Global Dry Mix Mortar Market - Segmented by Application, End-user Industry, and Geography - Growth, Trends, and Forecast (2019 - 2024)
NEW YORK, Jan. 22, 2020 /PRNewswire/ -- The global dry mix mortar market (henceforth referred to as the market studied, unless specified otherwise) is estimated to grow CAGR of 6.73%, over the forecast period, 2018-2023 (henceforth referred to as the forecast period).
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Increasing Construction activities in the United States and Asia-Pacific
The global construction sector is expected to expand in real terms, by an annual average of 3.2% in the coming decade, to a nominal value of more than USD 6.0 trillion. The Asia-Pacific construction industry is the fastest-growing market across all regions and is expected to account for the largest share in the construction market, in the world. Rapid increase in population, in Countries like China and India, is expected to give a rise in demand for the residential construction, which, in turn, augments the usage of dry mix mortar. The key areas of expected growth are social infrastructure, schools, hospitals, government accommodation, water, defence infrastructure, and water resources. In the Asia-Pacific region, infrastructure accounted for 37%, residential for 34%, and non-residential for 29% share of the construction spending in 2017. Recently, Japan has also emerged as one of the major construction markets in Asia-Pacific. In Japan, Tokyo has emerged as a top market among the rest of the countries in the Asia-Pacific region, for investments and development prospects, of which, residential sector consists of a huge part. Apart from this, the impending 2020 Tokyo Olympics is also expected to significantly increase the construction activities in providing accommodations for the Olympic athletes, which includes a sports complex and Olympic village. This is expected to, in turn, help in the growth of the dry-mix mortar market in the region. The construction industry in the United States has not been the same in 2017, as it was in the past three years. But there is an increase in private construction spending over the years. The residential and non-residential construction in 2017 has increased significantly and is likely to grow in 2018. All these factors are expected to improve the demand for the studied market.
Render Application - a Huge Market Potential
Dry mix products provide excellent technical properties to meet the stringent performance requirements that are common in the current construction scenario. Additionally, the use of dry mix mortar products is economical as they reduce the potential construction problems with the long-term integrity of structures with a simple materials approach. Dry mixed mortar contains the precise blend of materials and only requires the addition of water to produce a suitable render. Dry mix mortar comprises of special additives that improve the workability of renders and help them bond to the background and reduce the risk of cracking. They can be also used for decorative finishes. Rendering is done in almost all of the construction applications to achieve a smooth or deliberately textured surface. Increasing construction activities, worldwide, are expected to drive the use of dry mix mortar in renders over the forecast period.
Asia-Pacific to Dominate the Market
In 2017, Asia-Pacific registered the largest regional market for dry mix mortar. Factors, such as growing construction activities and preference for cost-effective construction techniques, are favouring the market growth in countries such as China and India. China is among the global drivers in the consumption of dry mix products, owing to the huge infrastructure and residential growth taking place in the country. The Chinese government has rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next ten years, despite efforts to rebalance its economy to a more service-oriented form. As the construction industry is dominated by state-owned and private enterprises, increased government and private spending in this regard are pushing the industry to the peak position in the world. There have been investments of CHY 823.8 billion and CHY 801.5 billion in Chinese rail infrastructure in 2015 and 2016, respectively.
In India, a cumulative total of USD 24.67 billion foreign direct investment has been made for the construction activities (including townships, built-up infrastructure and construction- development projects), between April 2000 - December 2017. The country is likely to witness an investment of around USD 1.3 trillion in housing over the next seven years, where the country is likely to witness the construction of 60 million new homes. The availability of affordable housing is expected to rise around 70% by 2024, in India. All the above-mentioned factors, in turn, expected to increase the demand for dry mix mortar in the region during the forecast period.
Key Developments
- November 2017: Sika opened the first concrete admixture production plant in the country
- March 2017: Sika expanded new mortar production facility in Mexico
Major Players: 3M, Sika AG, Parex Group, CEMEX, and Mapei SpA, among others.
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