Mastic Remover Market Expected to Reach $990.6 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Mastic Remover Market," The mastic remover market was valued at $531.6 million in 2021, and is estimated to reach $990.6 million by 2031, growing at a CAGR of 6.4% from 2022 to 2031.

Mastic remover is a substance intended to break down and remove mastics, layered adhesives, and glues from surfaces. It is a highly efficient and safe biodegradable formulation that is ideal for use in occupied areas such as post offices, schools, hospitals and other public places where safety is important.

An increase in investments in building infrastructure in countries such as the U.S., China, Japan, Mexico, and India, has led the building & construction sector to witness significant growth where mastic removers cling to and dissolve rubber-type mastics, floor tile adhesives, as well as, tar, paint and motor oil stains from masonry and concrete surfaces. In addition, sustainable economic growth coupled with an increase in demand for consumer goods has led the industrial manufacturing sector to witness a significant increase in demand where mastic remover is widely used for corrosion protection applications in underhood parts, engine components, and the interior of containers, and storage vessels. These factors are projected to contribute to the global market growth.

However, mastic removers are manufactured by combining several raw materials such as soybean, asphalt, latex dye formulations, and others. The prices of these materials have increased, which in turn has led manufacturers, wholesalers and store owners to pass on the price increase to the final end-users. This factor may hamper the growth of the mastic remover market during the forecast period.

On the contrary, mastic removers are safe, effective, and environmental-friendly formulations widely used for removing all latex and acrylic carpet adhesives in various end-use sectors including building & construction, hospitals, schools, industries, and others. Rise in –environmental awareness has surged the demand for various sustainable products in both developed and developing economies. Furthermore, an increase in government regulations and stringent policies have led several end-use sectors to become linear toward using environmental-friendly products. This is anticipated to increase the sales of mastic removers; thus creating lucrative opportunities for the market.

The mastic remover market is segmented on the basis of type, application, and region. By type, the market is segregated into solvent-based and soy-based. The soy-based segment dominated the global market in terms of revenue in 2021, with 69.34% of the total share. This is attributed to the fact that soy-based mastic removers are biodegradable formulations used to remove black asphalt-based mastics, yellow carpet adhesives, grease, lubricants, inks and other petroleum-based residues. They are ideal for projects where a biodegradable with no odor product is preferred. This has surged the popularity of soy-based mastic removers among various end-use sectors.

By application, the market is divided into concrete, vinyl flooring, and others. The concrete segment dominated the global market in terms of revenue in 2021, with 52.52% of the total share. This is attributed to the growing population, which in turn has led the building & construction sector to witness significant growth, owing to an increase in construction of residential and commercial facilities, where mastic remover is widely used to remove black asphalt-based mastics, yellow carpet adhesives, grease, lubricants, inks and other construction adhesives. For instance, according to a report published by the U.S. Census Bureau, the total construction spending during February 2022 was estimated at a seasonally adjusted annual rate of $1,704.4 billion, which is 11.2% above February 2021 estimate of $1,533.3 billion. This factor has fueled the demand for mastic removers for concrete applications.

Region-wise, the mastic remover market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific mastic remover market size is projected to grow at the highest CAGR during the forecast period, and accounted for a major mastic remover market share in 2021, owing to the rise in building & construction, industrial manufacturing, and other sectors that have enhanced demand for mastic remover in the Asia-Pacific region.

China's industrial manufacturing sector is increasing rapidly, which in turn has enhanced the performance of the mastic remover market in the region. According to a report published by the United Nations Statistics Division, China witnessed around 28.7% of the global manufacturing output for various consumer goods in 2019. Also, countries such as India and Australia are witnessing a rapid increase in building & construction sectors where mastic removers are employed to remove stubborn coatings from concrete such as coating, carpet or tile adhesive, thin-set and thin mil coatings like urethane or paint.

Key players operating in the global mastic remover market include Abatement Technologies, Abatix Corp, American Building Restoration Products, Inc., Aramsco, ArmorPoxy, Citrus Depot, Franmar, ILC Dover LP, Jon-Don, LLC, Mast Away Mastic Remover, Norkan Inc., Quest Safety Products, Inc., Soy Technologies, LLC, SureCrete Design Products, and Twin Chemicals, Inc.

COVID-19 analysis:

The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The mastic remover market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on the building & construction, industrial manufacturing, and other end-use sectors. The increasing risk of infection among the workforce has resulted in delayed construction projects amid the COVID-19 scenario. For instance, according to an article published by CNA, the Construction Industry Joint Committee (CIJC) has said that the shortage of manpower may lead to delays in construction projects attributed to workplace safety and other factors. Moreover, several sustainable product manufacturers in South East Asia and Australia have either shut down or shrank their operations which in turn have resulted in supply chain disruptions. Also, different raw materials for producing mastic removers are purchased or hired from other enterprises. The decreased purchasing potential of suppliers has also negatively impacted the market amid the COVID-19 scenario. Furthermore, the COVID-19 pandemic has led to disruptions in transportation, contractual implications problems, labor shortage, and other factors that together have led the construction sector to witness a downfall. For instance, according to a report published by the Australian Performance of Construction Index (PCI) Survey, the construction activity has dropped by 16.3 points to 21.6 points from March 20201 to August 2020.

However, emerging geographic scenarios, enhanced domestic supply chain, and strong public investments are projected to drive the growth of mastic removers used in vinyl flooring applications. For instance, according to an interim report for the 2021 Australian infrastructure plan, the Australian Construction Industry Forum (ACIF) expects the construction industry to return to pre-COVID-19 levels by 2022-23, driven by strong public investments. This is projected to boost the growth of the mastic remover market post-COVID-19 period.

Key findings of the study

• The soy-based segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.5% from 2022 to 2031.
• The concrete application segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.7% from 2022 to 2031.
• Asia-Pacific garnered the highest share of 36.4% in 2021, in terms of revenue, growing at a CAGR of 7.4%.