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Dry Mix Mortar Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Dry Mix Mortar Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • October 2021
  • 254 pages
  • ID: 6179106
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The Dry Mix Mortar Market size is valued at around 290 million tons in 2020, and the market is projected to register a CAGR of over 5% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020. Dry mix mortar finds its major application in the construction industry, where it is used in plasters, grouts, waterproofing slurries, tile adhesives, and others. Considering the COVID-19 scenario, the private and government construction activities were on a temporary halt during the government-imposed lockdown, which led to a decrease in the consumption of dry mix mortar used in the construction works the demand for the dry mix mortar market. However, the construction sector is picking up the pace in the post-pandemic scenario. Thus, this will enhance the market demand for dry mix mortar in the coming years.

Key Highlights
- Over the short term, the increasing construction activities in the United States and Asia-Pacific are expected to drive the market’s growth.
- The emerging trend of green building certifications is likely to act as opportunities in the future.
- Asia-Pacific dominated the market studied, with the largest consumption from countries like China, India, and Japan.

Key Market Trends

Robust Demand from the Render Segment

- Dry mix products provide excellent technical properties to meet the stringent performance requirements common in the current construction scenario. Additionally, the use of dry mix mortar products is economical, as they reduce the potential construction problems with long-term integrity structures with 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 special additives that improve the workability of renders and 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 of the construction applications to achieve a smooth or deliberately textured surface.
- The US construction industry is expected to continue a relatively solid growth over the forecast period, supported by the expanding residential sector.
- The construction sector in Southeast Asia has been expanding rapidly, supported by the growth in the construction sectors of Indonesia, the Philippines, and Vietnam.
- The European construction sector has been recovering at a brisk pace to meet with the spending levels above the pre-crisis highs. Countries such as France, Italy, Spain, Greece, and Portugal still have limited growth in the construction sector and are expected to expand at a slow pace through the forecast period.
- Therefore, the aforementioned factors are expected to impact the market in the coming years significantly.

China to Dominate the Market in the Asia-Pacific Region

- 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 rising household income levels, combined with population migrating from rural to urban areas, are expected to continue to drive demand for the residential construction sector in the country.
- The increased focus on affordable housing by both the public and private sectors is also driving the growth in the residential construction sector.
- Even non-residential infrastructure is expected to grow considerably. The aging population in the country is creating demand for the construction of healthcare facilities and new hospitals. The structural changes happening in the Chinese economy over the past few years, with the service sector taking a larger share in the total GDP, gave rise to the construction of huge commercial and office spaces.
- In China, the construction industry grew at a strong pace in 2020, but the growth was restricted due to the pandemic situation. The construction sector supported the economic growth in the country whenever major slowdowns occurred.
- The country has the largest construction market in the world, encompassing 20% of all construction investments globally. China is expected to spend nearly USD 13 trillion on buildings by 2030, creating a positive market outlook for construction materials such as dry mix mortar.
- According to the National Bureau of Statistics of China, the construction output value in the country increased from CNY 9.6 trillion in 2010 to CNY 26.39 trillion in 2020
- Therefore, the aforementioned factors are expected to impact the market in the coming years significantly.

Competitive Landscape

The dry mix mortar market is fragmented in nature. Some of the major players in the market include Sika AG, CEMEX S.A.B. de C.V., MAPEI SpA, Ardex Group, and Saint-Gobain, among others.

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