Global Dry Mix Mortar Market - Segmented by Application, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global dry mix mortar market is expected to witness a moderate CAGR during the forecast period. Dry mix mortar is a dry powder or granular material made by mixing of fine aggregate, cementious materials, additives, fillers, etc. Dry mortar products contain both, mineral cementitious binder and a polymer binder. It finds a wide scope of application in masonry mortars, screeds, renders, tile adhesives, and waterproofing slurries, among others in various construction activities.
Rapidly Growing Construction Industry in Major Economies
Asia is expected to lead the construction industry with powerhouses, likes China, India, and Japan in the coming years. Construction activities in South East Asian countries, like the Philippines, Malaysia, and Indonesia are expected to alleviate the industry further. The U.S construction industry is forecasted to post solid growths during the forecasted period supported by the booming residential sector. The growth in the construction industry will majorly boost the dry mix mortar market in the forecast period.
Residential Segment to Dominate the Market
Residential sector is one of the major segments of the construction industry. China is the major country contributing to the construction industry. The residential construction in the United States is rising sharply favored by the bright economic conditions. The U.S. residential construction industry is expected to grow from USD 500 billion, in 2017 to a massive USD 570 billion, by the year 2021. The overall residential sector is expected to grow in the forecasted period due to increasing growing GDP growth, consumer spending, and rising population in developing countries.
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 to cost-effective construction techniques, are favoring the market growth. Large-scale investments in infrastructural and construction activities, in emerging economies of Asia-Pacific region, are expected to drive the market during the forecast period.
Key Developments in the Market
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, Ramco, Lafarge and UltraTech, amongst others.
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Current and future global textile chemicals market in the developed and emerging markets
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