North America Concrete Admixtures Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• Over the short term, rising demand from the residential construction sector and the construction industry's renovation sector are the major factors driving the growth of the market studied.
• On the flip side, the lack of a skilled workforce and awareness of construction industry workers is a key factor anticipated to restrain the growth of the target industry over the forecast period.
• The rise in the commissioning of infrastructural projects coupled with the increasing number of commercial and residential buildings is likely to create lucrative growth opportunities for the North American market soon.
• United States is expected to dominate the market during the forecast period. This growth is attributed to the bullish demand for construction in the residential, commercial, industrial, and infrastructure sectors.

Key Market Trends

Increasing Usage in the Residential Construction

• Growth in population, migration from hometowns to service sector clusters, and the growing trend of the nuclear family are some factors driving residential construction throughout North America. Besides, the decreasing land-to-population ratio and the growing trend of constructing high-rise residential buildings and townships have been driving the application of concrete admixture in the residential construction segment across North America.
• Residential properties such as apartments, bungalows, and villas are gaining popularity in emerging nations and are mainly driven by urbanization.
• In January 2022, James Hardie Building Products Inc. released the results from a survey of 1,000 United States homeowners, stating the driving forces behind the home renovation boom during the COVID era. The survey results illustrate the impact of homeowners’ concerns about severe weather on their home renovation spending and choices.
• Furthermore, in December 2021, privately‐owned housing units authorized by building permits in the United States were at a seasonally adjusted annual rate of 1,873,000, registering a growth rate of 9.1% compared to the revised November 2021 rate of 1,717,000 and witnessing a growth rate of 6.5% compared to the December 2020 rate of 1,758,000.​
• In North America, the United States has a significant share of the overall residential construction sector in the region. According to the United States Census Bureau, the annual value of residential construction put in place in the United States was valued at USD 802,933 million in 2021, compared to USD 644,257 million in 2020.
• According to the United States Census Bureau, in 2021, the public sector spent more than USD 9 billion on residential development projects, a slight decline from 2020.

United States to Dominate the Market

• The United States has one of the largest construction industries in North America, valued at USD 1.6 trillion in 2021, which further grew in 2022.
• According to the US Census Bureau, during December 2021, the construction spending in the country was estimated at a seasonally adjusted annual rate of USD 1,639.9 billion, 0.2% more than the revised November estimate of USD 1,636.5 billion. Furthermore, construction spending during January 2022 was estimated at a seasonally adjusted annual rate of USD 1,677.2 billion. Construction spending in the United States rose by 1.3% in February, compared to a seasonally adjusted annual rate of USD 1.677 trillion in January 2022.
• According to the FMI Corporation, new residential construction in the United States accounted for USD 784.37 billion in 2021, compared to USD 638.09 billion in 2020, enhancing the demand for the studied market.
• The United States is one of the most powerful nations with strong economic growth, being home to the world’s giant companies, like Google, Facebook, Apple, Microsoft, and Amazon, investing in constructing new offices and data centers in the United States. ​
• The Harvard Joint Center for Housing Studies under its remodeling research category stated that Americans alone spend more than USD 400 billion a year on residential renovations and repairs, which might as well involve the usage of concrete admixture, in turn positively affecting their demand in the country.

Competitive Landscape

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support