Sika AG (Switzerland) and Fosroc International Ltd (UK) are the Key Players in the Concrete Repair Mortars Market
The concrete repair mortars market size is estimated to be USD 2.1 billion in 2019 and projected to reach USD 2.8 billion by 2024, at a CAGR of 6.1%. Mortar is a mixture of cement and sand, often used to build brick or block walls. It is largely used in both new construction and repair of existing structures. Concrete repair mortars are generally used for the repair & maintenance of the old and deteriorated buildings and infrastructure.
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The major driving factors in the concrete repair mortars market are the increasing pressure on the existing infrastructure due to rising population, and aging infrastructure that has led to the need to increase the lifespan of the concrete structures. Concrete repair mortars work excellently to remove the corroded concrete and act as a strong binders to prevent further degradation of the structure.
The leading players in the global concrete repair mortars market include Sika AG (Switzerland), Fosroc International Ltd (UK), BASF SE (Germany), Mapei SpA (Italy), Saint-Gobain Weber SA (France). These players account for significant market shares. The companies adopted expansion, acquisition and new product developments as key strategies to enhance growth in the market.
Sika AG (Switzerland) is a specialty chemical company having presence in more than 101 countries through more than 300 manufacturing plants spread across the globe. The company operates through four business segments, namely, EMEA, Americas, Asia-Pacific, and Global Business. It manufactures and sells products for bonding, sealing, damping, reinforcing, and protecting applications in the building and automotive industries. In May 2019, Sika AG (Switzerland) acquired Parex (France). Twenty seven percent of Sika’s revenue is expected to come through the mortars businesses with the help of this acquisition. In November 2019 the company also added a mortars plant to its existing facility in Addis Ababa, Ethiopia. The expansion will help the company to meet the rising demand for mortars in the country.
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Fosroc International Ltd (UK) is a high-performance chemical manufacturing company for the construction industry. It is particularly focused on concrete and cement-based technologies. In 2018, the company launched Patchroc250, a patch repair mortar for highway repairs. This product provides specialised solutions for maintenance of road infrastructure, which is a high growth repair market across the world.
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