Concrete Repair Mortars Market worth $2.8 billion by 2024, by 2024, at a CAGR of 6.1%
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%. The use of concrete repair mortars strengthens the buildings and increase their life span. They also helps in saving costs for new construction in the process. In addition, governments are concerned about the deteriorating state of their infrastructure, which is expected to lead them to invest more in the market during the forecast period.
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Polymer modified cementitious (PMC) mortars is the larger used type in the concrete repair mortars market.
The polymer modified cementitious mortars are expected to be the most commonly used type of concrete repair mortars during the forecast period. The growth is attributed to their lower cost in comparison to epoxy based mortars. The polymer modified cementitious mortars are also easy to use and can be used for both structural and non-structural repairs, which has added to their popularity in the market.
Structural is the faster-growing grade segment of concrete repair mortars.
Structural is the faster-growing grade in the market during the forecast period. The repair mortars used in the structural repair of the building are called structural grade mortars. These mortars are primarily used in the buildings & carparks, roads, industries, and marine infrastructure. Builders are more concerned about structural damages than non-structural damages. The structural damages can be fatal for the structures if they are not periodically maintained. Most of the aging buildings and bridges are likely to have structural damages. These factors are expected to drive the growth of the structural grade concrete repair mortars during the forecast period.
Increasing population leading to higher pressure on infrastructure-the major driver of the concrete repair mortars market.
APAC is estimated to be the largest and the fastest-growing market of concrete repair mortars. The high growth rate of the market in the region is due to the high population growth, which is putting pressure on the existing infrastructure in the countries. Also, the fast rate of construction and use of lower quality building materials in infrastructure leads to faster repairs. The major countries covered in the region are China, Japan, India, Australia, and South Korea. India is projected to be the fastest-growing market for concrete repair mortars during the forecast period due to the heavy rate of construction in the country.
The key companies profiled in the concrete repair mortars market report are Sika AG (Switzerland), Fosroc International Ltd. (UK), BASF SE (Germany), Mapei SpA (Italy), Saint-Gobain Weber SA (France), Pidilite Industries Ltd. (India), Flexcrete Technologies Ltd. (UK), Remmers Baustofftechnik GmbH (Germany), The Euclid Chemical Co. (UK),and Adhesive Technology Corp. (US).
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