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Ready Mix Mortars market Size, Share, Competitive Landscape and Trend Analysis Report
WILMINGTON, DE, UNITED STATES, October 3, 2024 /EINPresswire / -- The global ready-mix mortars market is experiencing rapid growth, driven by an increase in
construction activities, urbanization, and the rising demand for high-quality, durable building materials. The market is also benefiting from a growing emphasis on sustainable and eco-friendly construction practices. According to a report by Allied Market Research 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", the ready-mix mortars market was valued at $48.7 billion in 2023 and is projected to reach $90.6 billion by 2033, growing at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2033.
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Key Drivers of Growth
Increasing Construction and Urbanization
Global urbanization has led to a surge in construction activities, particularly in emerging economies. As cities expand, the demand for high-performance construction materials such as ready-mix mortar has grown. Ready-mix mortar is preferred for its consistency, ease of use, and durability, making it an ideal choice for large-scale infrastructure and residential projects.
Demand for High-Quality and Durable Materials
The construction industry is increasingly focused on high-quality materials that offer longevity and consistent performance. Ready-mix mortars provide uniformity in composition and enhance the overall strength and durability of construction projects, driving their adoption.
Sustainable and Eco-Friendly Construction Practices
The trend towards sustainable building solutions is also boosting the ready-mix mortars market. As governments and businesses aim to reduce the environmental impact of construction, eco-friendly materials like ready-mix mortar are gaining popularity due to their reduced waste and lower carbon footprint.
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Challenges and Opportunities
Despite the positive growth outlook, the market faces some challenges. One of the main restraints is the high initial investment cost associated with the production of ready-mix mortars. This can be a barrier for smaller manufacturers or those operating in developing markets. However, advancements in production technologies and innovations in mortar formulations are expected to offset these challenges, creating opportunities for further growth.
Technological advancements in mortar application techniques are also anticipated to drive market growth. Innovations such as automated mixing systems and enhanced delivery mechanisms are making the application process more efficient, leading to increased adoption in both large-scale and smaller construction projects.
Market Segmentation
By Sales Channel
In 2023, the offline sales channel held the largest share of the ready-mix mortars market. Traditional distribution networks offer immediate availability and allow customers to physically inspect materials before purchasing. Additionally, established relationships with local contractors and builders contribute to the dominance of offline channels.
However, the online sales channel is expected to grow at a higher CAGR during the forecast period. Digital adoption is on the rise, and consumers increasingly appreciate the convenience of browsing and purchasing materials online. The online segment offers a broader range of products and is more accessible to remote areas. Competitive pricing, promotions, and advancements in e-commerce technology, such as augmented reality for virtual product demonstrations, are propelling the growth of online sales.
By Application
The concrete repair & protection mortars segment held the highest market share in 2023. This segment's growth is driven by the increasing need to maintain and restore aging infrastructure, particularly in developed regions. Specialized repair mortars are in demand as infrastructure ages, requiring high-performance materials to ensure structural integrity.
On the other hand, the waterproofing mortar segment is expected to grow at a faster pace. Waterproofing has become a critical consideration in modern construction to prevent water damage, enhance the longevity of buildings, and protect structural components from moisture. Advances in waterproofing technologies, coupled with the growing emphasis on sustainable construction practices, are driving the growth of this segment.
By End User
In 2023, the non-residential segment dominated the market due to the extensive use of ready-mix mortars in large-scale infrastructure projects, commercial buildings, and industrial construction. These projects require significant quantities of durable materials, and the non-residential sector is benefiting from substantial investments in urban infrastructure and commercial development.
The residential segment is expected to grow at a higher CAGR during the forecast period. This growth is driven by increasing urbanization and a rising demand for housing. The trend toward home renovation and improvement is also boosting the need for ready-mix mortars in residential construction. Homeowners and small-scale contractors are becoming more aware of the benefits of ready-mix mortars, such as consistency, ease of use, and faster application times. Government policies promoting affordable housing are further supporting growth in the residential sector.
Regional Insights: Asia-Pacific Leads the Market
The Asia-Pacific region is expected to maintain its dominance in the ready-mix mortars market through 2033. Countries such as China, India, and those in Southeast Asia are experiencing rapid urbanization and industrialization, leading to increased construction activities. Government investments in infrastructure development, including roads, bridges, and public buildings, are also contributing to the growing demand for ready-mix mortars.
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In addition, the region is witnessing significant investment in sustainable and eco-friendly construction practices, further boosting demand for ready-mix mortars that align with green building standards.
Leading Market Players
The ready-mix mortars market features several key players, including Heidelberg Cement, MBCC Group, CEMEX, Tremco CPG Inc., Saint-Gobain, Ardex Group, Travis Perkins, Laticrete International Inc., ACC Ltd., and The Ramco Cements Limited. These companies are focusing on product innovation, strategic partnerships, and expanding their geographic presence to strengthen their positions in the market.
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David Correa
Allied Market Research
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