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.
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.
Indonesia to Dominate the Market
- Indonesia is the largest economy in Southeast Asia. The country has witnessed a GDP growth rate of 5% in 2019 and is expected to witness a GDP growth rate of 5.1% in 2020.
- The Indonesian government is spending more for better infrastructure and urbanization, as there is more demand for residential and commercial properties. These aspects put the country directly on the radar of the global construction industry.
- In the recent past, the government has spent around USD 460 billion through Konstruksi Indonesia (KI), its flagship event for heavy construction and civil engineering, which enabled various local companies to contribute to the country’s construction sector.
- The Indonesian building construction has witnessed a significant growth in the recent years, owing to the increasing population and growing urbanization. In 2019, a proposal to re-develop Indonesia was proposed by President Joko Widodo, as a part of his strategy to boost economy of the nation with the help of infrastructure and spread wealth beyond the main island-powerhouse of Java. The sweeping proposal calls for a record of IDR 5,957 trillion (USD 412 billion) in investments from 2020 to 2024.
- Some of the major construction projects in the country that are currently under progress are Pertamina Energy Tower and China Minsheng Investment's industrial parks and towns.
- The increasing efforts of the government for boosting the construction industry growth are driving the demand for dry mix mortar.
- However, owing to the recent outbreak of COVD-19 epidemic in the country, the construction work in the country has been affected. Additionally, around USD 2.7 billion has been redirected from the government budget to provide direct support to household consumption or increase people’s purchasing power during the lockdown period. This virus outbreak is expected to have a negative effect on the growth of the construction industry, which in turn, is likely to affect the market studied.
- Hence, the aforementioned factors are likely to affect the demand for dry mix mortar market during the forecast period.
The ASEAN dry mix mortar market is partially fragmented, with the top five players accounting for major share of the market. The key players in the market include, Sika AG, MAPEI S.p.A., Saint Gobain Weber, Siam City Cement Company Limited, and LATICRETE International, Inc.
- The market estimate (ME) sheet in Excel format
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Table of Contents
1.2 Scope of the Study
4.1.1 Long-term Cost-effectiveness in the Construction Industry
4.1.2 Increasing Construction Activities in ASEAN Countries
4.2.1 Laying Cost of Dry Mix Mortar, in Comparison to Conventional Mortar
4.2.2 Unfavorable Conditions Arising due to COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5.2.3 Tile Adhesive
5.2.5 Water Proofing Slurry
5.2.6 Concrete Protection and Renovation
5.2.7 Insulation and Finishing Systems
5.2.8 Other Applications
5.3.8 Rest of ASEAN Countries
6.2 Market Share (%)/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 Ardex Group
6.4.3 Greco Asi Sdn Bhd
6.4.4 Siam City Cement Company Limited
6.4.5 Henkel AG & Co. KGaA
6.4.6 Knauf Gips KG
6.4.7 LafargeHolcim Ltd
6.4.8 LATICRETE International, Inc.
6.4.9 MAPEI S.p.A.
6.4.10 PT DRYMIX INDONESIA
6.4.11 PT Indocement Tunggal Prakarsa Tbk
6.4.12 Saint Gobain Weber
6.4.13 Sika AG
6.4.14 ASANA MORTAR (PT. Astasiti Mahadana)
7.2 Other Opportunities
A selection of companies mentioned in this report includes:
- Ardex Group
- Greco Asi Sdn Bhd
- Siam City Cement Company Limited
- Henkel AG & Co. KGaA
- Knauf Gips KG
- LafargeHolcim Ltd
- LATICRETE International, Inc.
- MAPEI S.p.A.
- PT DRYMIX INDONESIA
- PT Indocement Tunggal Prakarsa Tbk
- Saint Gobain Weber
- Sika AG
- ASANA MORTAR (PT. Astasiti Mahadana)