The market for concrete repair mortar is expected to grow at a CAGR of more than 6% globally. Major factor driving the market studied is the deteriorating condition of existing residential infrastructure and pressure on existing infrastructure because of rising population. On the flip side, stringent regulations pertaining to building codes and the slowdown in production arising due to the COVID-19 outbreak is hindering the growth of the market.
– Development of patch repair mortar for highway repairs is expected to create new opportunities for the market to grow.
– Residential segment is expected to dominate the end-user segment of global concrete repair mortar market over the period due to increasing investment in development, maintenance, and renovation of existing building structures.
– Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the consumption from countries such as China, India, and Japan.
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Key Market Trends
Significant Growth in Residential Segment
– The demand for the product is anticipated to surge owing to its applications in construction industry for restoration of structural strength and architectural shape of old buildings. Residential segment is expected to hold major market share since these buildings are built for a longer period and the mortar’s superior structural strength further offers to their durability.
– Concrete repair mortar exhibits excellent properties such as impermeability, tensile strength, stress immunity, and thixotropy which is likely to boost the demand as a key construction material over the period.
– The product finds its application in several areas that need concrete repair, such as structural defects in buildings owing to intense variations in temperature. It is also employed to avoid corrosion of internal structural supports, caused from unwanted water inflow.
– Cementitious concrete mortar is employed for brick-based applications such as fences, walls, and walkways. It offers several advantageous properties to the structures like corrosion resistance, minimized rusting of internal supports, and moisture absorption. Epoxy concrete mortar is majorly employed for high strength applications like repairing cracked or broken concrete flooring, providing extra strength to concrete, and making it useful for a longer duration.
– Against an uncertain backdrop of COVID-19, housing markets are adapting. In many regions, construction sites remain open as workers are classified as an essential service by the government. This in turn is expected to positively impact market growth.
Asia Pacific Region to Dominate the Market
– Asia Pacific is expected to be the largest and the fastest growing market of concrete repair mortars. The high growth rate in the region is attributable to the high population growth which is putting pressure on the existing infrastructure in the countries.
– In addition, the fast rate of construction and usage of lower quality building materials in construction is leading to faster repairs.
– Speedy development of road infrastructure and the real estate industry in developing nations is further anticipated to drive the need for concrete repair mortars.
– Fast pace of the construction industry in China, India, and Australia lead to an increased demand for concrete repair mortars mainly in residential and non-residential building applications. The growth is further supported by increased spending by countries like Japan and Australia on repair and maintenance of transport infrastructure.
– For instance, 100% FDI is allowed for urban infrastructures and completed projects for operations and management of townships, commercial and business constructions in India. This in turn will surge the demand for concrete repair mortars in the region.
– Due to the aforementioned factors, the demand for concrete repair mortar is expected to increase in the region during the forecast period.
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