The market for ASEAN Dry Mix Mortar is expected to grow at a CAGR of over 4% during the forecast period. Major factors driving the market studied are long-term cost-effectiveness in the construction industry and increasing construction activities in ASEAN countries. On the flipside, the laying cost of dry mix mortar, in comparison to conventional mortar and unfavourable conditions arising due to COVID-19 outbreak, are the major restraints, which are expected to hinder the growth of market.
– Increasing production capacity of industrially mixed dry mix mortar in Indonesia, is expected to offer lucrative opportunities for the growth of market.
– By end-user industry, non-residential segment accounted for the largest share due to increasing demand from commercial, infrastructure and industrial/institutional applications.
– By application, render application segment is estimated to account for the largest share.
– By country, Thailand is expected to dominate the market during the forecast period.
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Key Market Trends
Growing Demand of Render Applications
– Dry mix products provide excellent technical properties to meet the stringent performance requirements that are common in the current construction scenario. Additionally, the use of dry mix mortar products are economical, as they reduce the potential construction problems with long-term integrity of structures, with a simple materials approach.
– Dry mix mortar contains the precise blend of materials and only requires the addition of water to produce a suitable render. It comprises special additives that improve the workability of renders and help them bond to the background and reduce the risk of cracking. They can also be used for decorative finishes.
– Rendering is done in almost all of the construction applications to achieve a smooth or deliberately textured surface. The increasing construction activities in countries like Indonesia, Vietnam, and the Philippines are likely to drive the demand for dry mix mortar in manufacturing render during the forecast period.
– However, the recent COVID-19 virus outbreak may pose a major challenge for the demand for dry mix mortar from this application, as it has majorly affected the construction activities in the above-mentioned countries.
– Hence, the above-mentioned factors are likely to affect the demand for dry mix mortar during the forecast period.
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