New York, March 23 (Xinhua) -- Global market size of construction chemicals and advanced materials (CAMs) would increase to 87 billion U.S. dollars by 2023, up from 57 billion dollars in 2016 thanks to higher demand from smart cities and green buildings, according to a report recently issued by international consulting firm Deloitte.
The growth translates into a CAGR (compound annual growth rate) of more than 6 percent. The highest contribution to the incremental growth from 2016 to 2023 will likely come from the Asia and Pacific region, specifically China, India, Thailand, Vietnam and Malaysia, said the report.
Innovative CAMs, such as pollution-absorbing bricks, light-generating cement, photovoltaic paints and self-healing concrete, are changing not only the way buildings are constructed and retrofitted, but are also expected to help address new challenges of durability in a changing climate.
Construction CAMs have a significant growth opportunity in the coming years, especially as demand from smart cities and green building construction continues to rise, said the report.
Still, construction CAMs now account for only a tiny fraction of the overall construction industry, added the report.
Construction CAMs companies are advised to acquire industry players to fill service gap, collaborate with their customers with an eye on sustainability and circular economy, enhance product portfolios via innovation and restructuring as well as adopt digital technologies to deal with shortage of skilled labor.