Market Insights
Building finish refers to the final stage of construction where the interior and exterior elements of a building are completed to give it a functional, aesthetic, and liveable appearance. It involves installing various materials, treatments, and systems that contribute to the building's overall appearance, comfort, and usability. The finishing process occurs after the structural elements of the building have been completed, and it includes various tasks such as plastering, painting, tiling, flooring, and adding decorative elements. Construction chemicals play a crucial role in building finishing as they provide the necessary materials and treatments to achieve the desired results.
The building finishing market is expected to be worth US$ 15.9 billion by 2028 with a registered CAGR of 4.8% during the forecast period from 2023 to 2028. Major factors, such as the growing construction industry, increasing spending on infrastructural development, and increasing investment to upgrade and maintain aging buildings and infrastructure, are expected to fuel the demand for construction chemicals in the building finishing market. In addition to that, the rise in global population drives the demand for residential and commercial construction and infrastructure development, rapid urbanization and industrialization, and the rise in disposable income are likely to act as catalysts towards the growth of the market during the forecast period.
Recent Market JVs and Acquisitions:
The market has been witnessing several crucial M&As, ultimately leading to gradual market consolidation. Among several acquisitions, in 2019, Sika successfully acquired Parex, which has allowed them to broaden their range of products for the building finishing market. This acquisition has also reinforced Sika's position as a global leader in construction chemicals.
Segments' Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Application-Type Analysis
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Cementitious Floors, Tile Setting, Concrete Repair Mortars, Façade Mortars and Protection, Waterproofing Mortars, Cementitious Grouts, Interior Wall Levelling, and Others.
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Tile setting is anticipated to be the dominant application type in the market during the forecast period.
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Product-Type Analysis
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Building Mortars, Engineered Mortars, and Cementitious Flooring Mortars
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Building mortars are expected to hold the major share of the market during the forecast period.
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Material-Type Analysis
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Acrylic, Polyurethane, Epoxy, Silicone, SBR, Vinyl Ethylene, Latex Emulsions, Polyethylene, and Polypropylene
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Acrylic is expected to be the dominant chemical type in the building finishing market.
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Building-Type Analysis
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New Build and Refurbishment
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Refurbishment is expected to be the biggest demand generator during the forecasted period.
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Regional Analysis
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North America, Europe, Asia-Pacific, and Rest of the World
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Asia-Pacific is expected to be the largest as well as the fastest-growing region over the next five years.
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Application Type
The building finishing market is segmented into cementitious floors, tile setting, concrete repair mortars, façade mortars, and protection, waterproofing mortars, cementitious grouts, interior wall leveling, and others. Tile setting is expected to be the dominant application type during the forecast period. Major factors, such as extensive use and increasing demand for tiles in both residential and commercial construction because of their durability, water resistance, stain resistance, and crack resistance, are fuelling the demand for tile settings during the forecast period. In addition to that, the endurance and longevity tiles withstand heavy foot traffic, moisture, and wear and tear, making them suitable for both interior and exterior applications. Also, renovation and remodeling projects are on the rise as property owners seek to upgrade and modernize their homes and commercial spaces. Tiles are a popular choice for renovation projects due to their ability to quickly transform the appearance and functionality of a space.
Product Type
The market is segmented into building mortars, engineered mortars, and cementitious flooring mortars. Building mortars are anticipated to be the dominant product type in the market during the forecast period. The global construction industry has been experiencing steady growth, driven by urbanization, population expansion, and infrastructure development. As more buildings and structures are constructed, there is a corresponding rise in the demand for building mortars to support various finishing applications, such as plastering, tiling, and masonry work.
Material Type
The market is segmented into acrylic, polyurethane, epoxy, silicone, SBR (styrene butadiene rubber), vinyl ethylene, latex emulsions, polyethylene, and polypropylene. Acrylic is expected to hold the major share of the market during the forecast period. Acrylic is a popular raw material due to its versatile nature and wide range of beneficial properties that make it suitable for various applications. Acrylics have strong adhesion properties, which means they can form a strong bond with various surfaces. This quality makes acrylic mortars highly effective in adhering tiles, stones, and other finishing materials to substrates. In addition to that, Acrylics generally have rapid curing and drying times, leading to faster project completion and reduced downtime during construction.
Regional Analysis
The Asia-Pacific is expected to be the fastest-growing market during the forecast period due to the growing number of construction activities, rapid urbanization, growing population, and improving economic conditions. This has led to increased demand for residential, commercial, and infrastructure projects, driving the growth of the building finishing market. In addition to that, emerging economies, such as China and India, are investing heavily in construction activities and infrastructure developments, these projects require extensive building finishing work, such as tiling, flooring, painting, and decorative elements, ultimately fuelling the growth of the market in Asia-Pacific region. Also, governments in the Asia-Pacific region are implementing policies and initiatives to support the construction sector. Infrastructure development plans, housing schemes, and foreign investments are boosting construction activities, including building finishing projects.
The building finishing market is segmented into the following categories:
By Application Type
- Cementitious Floors (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Tile Setting (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Concrete Repair Mortars (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Façade Mortars and Protection (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Waterproofing Mortars (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Cementitious Grouts (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Interior Wall Levelling (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Product Type
- Building Mortars (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Engineered Mortars (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Cementitious Flooring Mortars (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Material Type
- Acrylic (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Polyurethane (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Epoxy (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Silicone (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- SBR (Styrene Butadiene Rubber) (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Vinyl Ethylene (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Latex Emulsions (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Polyethylene (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Polypropylene (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Building Type
- New-Build (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Refurbishment (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Key Players
The market is fiercely competitive with the presence of several players across its value chain. Furthermore, there has been the presence of several players at the regional level, taking the competition to the next level. Price remains the driving force in the market. The following are the key players in the building finishing market:
- Sika AG
- The DOW Chemical Company
- DuPont de Nemours, Inc.
- 3M
- Saint-Gobain S.A.
- Holcim
- RPM International Inc.
- MAPEI S.p.A
- Ashland Global Speciality Chemicals Ltd.
- W.R. Grace & Co.
- Evonik Industries AG
- Pidilite Industries Limited
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s building finishing market realities and future market possibilities for the forecast period. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market.
The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for existing and new players
- Key success factors
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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