ASEAN Dry Mix Mortar Market

The ASEAN Dry Mix Mortar Market is valued at USD 9.02 Billion in 2023 and is projected to reach a value of USD 13.22 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 4.34% between 2024 and 2032.

Key Highlights of ASEAN Dry Mix Mortar Market

• In the ASEAN region, builders and contractors are increasingly embracing the use of ready-mortar products with dry mixes, a trend that is reshaping the construction industry.
• The ASEAN Dry Mix Mortar market is somewhat fragmented, with the top five players dominating. These firms are forming partnerships to enhance their product range and expand geographically, leveraging mutual strengths for growth.
• Indonesia is the largest construction market in ASEAN, and the government has made substantial investments in infrastructure and urban development.
• By the segmentation of the End User Industry, the Non-residential segment captured the highest market share of 67.1% in 2023.

ASEAN Dry Mix Mortar Market: Country Overview

Thailand

• Thailand is a central tourist hub witnessing significant investments in mall expansions and luxury hotels.
• The Pattaya Marriott Marquis Hotel, slated to open by 2024, will feature over 900 guest rooms. It is part of a dual-property development alongside the JW Marriott and Pattaya Beach Resort & Spa.
• Marriott plans to introduce four new hotels in Bangkok and Pattaya by 2027, adding to its portfolio of 45 properties in Thailand.
• Collaboration with Asset World Corporation contributes to Marriott's strong regional presence.

Philippines

• The Philippines secured a USD 3 billion loan from South Korea for infrastructure and road projects from 2022 to 2026, signalling increased construction activity.
• Infrastructure investment surged from 4.4% to 6.3% of GDP between 2017 and 2022, fostering demand for dry-mix mortar.
• The government's commitment to infrastructure development is expected to fuel demand for construction materials like dry-mix mortar.

Singapore

• Singapore initiated measures in October 2023 to support its construction sector in response to global challenges.
• The Ministry of National Development and the Building and Construction Authority implemented strategies to mitigate the pandemic's impact on construction firms.
• These initiatives aim to bolster resilience and sustainability in the construction industry, contributing to the economy's overall stability.

ASEAN Dry Mix Mortar Market: Indonesia Takes the Lead

Indonesia stands out as the largest construction market in ASEAN, with substantial government investments in infrastructure and urban development. The surge in demand for residential and commercial properties is propelling the need for dry-mix mortar in construction projects across the country. Notably, the government's ambitious plan to build a new capital city on Borneo, with an investment of USD 30.05 million over ten years, underscores the scale of construction activities.

Moreover, initiatives like the Indonesian-German Initiative for Green Infrastructure, offering significant financial cooperation facilities, further bolster infrastructure development. With the government's infrastructure investment projected to reach USD 430 billion by 2024, up from USD 365.8 billion in 2022, the demand for dry mix mortar is expected to soar. These factors collectively indicate a promising outlook for Indonesia's dry mix mortar market, driven by the burgeoning residential and infrastructural construction landscape.

ASEAN Dry Mix Mortar Market: End-user Industry Overview

In 2023, the ASEAN Dry Mix Mortar market saw significant growth, particularly in the Non-residential segment, which held a dominant 67.1% share. The End-user Industry segment is separated into Residential, and Non-residential. The rise in construction demands has driven the popularity of dry mix products due to their cost-effectiveness and technical advantages. Dry mix mortar, requiring only water for application, offers precise material blends, enhancing structural integrity while minimizing potential construction issues. It boasts special additives that improve workability, bonding, and crack reduction, making it suitable for decorative finishes. Thailand's burgeoning construction sector, exemplified by projects like the Pattaya Marriott Marquis Hotel, fuels demand, with plans for multiple new hotels. In the Philippines, increasing infrastructure investments, highlighted by a significant agreement with South Korea, underscore the country's commitment to construction growth, likely boosting demand for dry-mix mortar.

Key Trends

1. Due to urbanization, infrastructure development, and government initiatives, the construction sector in ASEAN countries has experienced a decisive growth spurt. This innovative development presents many possibilities, particularly the demand for a dry mortar mix that offers efficiency and consistency to construction projects.
2. In the ASEAN region, builders and contractors are increasingly embracing the use of ready-mortar products with dry mixes, a trend that is reshaping the construction industry. In particular, in the region's rapidly evolving environment, these mixed solutions are a change and an evolution of building processes. They provide a reliable and effective solution to building needs, offering unparalleled convenience, superior quality assurance, and time-saving benefits, instilling confidence in the industry's advancements.
3. Adopting specific dry mix mortar formulations specifically designed for use in particular applications such as tile adhesive, plastering, and masonry work has shown an increased trend. The need to improve the performance, durability, and sustainability of building projects in ASEAN countries is a reason for this trend.
4. With growing environmental awareness and stricter regulations, there's a shift towards eco-friendly dry mix mortar formulations. In addition to contributing to reducing the carbon footprint, reducing VOC emissions, and improving recyclability, these formulations offer several benefits, including specific benefits. Manufacturers are developing new products that consider the region's sustainability objectives and green building standards to provide a more sustainable construction solution for the industry.

ASEAN Dry Mix Mortar Market Premium Insights

In the ASEAN region, the dry mix mortar market offers valuable insights for businesses. Dry mix mortar, a pre-mixed blend of ingredients used in construction projects, is witnessing significant growth. Key players in the industry are focusing on innovation and sustainability to meet rising demand. Factors such as urbanization, infrastructure development, and the need for faster construction processes are driving market expansion. Southeast Asian countries are experiencing a surge in construction activities, creating lucrative opportunities for market players. Moreover, adopting advanced technologies like ready-to-use and polymer-modified mortars reshapes the market landscape. Understanding these premium insights can help businesses make informed decisions, capitalize on emerging trends, and stay ahead of the competition in the dynamic ASEAN Dry Mix Mortar market.

The Global Dry Mix Mortar Scenario

Government initiatives worldwide to enhance infrastructure are pivotal in propelling the dry-mix mortar industry. Developing economies witnessed a surge in infrastructure development, boosting markets like dry mix mortar. The USA plans to invest USD 3.42 trillion in road construction by 2040, while Europe allocated USD 31.9 billion for a comprehensive transport network. Moreover, the burgeoning populations in countries like China and India escalate the demand for infrastructure and essential facilities, fueling the consumption of dry mix mortar. Multilateral development banks like the Asian Development Bank are ramping up investments in infrastructure, with a USD 20 million increase since 2014. China, the largest construction market globally, is projected to spend nearly USD 13 trillion on buildings by 2030, bolstering the demand for construction materials like dry mix mortar. Additionally, emphasis on affordable housing, both publicly and privately, further stimulates residential construction, supported by initiatives like Hong Kong's aim to provide 301,000 public housing units by 2030.

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Market Dynamics

Increasing infrastructure development projects and booming hospitality sector driving ASEAN Dry Mix Mortar Market Growth

The ASEAN dry mortar market is poised for significant growth, fuelled by a surge in infrastructure development projects. Governments are making substantial investments in roads, railways, airports, production facilities, and commercial centers, a testament to the region's potential and attractiveness for foreign investments. The thriving hospitality sector, buoyed by a post-COVID-19 tourism boom, is also a key driver. The influx of travelers has sparked a demand for more hotels, restaurants, and cafes, thereby increasing the consumption of dry mortar in construction.

Health concerns from dust inhalation and environmental issues

Despite its growth potential, the ASEAN dry mortar market faces several challenges. Health concerns related to dust inhalation from dry mortar could hinder market expansion. Inhaling dry mortar dust can cause respiratory issues and skin or eye irritation, necessitating strict safety measures for workers. Furthermore, managing dry mortar quality is difficult due to a lack of standardization across ASEAN countries, leading to inconsistent product quality. Environmental concerns also pose a threat, as dry mortars emit greenhouse gases, prompting stricter regulations to curb emissions.

Strategic partnerships, new product developments, and tile-based project trends

The ASEAN dry mortar market is ripe with growth opportunities. The rise of strategic partnerships between market players and consumers fosters the development of safer, more user-friendly dry mortars, a testament to the industry's commitment to innovation. The increasing trend of tile-based residential projects in emerging countries is another promising avenue for expansion. The popularity of homes with tile designs, driven by urbanization and the cost-effectiveness of tiles, is boosting the demand for dry mortar, further fueling the industry's growth.

Competitive Landscape

The ASEAN Dry Mix Mortar market is somewhat fragmented, with the top five players dominating. Key companies include Sika AG, MAPEI S.p.A., Saint Gobain Weber, Siam City Cement, and LATICRETE International. These firms are forming partnerships to enhance their product range and expand geographically, leveraging mutual strengths for growth. They invest heavily in R&D to innovate better workability, durability, and sustainability products. Major players are also expanding into emerging Asia Pacific economies by establishing manufacturing facilities, distribution networks, and sales channels to meet increasing demand.

Recent Market Developments

• In April 2024, to highlight its steady transformation into a building solutions provider, Holcim Philippine rebranded its mortar products for walls and floors to Tector in line with the global branding for these offerings. Tector will be available nationwide starting the second week of April.

The ASEAN Dry Mix Mortar market can be categorized as End User Industry, Application, Admixtures, and Region.