PUBLISHER: The Business Research Company | PRODUCT CODE: 1392569
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392569
“Concrete Repair Mortars Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on concrete repair mortars market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for concrete repair mortars? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The concrete repair mortars market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Concrete repair mortars refer to a type of material used to repair portions of concrete in concrete structures that have cracked and delaminated from the substrate due to reinforcement corrosion. These mortars protect concrete buildings against chemical anchoring, cracking, and corrosion while retaining moisture.
The main types of concrete repair mortars include cementitious concrete repair mortars, epoxy concrete repair mortars, and epoxy resin-based concrete. The cementitious concrete repair mortars refer to a cement-based binding material used to stick building blocks such as bricks, stones, and other similar building materials together. It is composed of sand, a cement binder, water, and possibly other additives. It is used for constructing and repairing walls, fences and walkways. Both structural and non-structural concrete repair mortars are used by end-users ranging from the utility, roads and infrastructure, buildings, and others. The main applications of concrete repair mortars include hand application, pouring, levelling and surface coating.
The concrete repair mortars market research report is one of a series of new reports from The Business Research Company that provides concrete repair mortars market statistics, including concrete repair mortars industry global market size, regional shares, competitors with a concrete repair mortars market share, detailed concrete repair mortars market segments, market trends and opportunities, and any further data you may need to thrive in the concrete repair mortars industry. This concrete repair mortars market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The concrete repair mortars market size has grown strongly in recent years. It will grow from $2. 95 billion in 2023 to $3. 14 billion in 2024 at a compound annual growth rate (CAGR) of 6. 4%. The growth in the historic period can be attributed to aging infrastructure and the need for repair and maintenance, increased construction activities, growing awareness of the importance of durable and sustainable construction, stringent building codes and regulations driving the use of repair mortars, advances in material science leading to improved mortar formulations.
The concrete repair mortars market size is expected to see strong growth in the next few years. It will grow to $4. 07 billion in 2028 at a compound annual growth rate (CAGR) of 6. 7%. The growth in the forecast period can be attributed to increasing focus on green and eco-friendly construction materials, increasing population and urbanization, rise in government investments in infrastructure development projects, growing demand for rapid and cost-effective repair solutions, growing demand for non-structural applications. Major trends in the forecast period include development of high-performance repair mortars, integration of smart technologies for real-time monitoring, use of sustainable and recycled materials in concrete repair mortars, emphasis on aesthetics in concrete repair, with color-matching and texture replication, shift towards fast-setting and rapid-hardening repair mortars for quick repairs.
The rising demand for repair and maintenance of existing buildings is contributing to the growth of the concrete repair mortar market. Due to the degradation of materials and structures caused by the combined effects of loads and external conditions, there is an increasing demand for building infrastructure repair and maintenance. Repairing and upgrading a structure is preferable to destroying and rebuilding it, as it is cost-effective and economical. There will be a significant utilization of concrete repair mortars in response to the rising demand for the repair and maintenance of existing buildings, as they are an essential part of the repair and maintenance of concrete structures. For instance, according to the Construction Output Price Index (OPIs) dataset by the UK Office for National Statistics, in the UK, the increase in monthly construction output in March 2022 was led by increases in both repair and maintenance (3. 0%) and new work (1. 0%). The largest contributors to the monthly rise at the sector level were private home repair and maintenance (5. 8%) and private commercial new work (4. 0%). Therefore, the rising demand for repair and maintenance of existing buildings is expected to boost demand for the concrete repair mortar market during the forecast period.
Increased spending on the repair and maintenance of transport infrastructure is further anticipated to drive concrete repair mortar market growth. Spending on repair and maintenance of transport infrastructure refers to the allocation of funds for the upkeep, restoration, and preservation of various transportation networks such as roads, bridges, railways, airports, and public transit systems. Concrete repair mortar is commonly used in transport infrastructure to repair and maintain damaged or deteriorating concrete surfaces on roads and highways, ensuring a smoother and safer driving experience. For instance, in December 2022, according to the American Society of Civil Engineers, approximately 43% of public roads in the United States were rated as being in poor or mediocre condition due to wear and tear. Additionally, the U. S. Department of Transportation (USDOT) highlighted that the country was confronted with a significant backlog of $1. 01 trillion for road and bridge repairs in the year 2021. Hence, increased spending on the repair and maintenance of transport infrastructure will drive the growth for concrete repair mortar market.
Product innovation is a key trend gaining popularity in the concrete repair mortar market. Key players are focusing on launching innovative concrete repair mortars that are water-based, environmentally friendly, and utilize low-hazard formulations with zero usage of VOCs (volatile organic compounds). These solutions are focused on enabling high-build and high-strength structures as well as reducing carbon footprints. Innovative concrete repair mortars offer structural strength, reinstatement of structural integrity, long-term protection, and extension. These products provide key players with a competitive edge and enhance their market position. For instance, in July 2021, Sika UK, a UK subsidiary of Sika Group, launched a low-carbon concrete repair mortar that is manufactured utilizing low-carbon and recycled materials and provides long-term effective performance on various high-strength applications. These future sustainable concrete repair mortars are designed to produce fewer particle emissions and provide improved repair performance.
Major companies operating in the market are developing technologically advanced products to enhance product offerings and gain a competitive advantage. Technologically advanced concrete repair mortar incorporate innovative additives and formulations for enhanced strength, durability, and application efficiency. For instance, in June 2022, Cortec Corporation, a US-based manufacturer of environmentally-friendly corrosion inhibitors, launched MCI-2039. MCI-2039 is a high-performance, single-component cement-based repair mortar, fortified with Migrating Corrosion Inhibitors (MCI) technology. These Horizontal Concrete Repair Mortar featuring inhibitors that create a protective layer on rebar surfaces, enhancing the repair's quality and extending the lifespan of the structure. After application and curing, MCI-2039 delivers excellent adhesion, durability, and resistance to water and carbonation, making it suitable for quick and lasting repairs, even in varying temperatures from 20 to 100 °F (-6 to 38 °C). Additionally, it can be extended by up to 60% by weight for repairs deeper than 2 inches (51 mm).
In November 2021, Sika AG, a Switzerland-based multinational specialty chemical company, acquired MBCC Group for $6 billion. This transaction would increase Sika's earnings per share in the first full year after closing. The transaction is extremely complimentary to practically all of Sika's core technology, applications, and solutions. MBCC Group is a Germany-based supplier of construction chemicals and solutions worldwide, and they provide repair mortars to regain the structure's original strength and durability and protect against corrosion.
Major companies operating in the in the concrete repair mortars market report are Adhesives Technology Corporation, The Euclid Chemical Company, Remmers Limited, Pidilite Industries Ltd. , Fosroc Inc. , Sika AG, BASF SE, MAPEI S. p. A, Saint-Gobain India Pvt. Ltd. , Fosroc International Ltd. , W. R. Meadows Inc. , Ardex GmbH, Garon Products Inc. , MC-Bauchemie Muller GmbH, Flexcrete Technologies Ltd. , Resin Building Products Ltd. , Diasen SRL, Litokol SpA, Maker Coating Systems Ltd. , Euclid Chemical Co. , Dayton Superior Corp. , Simpson Manufacturing Co. Inc. , Five Star Products Pvt. Ltd. , CTS Cement Manufacturing Corp. , Twin City Concrete Products Company, Standard Performance Evaluation Corporation, ChemCo Systems, Copps Industries Inc. , Sauereisen Inc. , Edison Coatings Inc. , Coprox International Private Ltd.
Asia-Pacific was the largest region in the concrete repair mortars market in 2023, it is also expected to be the fastest-growing region in the global concrete repair mortars share market share during the forecast period. The regions covered in the concrete repair mortars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the concrete repair mortars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The concrete repair mortars market consists of sales of portland cement mortar, polymer modified cement mortar, and epoxy mortar. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.