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Ready Mix Plaster market to Reach $2.9 Billion
WILMINGTON, DE, UNITED STATES, October 1, 2024 /EINPresswire / -- The global ready mix plaster market is experiencing significant growth, driven by the increasing adoption of ready-to-use solutions in construction, urbanization, and advancements in building materials. Ready mix plaster is becoming a popular choice due to its convenience, durability, and eco-friendly properties, especially in fast-growing regions with booming
construction activities. These trends are creating opportunities for innovative product development and expansion in key markets.
According to a report by Allied Market Research, titled "Ready Mix Plaster Market by Material (Cement-Based, Gypsum-Based, Lime-Based, and Others), Application (Interior Walls and Ceilings, External Rendering, Plastering of Concrete Surfaces, and Others), and End User (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2024-2032," the ready mix plaster market was valued at $1.5 billion in 2023. It is projected to reach $2.9 billion by 2032, growing at a compound annual growth rate (CAGR) of 8.3% between 2024 and 2032.
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Prime Determinants of Growth
The rising demand for ready mix plaster can be attributed to several factors. Urbanization and rapid infrastructure development are driving the global construction industry, especially in emerging economies. In these regions, builders and contractors are increasingly turning to ready mix plaster for its time-saving advantages and ease of application. This trend is supported by technological innovations that enhance the properties of ready mix plaster, including improvements in strength, durability, and sustainability.
Additionally, the shift toward eco-friendly construction practices is creating a demand for green building materials. Manufacturers are responding by developing ready mix plaster formulations that meet environmental standards and incorporate recycled materials. These innovations are expected to contribute to the continued expansion of the market.
Market Segments and Opportunities
The market for ready mix plaster is segmented by material, application, and end user. The most prominent material in 2023 was cement-based plaster, which held the highest market share. Cement-based plaster is favored for its versatility, making it suitable for both indoor and outdoor applications. Its durability, strength, and resistance to moisture and fire make it an ideal choice for various construction environments. Additionally, advancements such as fiber-reinforced formulations and quick-setting options are increasing its appeal among builders.
In terms of application, the interior walls and ceilings segment dominated the market in 2023. Ready mix plaster offers a seamless and uniform finish, making it an attractive option for interior projects. Its versatility allows for easy customization, enabling architects and designers to create a variety of textures and finishes. Ready mix plaster's ability to hide imperfections and create smooth surfaces for painting or wallpapering further enhances its popularity in residential and commercial buildings.
The residential segment accounted for the largest share of the market in 2023. With the growing number of residential projects, such as single-family homes, apartments, and condominiums, the demand for ready mix plaster has surged. Homeowners and contractors prefer it for its ease of use, uniformity, and time-saving benefits. Ready mix plaster also supports diverse architectural designs and interior aesthetics, providing flexibility in application. Its long-lasting durability reduces maintenance costs for homeowners, making it a cost-effective option for residential construction.
Regional Insights
The Asia-Pacific region held the largest share of the global ready mix plaster market in 2023. The region is experiencing rapid growth in construction activities, driven by urbanization, government initiatives for affordable housing, and infrastructure development. There is also a growing preference for eco-friendly building materials in this region, which has boosted the demand for ready mix plaster formulations that are low in volatile organic compounds (VOC) and include recycled content.
Technological advancements are further driving the market in Asia-Pacific, with new formulations offering improved workability and durability. Government regulations promoting sustainable building practices are also playing a significant role in shaping the market landscape. These factors, combined with a rising focus on green building materials, are expected to support continued growth in this region over the forecast period.
Competitive Landscape
Key players in the global ready mix plaster market include JSW Group, Nuvoco Vistas Corp. Ltd., Unibeton Ready Mix, Mastour ReadyMix, Saint-Gobain Weber, Constrobond, Kasprs Build Mate Pvt. Ltd., Pye Products, Saveto Group, and CONMIX Ltd. These companies are adopting various strategies such as product launches, collaborations, and expansions to strengthen their market presence and meet the growing demand for ready mix plaster. The competitive landscape is evolving as players invest in innovation and explore new opportunities in both established and emerging markets.
The report by Allied Market Research provides an in-depth analysis of the key players, highlighting their business performance, product portfolios, and strategic initiatives. It also sheds light on the competitive dynamics within the industry, helping stakeholders understand the trends and opportunities shaping the future of the ready mix plaster market.
For More Information:
David Correa
Allied Market Research
+1 800-792-5285
email us here
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.