North America Dry Mix Mortar Market is anticipated to witness a growth rate of around 4.7% over the decade: PMR
NEW YORK, Feb. 1, 2022 /PRNewswire/ -- The North America dry mix mortar market is anticipated to witness a growth rate of around 4.7% over the decade. Burgeoning construction sector, increasing urbanization, and rising individual living standards are expected to drive market expansion.
Dry mix mortar is one of the key essential materials used in the construction & infrastructure industry. Growing construction industry, real-estate growth, and infrastructure developments are expected to boost demand for dry mix mortar over the coming years. In various construction and infrastructural projects, the need and demand for these ready-to-use construction materials is increasing.
Key Market developments:
- In 2019, in South Korea, a new WACKER production plant for dispersible polymer powders for the manufacturing of building materials began operations.
- In 2020, Laticrete International Inc. launched the Lite mortar series, which helped the company significantly improve safety for installers and improve performance in concrete repairs.
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Key Takeaways from Market Study
- Demand for dry mix mortar in North America is forecasted to top a value of US$ 55 Bn by the end of 2031.
- The U.S. is a key market in North America accounting for more than 72% market share.
- Plaster is anticipated to remain a key application segment.
- Market in Mexico is expected to witness a CAGR of 4.3% by the end of the year 2031.
- By end use, the residential sector is a key segment accounting for more than 40% market share.
"Key market players are focusing on heavy investments in R&D, expansions, acquisitions, and joint ventures to cater growing demand from end users and enhance their market footprint," says a Persistence Market Research analyst.
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Competitive Landscape
The North America dry mix mortar market is a consolidated space with significant presence of key manufacturers. Some of the key market players included in the report are Laticrete International Inc., Dow Inc., Normet, Minerals Tech Inc., Wacker, Ardex Group, BASF SE, Knauf Gips KG, Nordkalk GmbH, Kourasanit, WAMGroup S.p.A, Colmef Monelli, MAPEI SpA, Laviosa, Cimprogetti, Colacem Spa, HeidelbergCement, LafargeHolcim Ltd., Ash Grove North, Lehigh, Graymont, Milman Industries, Votorantimcimentos, CRH, Holcim, Cemolins, LKAB Minerals, and Ciaries.
Market participants are focusing on expansion through acquisitions, collaborations, and by entering into emerging economies. They are also investing in R&D to introduce new products into the market.
- In 2021, Dow Inc. invested to enhance its construction chemicals and industrial solutions business to support improvements around the world.
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Conclusion
Rising urbanization is boosting the construction of residential and commercial buildings, which has bolster demand for ready-to-use construction materials. As the world becomes more urbanized, including North America, new construction activities increase, thereby driving demand for dry mix mortar from the construction industry
Several market participants are focusing on strategic expansions and partnerships to increase their footprint. Key players are further focusing on increasing their investments in research & development to cater growing demand from the end users.
More Valuable Insights
Persistence Market Research, a research and consulting firm, has published a new market research report on the North America dry mix mortar market that contains industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides in-depth analysis of the market through different segments, namely, raw material, application, end use, and country. The report also provides supply and demand trends along with an overview of the parent market.
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