Sunday, July 25, 2021

Industry Focus- DRYMIX MORTAR

                                                     A SOLID BOND

 

Breaking the shackles of prolonged lockdowns, construction and allied industry segments have been continuously evolving their products & services basket to capture myriad opportunities that are waiting to unfold once the Covid-19 pandemic dust settles down. One, among the many segments, the dry mix mortars market has been fast catching up with its counterparts, when it comes to imparting strength and toughness to construction projects. With innovative products on the horizon, dry mix mortar market is set to witness great fillip in the near future…writes  PRERNA SHARMA

 

 

A recent report by Global Market Insights projected that Dry Mix Mortar Market size, valued at around US$34.45 billion in 2020, will exhibit a growth rate of over 5.5% CAGR from 2021 to 2027. The factors driving the growth include increasing government initiatives for infrastructural development in developing economies, such as India, China, and Indonesia. Cost-effectiveness and ease to use will influence the dry mix mortar demand. Dry mix mortar offers superior properties such as open time, slip resistance, workability, and excellent adhesion; thus, the surging new construction activities are enhancing the consumption of dry mix mortar as tile adhesives.

 

According to Mordor Intelligence report, 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 lull during thea government-imposed lockdown, which led to a decrease in the consumption of dry mix mortar used in construction.

 

Fast Facts

  • The Dry Mix Mortar Market is growing at a CAGR of >6.5% over the next 5 years.
  • Since the additives and chemicals are a significant addition to the dry-mix mortar, the growing consumption of dry-mix mortar additives and chemicals is expected to be in line with the increasing consumption of dry-mix mortar in China and India.
  • The render segment accounted for the largest share in the global dry mix mortar market. The segment is projected to grow at a CAGR of over 5.5% from 2021 – 2027.
  • Dry mix mortar is widely used in non-residential construction such as infrastructure, institutional, commercial, and industrial. The non-residential segment is projected to grow at the CAGR of 5.5% during the forecast period.
  • The emerging trend of green building certifications is likely to act as opportunities in the future.

 

 

However, the construction sector is picking up the pace in the post-pandemic scenario. Thus, this will enhance the market demand for the dry mix mortar.

 

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.

 

 

The growth drivers

 

The global construction industry was valued at about $12 trillion in 2019, and it is estimated to reach about $14.3 trillion by 2024, with a CAGR of about 3.5%, which led to an increase in the consumption of dry mix mortar for tile adhesion purpose, thereby stimulating the demand for the dry mix mortar market. The non-residential segment dominated the dry mix mortar market and is slated to achieve a 5.5% CAGR from 2021 - 2027. Rising adoption of the product in various commercial and industrial sectors especially in developing countries is poised to fuel the segment demand. With growing urbanization, commercial construction is increasing rapidly in many emerging nations, which is one of the key factors influencing industry outlook. The residential segment is set to account for around 33% market share in 2027, in terms of revenue. The residential construction activities in countries, such as India and China, are likely to propel product demand. For instance, the construction industry in India is predicted to report revenue of over USD 1 trillion by 2030, which will further provide new opportunities for dry mix mortar in the residential segment.

 

The utilization of the final dry mix mortar product is in the construction industry, and thus it is likely to keep growing for the years to come. There are factors like favorable end-user industry, ease to use, and overall cost benefits of use that are driving the growth aspect of this market positively. However, this growth aspect is negatively impacted by the presence of factors like lack of customization in the production process.