Epoxy Grout Market Analysis
Epoxy Grout Market is estimated to record a CAGR of 7% and cross USD 930 million by 2030
Prominent Boosters and Key Challenges
Epoxy grout consists of two major components, namely epoxy resin as well as epoxy hardener, which impart a host of qualities including stain-proof, chemical resistant, and waterproof. Given these features, epoxy grout is used in filling cracks on joints or surfaces between tile units. Epoxy resin as well as epoxy hardener enables Epoxy Grout Market Analysis to offer higher bond strength to the tiles, and is therefore, considered superior to emulsion grout and cement grout. These components make epoxy grout stronger, harder, stain-proof, and durable. In view of these appealing characteristics, the demand for epoxy grout has been escalating rapidly in numerous commercial, residential, and industrial construction activities.
The incredible growth of the construction and building industry has boosted the sales of epoxy grout over the years. With governments across different parts of the world focused on the upgradation of their respective infrastructure, construction activities are soaring in number and are pushing the need for epoxy grout.
Major market trends include increasing commitment to environmental safety and sustainability, while also maintaining the products’ quality. This has given way to the production of eco-friendly items, the adoption of the latest manufacturing technologies and the assessment of existing product ranges by top manufacturers. Therefore, epoxy grouts now being introduced in the market adhere to environmental and safety regulations, along with technical requirements.
The epoxy grout industry has been divided with respect to application.
The to applications of epoxy grout include industrial, commercial as well as residential. Out of these applications, the most extensive use of epoxy grout is in the residential construction sector and therefore, the segment is touted to capture the highest growth rate and also secure the top position in the global market. In 2018, the segment captured a share of over 42%, considering the fast-paced urbanization, booming population, and evolving consumer lifestyles as well as their rising disposable income. These aspects have given a boost to the number of residential construction activities.
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APAC or Asia Pacific, Europe, North America, MEA or Middle East & Africa as well as Latin America are the key markets for epoxy grout worldwide.
North America currently stands as the market leader and will maintain its winning streak throughout conjectured period, thanks to the incredible growth of the commercial and residential construction sectors in the United States/US. Reports confirm that in 2018, construction spending came to around USD 15.6 trillion, experiencing a jump of 7% from the year 2017. Out of this, the residential sector formed a share of 43% in 2018, witnessing a surge of 7% from 2017.
Led by the UK, Germany, Russia and France, Europe stands as one of the strongest contenders in the global market for epoxy grout. The region’s considerable growth is the result of the large-scale spending on refurbishment and reconstruction, which raises the demand for epoxy grouts. The escalating consumption of sealants within the construction sector also acts in favor of the European market.
Asia Pacific accumulated the highest share of around 38% in the global market in 2018 and is touted to progress at the fastest rate of 9% between 2020 and 2027. Epoxy grout enjoys robust demand in the region, primarily due to rising investments in commercial as well as residential construction activities across China, Indonesia, and India. The construction sector in China touched USD 2.5 Trillion in the year 2018 and emerged highly lucrative in whole of Asia Pacific, accounting for over 50% of the total share. China is, therefore, the biggest market for epoxy grout in the region, while the surge in urbanization will add to the market value as well. The Indian construction market is soaring at a pace twice that of China, supported by government funds for infrastructure development as well as policies like “Smart Cities” and more.
The eminent players within the global market for epoxy grout Market In-Depth Analysis include Arkema (France), BASF SE (Germany)–MasterFlow, Custom Building Products (US)–CEG-Lite, CEG-IG, Sika Group (Switzerland)–Sikadur, Five Star Products, Inc (US), Building Adhesives Limited (UK)–EASYPOXY AG, Floor Epoxy, ITW Engineered Polymers (US), Asian Paints Limited (India), Fabro India Industries (India), LATICRETE International, Inc (US)–SPECTRALOCK PRO Grout, Flexile Ltd (Canada), Rust-Oleum (US), MAPEI S.p.A (Italy)–KERAPOXY and more.
Mergers and acquisitions along with new product launches and agreements are the key strategies generally employed by the leading manufacturers
For instance, in March 2021, Roff, a renowned stones and tile solutions firm in India, from Pidilite Industries, introduced a high-quality, easy-to-clean Epoxy grout with applications in tile joints. The new epoxy grout has been developed on the basis of quartz technology and will be available in an extensive range of finishes. The Rainbow Tile Mate Epoxy Grout is waterproof, crack-free, chemical and stain resistant, and come in a variety of colors.
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