Dry Mix Mortar Market Analysis

Dry Mix Mortar Market Analysis

The render segment held the largest market share of around 41% in 2020 and is anticipated to grow at around 5.5% CAGR through 2027. Almost every construction includes rendering to achieve deliberately smooth and textured surfaces, increasing the usage of dry mix mortar for rendering. The render is sucked from the silo through a hose and poured onto the walls with specialized equipment designed for the job. Furthermore, the tile adhesives segment is estimated to observe the highest CAGR of more than 5.9% during the forecast period. Dry mix mortar offers superior properties such as open time, slip resistance, workability, and excellent adhesion; thus, the surging new construction activities are enhancing the consumption of dry mix mortar as tile adhesives.

The non-residential segment dominated the dry mix mortar market and is forecast to achieve a 5.5% CAGR from 2021 - 2027. Rising adoption of the product in various commercial and industrial sectors especially in developing countries is poised to fuel the segment demand. With growing urbanization, commercial construction is increasing rapidly in many emerging nations, which is one of the key factors influencing industry outlook.
 

The residential segment is set to account for around 33% market share in 2027, in terms of revenue. The residential construction activities in countries, such as India and China, are likely to propel product demand. For instance, the construction industry in India is predicted to report revenue of over USD 1 trillion by 2030, which will further provide new opportunities for dry mix mortar in the residential segment.
 

Asia Pacific dominated the global dry mix mortar market on account of the surging commercial and infrastructural constructions, especially in the emerging economies such as China, India, Japan, Indonesia, and South Korea. Additionally, the growing population in India and China is largely contributing to an increase in residential construction, which will spur the overall consumption of dry mix mortar. In India, NMIA is one of the world's largest greenfield airport projects, with a capacity of 60 million passengers per year by 2030. It is projected to handle 10 million passengers in its first year of service. When completed, NAMI will span 11.6 square kilometers, with two parallel runways and a terminal building in the center.
 

North America is expected to witness considerable growth owing to the growing construction activities in the region. The rapid surge in institutional and commercial construction in the U.S. is driving the regional market.