Wilmington, Delaware, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Ready Mix Mortars Market by Sales Channel (Online and Offline), by Application (Waterproofing Mortar, Concrete Repair & Protection Mortars and Others), End User (Residential and Non-Residential): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the ready mix mortars market was valued at $48.7 billion in 2023, and is estimated to reach $90.6 billion by 2033, growing at a CAGR of 6.4% from 2024 to 2033.
Prime determinants of growth
Increasing construction activities and urbanization globally, rising demand for high-quality, consistent, and durable building materials, and growing emphasis on sustainable and eco-friendly construction practices drive the market growth. However, high initial investment cost associated with ready mix mortar production restrains the market growth. On the other hand, technological advancements and innovations in mortar formulations and application techniques are anticipated to boost the market growth.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2022 | $48.7 billion |
| Market Size in 2032 | $90.6 billion |
| CAGR | 6.4% |
| No. of Pages in Report | 207 |
| Segments Covered | Sales Channel, Application, End User, and Region. |
| Drivers |
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| Opportunities |
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| Restraint |
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Segmental Overview
By sales channel, in 2023, the offline segment held the highest market share in the ready mix mortar market due to established distribution networks, immediate availability, and the ability for customers to physically inspect materials before purchase. These traditional channels have strong relationships with contractors and builders, providing localized expertise and catering to regional preferences. However, the online segment is expected to grow with a higher CAGR during the forecast period, driven by increasing digital adoption and internet penetration. The convenience of browsing and purchasing online, along with a broader product variety and accessibility to remote areas, is attracting a wider customer base. Additionally, online platforms often offer competitive pricing, promotions, and discounts, appealing to cost-conscious buyers. Technological advancements, such as improved user experiences, augmented reality for virtual product demonstrations, and enhanced logistics and delivery services, are further propelling the growth of the online segment.
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By application, in 2023, the concrete repair & protection mortars segment held the highest market share in the ready mix mortar market. This dominance is driven by the increasing need for maintaining and restoring aging infrastructure, ensuring structural integrity, and enhancing the durability of concrete structures. Additionally, the rise in renovation activities and the demand for specialized repair mortars have fostered the segment growth. On the other hand, the waterproofing mortar segment is expected to grow with a higher CAGR during the forecast period. This anticipated growth is fueled by the increasing awareness of the importance of waterproofing in construction to prevent water ingress, enhance building longevity, and protect structural components from moisture-related damage. Furthermore, advancements in waterproofing technologies and the rise in trend of sustainable building practices are contributing to the accelerated growth of this segment.
By end user, in 2023, the non-residential segment held the highest market share in the ready mix mortar market. This is largely due to the extensive use of ready mix mortar in large-scale infrastructure projects, commercial buildings, and industrial construction, which require significant quantities of high-quality, durable mortar. The non-residential sector benefits from substantial investments in commercial development, urban infrastructure projects, and public sector construction activities, all of which drive demand for ready mix mortar. Conversely, the residential segment is expected to grow with a higher CAGR during the forecast period. This growth is driven by increasing urbanization and the consequent rise in housing demand. Additionally, there is a growing trend towards home renovation and improvement, which boosts the need for ready mix mortar in residential construction. Enhanced awareness of the benefits of ready mix mortar, such as consistency and ease of use, among homeowners and small-scale contractors, along with supportive government policies for affordable housing and residential infrastructure development, are further propelling the growth of the residential segment.
Asia-Pacific to maintain its dominance by 2033
Asia-Pacific is expected to maintain its dominance in the ready-mix mortar market by 2033 due to several key factors. Firstly, rapid urbanization and industrialization in countries like China, India, and Southeast Asian nations are driving substantial construction activities, including residential, commercial, and infrastructure projects. Secondly, increasing government investments in infrastructure development, such as roads, bridges, and public buildings, are significantly boosting the demand for construction materials, including ready-mix mortar.
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Players
- Heidelberg Cement
- MBCC Group
- CEMEX
- Tremco CPG Inc.
- Saint-Gobain
- Ardex Group
- Travis Perkins
- Laticrete International Inc.
- ACC Ltd.
- The Ramco Cements Limited
The report provides a detailed analysis of these key players in the global ready-mix mortar market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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