secondary resources is validated from companies operating in the India construction chemicals market to make PMR’s projection on the growth prospects of the India construction chemicals market more accurate and reliable.