Mortar Market
The Global Dry-mix Mortar Additives Market is forecasted to grow significantly, with a projected value of USD 25.66 billion in 2023 and is forecast to grow at a CAGR of 7.41%, to reach a staggering USD 42.52 billion by 2030.
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KEY INDUSTRY INSIGHTS
Techincial mortar is a material used in construction and building infrastructure to bridge the gaps between the bricks and blocks used during construction. Mortar is a combination of clay, a binding agent such as cement or lime, and water and is applied as a paste that is then hard-set. Specific mortar approaches for large construction contracts, social housing renovations, and highway programs.Technical Mortar is used to fasten masonry bricks and used in construction industry. Thus economies coupled with rapid urbanization & industrialization has compelled to boost growth in the industry involved to meet the growing demand for construction industry which in turn drives the market. However, various government regulations imposed on the preperation of technical mortar is restrraining the market.
MARKET SEGMENTATION:
Based on type, the market for technical mortar is segmented into rapid set cement, premix sand cement, others. On the basis of application, the market is cassified into construction industry, home decoration industry, others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Dry Mix Mortar Market Analysis
The Dry Mix Mortar Market size is expected to grow from USD 97.31 million in 2023 to USD 129.12 million by 2028, at a CAGR of 5.82% during the forecast period (2023-2028).
The COVID-19 pandemic negatively impacted the market in 2020. However, the construction sector is picking up pace in the post-pandemic scenario. Thus, this will enhance the market demand for dry mix mortar over the coming years.
• Over the medium term, increasing construction activities in the United States and Asia-Pacific are expected to drive the market's growth.
• Simplified mix and apply operation is also a blooming opportunity for the dry mix mortar market.
• The emerging trend of green building certifications will likely act as an opportunity.
• Asia-Pacific dominated the market studied, with the most significant consumption from countries like China, India, and Japan.
Dry Mix Mortar Industry Segmentation
Dry mix mortar is produced by mixing various raw materials, including sand, limestone powder, binders like cement, hydrated lime, white cement, and gypsum, and additives like methylcellulose, synthetic resin, hydrophobic agent, and others.
The dry mix mortar market is segmented by end-user industry, application, and geography. By end-user industry, the market is segmented into residential and non-residential. By application, the market is segmented into plaster, render, tile adhesive, grout, waterproofing slurry, concrete protection and renovation, insulation and finishing systems, and other end-user industries. The report also covers the size and forecasts for the market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kiloton).
Dry Mix Mortar Market Trends
This section covers the major market trends shaping the Dry Mix Mortar Market according to our research experts:
Increasing Demand from the Render Segment
• Rendering has a higher proportion of cement in its composition and is used to coat the exterior surfaces of buildings. Rendering is used on the outside of buildings to improve the appearance of the exterior façade while also providing waterproofing and fireproofing benefits.
• Dry mix products provide excellent technical properties to meet the stringent performance requirements common in the current construction scenario. Additionally, using dry mix mortar products is economical as they reduce potential construction problems by ensuring the long-term integrity of structures with a simple materials approach.
• Dry mixed mortar contains a precise blend of materials and only requires the addition of water to produce a suitable render. Dry mix mortar comprises special additives that improve the workability of renders, help them bond to the background, and reduce the risk of cracking. They can also be used for decorative finishes.
• Rendering is done in almost all construction applications to achieve a smooth or deliberately textured surface. The increasing construction activities worldwide are expected to drive the use of dry mix mortar over the forecast period.
• Therefore, considering the abovementioned factors, the demand in the dry mix mortar market is expected to rise in the render segment.
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Market trends
Fosroc, in March 2018, released Patchroc250 mortar for highway upkeep. This is expected to help the company accomplish its aim of eliminating the use of road infrastructure.Sika in May 2019 obtained Parex (France), a main producer of tile adhesives, waterproofing adhesives, and façade mortars. This will provide lucrative opportunities to organization to increase product portfolio.