At CAGR of 9%, Concrete Repair Mortars Market Estimated to Reach USD 5.18 billion by 2029 | Exclusive Study by Exactitude Consultancy
Exactitude Consultancy
9 min read
The concrete repair mortar market has been driven by the growing construction repair and transport infrastructure sectors globally
Luton, Bedfordshire, United Kingdom, March 09, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Concrete Repair Mortars Market.
The global Concrete Repair Mortars Market is expected to grow at 9% CAGR from 2023 to 2029. It is expected to reach above USD 5.18 billion by 2029 from USD 2.38 billion in 2022.
Concrete repair mortars are a type of material used to repair spalling in concrete structures caused by reinforcing corrosion. Because of the qualities of concrete, it is more commonly employed for natural structural faults created by buildings settling and adjusting during temperature changes, as well as damage caused by unanticipated water infiltration. Different types of concrete repair mortars are utilized depending on the application.
The world's population is expected to increase by about 2 billion people over the course of the next 30 years, from 8 billion people today to 9.7 billion in 2050, with a peak of roughly 10.4 billion people in the middle of the 2080s, according to the United Nations Department of Economic and Social Affairs. Contributing variables include an increase in the proportion of people of reproductive age, an increase in human life, an increase in industrialization, and an increase in migration. The fertility rate has undergone major shifts in conjunction with this growth.
In December 2020, Fosroc and ChemTech entered a joint venture for manufacturing and distribution of construction chemical materials. Both companies have 50% stake in the joint venture.
In October 2020, Sika added a new mortar production facility in Chengdu, China. The expansion is expected to improve the distribution network in China. The expansion will help the company to meet the rising demand for mortars in the country.
In October 2020, Lone Star (US) acquired BASF SE Construction Chemicals business and established MBCC Group.
APAC is projected 35% Share to be the concrete repair mortars market during the forecast period.
The significant population expansion in the APAC region is driving the predicted growth in the use of concrete repair mortars in infrastructure maintenance during the forecast period. The large population is putting strain on the existing infrastructure, which is also rapidly degrading due to the usage of substandard materials. During the foreseeable period, these structures will need to be repaired on a regular basis. The market for concrete repair mortars will be driven by these factors.
Increasing pressure on existing infrastructure due to the growing population.
A country’s infrastructure is critical to its development. Roads and bridges, schools, hospitals, and power-producing facilities, such as power plants, dams, production plants, and other similar structures, are all part of the infrastructure. Because of the aging population and the entry of migrants, the existing infrastructure is under increasing strain. China and India have a combined population of nearly 37% of the world’s total population. China and India have respective populations of 1.4 billion and 1.3 billion people. Because of the high population in many countries, the distribution of available resources is inequitable. The current infrastructure, such as roads, bridges, and water delivery systems, is overstressed and exhibits symptoms of collapsing due to population growth. As a result, governments in these countries have begun to implement repair and maintenance programs. As a result, the concrete repair mortars market would be driven by the rising population over the forecast period.
Increasing adoption of renewable energy nowadays is likely to propel the market.
The developed country, particularly Europe, has committed to lowering carbon emissions. As a result, their preference for renewable energy sources such as wind and hydropower has shifted. In the United Kingdom, for example, renewable energy sources produce more energy than coal-fired power plants. The country has one of the world’s largest offshore wind farms, which presently provides 10% of the country’s energy demands. Wind turbines are built on enormous concrete foundations that need to be maintained on a regular basis. Due to the EU’s aim to lowering its carbon impact, old thermal power facilities are being shut down. Dams and wind turbine constructions require more maintenance on a regular basis than thermal power plants do. Thus, the increasing adoption of renewable energy is expected to create opportunities for concrete repair mortar manufacturers to expand their business, especially in wind turbine and hydropower sectors.
Report Metrics
Report Attribute
Details
No. of Pages
80
Forecast Period
2023 - 2029
Estimated Market Value (USD) in 2022
USD 2.38 billion
Forecasted Market Value (USD) by 2029
USD 5.18 billion
Compound Annual Growth Rate
9%
Regions Covered
North America; Europe; China; Asia; Pacific; Central & South America; MEA
Market Drivers
The market is expected to rise due to increased investments in housing and transportation infrastructure development, as well as maintenance and rehabilitation of existing building structures.
Concrete Repair Mortars Market Players
R. Meadows, Inc., ARDEX AMERICAS, Garon Products Inc., MC-Bauchemie, The Euclid Chemical Company, Aquafin, Chembond Chemicals Limited, TCC Materials, Pidilite Industries Ltd., Fosroc, Inc., Sika AG, MAPEI S.p.A., Normet are some market key players
These companies have adopted various organic as well as inorganic growth strategies to strengthen their position in the market. New product development, merger & acquisition, and expansion were among the key growth strategies adopted by these leading players to enhance their product offering and regional presence and meet the growing demand for concrete repair mortars in the emerging economies.
Browse Detailed Summary of Research Report with TOC
Concrete Repair Mortars Market by Type, 2023-2029, (USD Million)
PMC
Epoxy Based
Concrete Repair Mortars Market by Application Method, 2023-2029, (USD Million)
Hand/Trawling
Spraying
Pouring
Concrete Repair Mortars Market by End-Use Industry, 2023-2029, (USD Million)
Buildings & Car Parks
Road Infrastructure
Utility
Marine
Concrete Repair Mortar Market Dynamics and Trends
Growing residential construction coupled with increasing pressure on existing infrastructure is boosting the growth of the concrete repair mortar market
The market for the product is anticipated to grow as a result of the rising demand for concrete repair mortar uses in the construction sector for restoring the structural integrity and artistic form of ancient structures. Since residential buildings are built to last longer and have superior structural strength thanks to mortar, it is anticipated that this sector will hold the majority of the market share. Great impermeability, tensile strength, stress resistance, and thixotropy of concrete restoration mortar are anticipated to increase demand as a necessary construction substance over time.
When concrete needs to be repaired, such as for structural issues with buildings brought on by shifts in exceptionally high temperatures, the substance can be helpful. Additionally, it is used to stop internal structural supports from rusting as a result of unwanted water intrusion.
Cementitious concrete mortar is used for brick-based applications such as fences, walls, and walkways. It has several benefits for structures, including reduced internal support rust, corrosion resistance, and moisture absorption. Epoxy concrete mortar is used for high-strength applications such as strengthening concrete, mending cracked or broken concrete flooring, and extending its usable life.
The rising adoption of new technologies is the primary hurdle for the market growth of concrete repair mortar.
concrete repair mortar is gradually getting popularity in the construction industry despite its infancy. Aggregates, water, cement, and bacteria that make limestone are combined to create self-healing concrete, which helps to repair surface fractures as soon as they appear. The material can cover fissures up to 0.08 mm in size.
Numerous uses for dependable and long-lasting construction are included in the market chance for self-healing concrete. The widespread use of self-healing concrete will boost consumer approval and the self-healing concrete industry during the projection period. Infrastructure for residential, business, industrial, and civil purposes is crucial for economic growth.
Therefore, it is anticipated that increasing the lifespan of these structures and lowering upkeep costs will provide numerous opportunities for self-healing goods to enter the market. The growth of the business use of self-healing concrete will depend heavily on the success of pilot projects being carried out all over the globe.
Key Question Answered
What are the growth opportunities related to the adoption of concrete repair mortars market across major regions in the future?
What are the new trends and advancements in the concrete repair mortars market?
Which product categories are expected to have highest growth rate in the concrete repair mortars market?
Which are the key factors driving the concrete repair mortars market?
What will the market growth rate, growth momentum or acceleration the market carries during the forecast period?
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