Hyderabad, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Repairs to buildings are a typical occurrence in the current global real estate market. Demand for Concrete Repair is on the rise due to the aging residential infrastructure and the load exerted on existing infrastructure as a condition of a growing population. Manufacturers of concrete mortars are opening new factories and expanding existing ones to keep up with the rising demand for restoration works on historic buildings. Demand for concrete repair mortar will continue to grow at a CAGR of 5.64% from 2022-2027.
Infrastructural, commercial, and residential repairs are the leading drivers of demand for Concrete Repair mortar in 2021, and they are projected to remain so in the next years. According to the Department of Economic and Social Affairs of the United Nations the world's population is predicted to grow by about 2 billion people during the next 30 years, from 8 billion now to 9.7 billion in 2050, with a high of roughly 10.4 billion in the mid-2080s. The rising number of individuals reaching reproductive age, the progressive growth in human longevity, expanding urbanization, and accelerated migration are all contributing factors. This expansion has been accompanied by significant changes in the fertility rate.
The consistently growing population has been a major factor in the deterioration of public infrastructure like roads, bridges, dams, etc. in several countries. Asia Pacific is the most dominating in terms of construction repairs. China and India are the leading countries with a growing population and need for high infrastructure and construction repairs that are contributing to the demand for Concrete repair mortars, says Himanshu Vasisht, Seniot Research Manager at Mordor Intelligence.
Himanshu says natural calamities have also been boosting the need for the repair of damaged infrastructure. Concrete repair mortars have a major role in extending the life span of existing infrastructure through repair activities. In 2021, the Emergency Event Database (EM-DAT) documented 432 natural disaster-related catastrophes worldwide, resulting in about 252.1 billion US dollars in economic losses. Asia was the most damaged continent, accounting for 40% of all disaster events.
The overall number of verified catastrophic accidents in 2021 is much higher than the annual average of 357 catastrophic events from 2001 to 2020. Floods were the most common of these events, accounting for 223 occurrences, an increase from an average of 163 annual flood occurrences recorded between 2001 and 2020. During the monsoon season, India saw a series of severe floods. The Henan Flood in China was particularly severe in July, costing USD 16.5 billion. In July, the Central European Floods and associated landslides cost the German economy USD 40 billion, making it the second most costly disaster.
This has created an opportunity for the exiting manufacturers to expand their facilities to produce Concrete Repair Mortars.
In response to the raising opportunities many manufacturers have invested in the market. After acquiring BASF's Construction Chemicals business, MBCC Group, an affiliate of Lone Star, a global private equity firm, began manufacturing of concrete repair mortar. Fosroc Inc. has inaugurated its new greenfield factory in Keshwana, Jaipur. The new manufacturing facility is likely to enhance Fosroc’s coverage and service levels, particularly for customers in North India and Nepal. Saint-Gobain successfully acquired 100% of the Celima Group's Mortars division in Peru. This acquisition is part of the group's strategy to broaden its footprint, accelerate its development, and broaden its offerings in Peru's rapidly expanding construction market.
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