Los Angeles, October 15, 2019: Repair mortars material prevents concrete structures from degeneration such as corrosion, infiltration, damage of structure, or other factors. Repair mortars prevent against chemical anchoring, cracking, and corrosion by providing density, tensile strength, lowered shrinkage, and improvised bond strength. The repair mortars helps in maintaining moisture and helps in reestablishing concrete structure. Thus, the demand for repair mortars market is increasing. QY Research has recently added a report titled, “Global Repair Mortar Market Insight, Forecast to 2025”, predicting the growth opportunities in the global repair mortars market.
The global repair mortars market was valued at US$ 217 mn in 2018 and is expected to reach US$ 271 mn by the end of 2024, at a CAGR of 3.08% during 2019 to 2024.
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Rising Popularity of Infrastructure to Boost the Global Repair Mortar Market
Urbanization in major parts of the developing economy is resulting in demand for modern residential and commercial developments. Construction of high quality commercial spaces and public infrastructure are taking place. Whereas, developed economy is focusing on upgrading quality and technology of the existing infrastructure. Therefore, these factors will boost the market in the coming years. Increased funding for transport and building infrastructure will also drive the market. There is increase demand for alternative cementitious material and need for repair in the existing infrastructure. Thus, the global repair mortars market is expected to witness upsurge during the forecast period. The market is also driven by increase in private-public partnership for refurbishment and repair of transport infrastructure and increase in spending for repair and maintenance by construction industry.
Urbanization to Boost the Demand for Building and Car Park End User
The Global Repair Mortars Market is segmented according to type, application, and end user. On the basis of type, the global repair mortars market is divided into epoxy-based mortar and polymer-modified cementitious mortar. The application segment of global repair mortar consists of pouring, spraying, and manual. The end user segment of global repair mortar are building & car park industries, utility industries, road & infrastructure industries and marine structure. The building and car park end-user segment is the largest growing market owing to increase in construction projects due to urbanization. Whereas, the road and infrastructure end user segment is the fastest growing segment due to development of urban rural safe road connectivity in developing countries.
Asia Pacific Market to Augment Owing to Infrastructure Growth in Developing Countries
The Asia-Pacific region is expected to dominate the global repair mortar market during the forecast period due to huge demand for building and construction infrastructure in the developing countries. Increased expenditure in repair and maintenance in the leading Asia- Pacific countries is also driving the demand in this region. Increase in government investments in infrastructure development and manufacturing sector to deliver rapid urbanization demand is a driving growth factor in this region. Developing countries are expected to witness higher growth rate.
The key players operating in the global repair mortars market are Parex, Sika, Saint-Gobain Weber, Fosroc International, Mapei, The Euclid Chemical, and BASF.
The market will witness innovations with consistent strategic alliances and acquisitions acquired by key players to increase demand. The key players are focusing on impeccable performance, ample product types, effective technical and best after sales services. Consequently, they will acquire majority of high end market. The slow upward price trend is expected to maintain in future years. Increased competition will narrow price gaps of different brands along with fluctuation in gross margin.
● Use of polymer cementitious mortars as repairing agents will rise due to construction of parking areas.
● Use of repair mortars in gas, water, and electricity firm is integral and will thus, remain in demand.
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