Mortar Market Analysis and Latest Trends
Mortar is a mixture of cementitious materials, fine aggregates, and water that is used in the construction industry for binding building blocks or bricks together. It provides strength and durability to the structure and acts as a filling and sealing material for joints. Mortar is available in different types, such as cement mortar, lime mortar, and gypsum mortar, each with specific uses and properties.
The mortar market has witnessed significant growth in recent years and is expected to continue to grow at a CAGR of 3.30% during the forecast period. This growth can be attributed to various factors. Firstly, the booming construction industry in emerging economies, driven by rapid urbanization and infrastructure development projects, is fueling the demand for mortar. Additionally, the increasing renovation and retrofitting activities in both residential and commercial sectors are further propelling market growth.
Moreover, the rising focus on green and sustainable construction practices is driving the demand for eco-friendly mortars, such as lime and gypsum mortars, which have low carbon emissions and are environmentally friendly. These factors are opening up new opportunities for mortar manufacturers and suppliers in the market.
In terms of the latest trends, there is a growing demand for pre-mixed or ready-to-use mortars due to their ease of application and time-saving benefits. This trend is particularly noticeable in developed regions where labor costs are high and construction timelines are stringent. Manufacturers are also focusing on developing innovative mortar products with improved properties, such as high strength, better workability, and enhanced resistance to weather conditions.
Overall, the mortar market is expected to witness steady growth in the coming years, driven by the increasing construction activities, renovation projects, and the adoption of sustainable building practices.
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Mortar Major Market Players
The mortar market is highly competitive, with several key players including Saint-Gobain Weber, Materis, Sika, Henkel, Mapei, Sto, Ardex, BASF, Baumit, Bostik, Knauf, CBP, Caparol, Cemex, HB Fuller, Quick-mix, Dryvit Systems, Hanil Cement, AdePlast, Forbo, CPI Mortars, Grupo Puma, and Tarmac.
Saint-Gobain Weber is a leading player in the mortar market, offering a wide range of products for various applications. The company has a strong market presence in Europe, Asia-Pacific, and North America. In terms of market growth, Saint-Gobain Weber has experienced steady growth over the years, driven by increasing construction activities and infrastructure development. The company is focused on innovation and sustainability, aiming to develop eco-friendly and high-performance products. In terms of market size, the company reported sales revenue of over $3 billion in 2020.
Sika is another major player in the mortar market, specializing in chemical products for construction and industry. The company has a global presence and operates in more than 100 countries. Sika has witnessed significant market growth over the years, driven by its strong product portfolio and focus on quality and sustainability. The company is investing in research and development to develop innovative solutions and expand its market share. Sika reported sales revenue of approximately $9.5 billion in 2020.
Mapei, a leading Italian company, offers a wide range of building products, including mortars. The company has a strong global presence and operates in more than 60 countries. Mapei has experienced steady market growth, driven by its focus on research and development, customer-centric approach, and sustainable solutions. The company is continuously expanding its product portfolio and investing in new technologies. In terms of market size, Mapei reported sales revenue of around $3 billion in 2020.
Overall, the mortar market is highly competitive, with key players focusing on innovation, sustainability, and expanding their product offerings. The market is expected to grow further in the future, driven by increasing construction activities and infrastructure development worldwide.
What Are The Key Opportunities For Mortar Manufacturers?
The global mortar market has witnessed significant growth in recent years and is expected to continue its upward trajectory in the forecast period. The market is mainly driven by infrastructure development, rapid urbanization, and increasing construction activities across the globe. Additionally, the rising demand for sustainable and energy-efficient buildings is fueling the adoption of mortar products. The Asia-Pacific region is expected to dominate the market due to the presence of emerging economies such as China and India with extensive construction projects. Furthermore, technological advancements in mortar manufacturing processes and increasing awareness regarding the benefits of mortar are likely to drive market growth in the future.
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Market Segmentation
The Mortar Market Analysis by types is segmented into: