Epoxy Grout Market is estimated to record a CAGR of 7% and cross USD 930 million by 2030
Epoxy Grout Market is estimated to record a CAGR of 7% and cross USD 930 million by 2030. Epoxy grout held approximately 23% share of the grout market in 2018.
Epoxy grout is made of two components, i.e., epoxy resin and a filler powder. It is most commonly used to fill cracks on any surface or joints such as ceramic tiles, vitrified tiles and stone joints. Epoxy grout is extremely durable, stain proof, waterproof, and chemical resistant. Moreover, epoxy grout is highly preferred for flooring in hospitals, swimming pools, kitchen, and bathrooms. Epoxy grout plays a role in industrial facilities, particularly chemicals and food processing plants such as breweries, dairies, bottling plants, textile, and metal finishing owing to its high resistance to acidic and alkaline products, as well as grease and solvents. Some of the trade names for epoxy grouts are MasterFlow, Sikadur, EASYPOXY AG, SPECTRALOCK, KERAPOXY, and CEG.
The growth of the global epoxy grout market is primarily driven by the growing residential construction sector in developed as well as developing countries. The global construction industry was valued at USD 8.5 trillion in 2018 and is projected to register a CAGR of about 4% during the forecast period. China, India, and the US hold more than half of the share of the construction industry. Moreover, the growing population, rapid industrialization, and urbanization in the developing countries such as China, India, Brazil, Malaysia, Philippines, and South Africa are expected to drive the growth of the global epoxy grout market during the forecast period.
Though epoxy grout offers several advantages over epoxy resin, it is expensive as compared to the traditional cement-based grout. These factors are expected to hamper the growth of the global epoxy grout market.
Pricing Analysis and Regulatory Framework:
In 2018, the global average price for epoxy grout ranged from around USD 2,700–3,900 per tons. The price of the epoxy grout fluctuated between 2014 and 2018, this can be primarily attributed to volatile raw material prices such as epoxy resins and other filler materials. Furthermore, volatility in crude oil price is also expected to have a significant impact on the price of the product.
The international standards for grout for ceramic tiles and natural stone must comply with ISO 13007-3. In the UK, the epoxy grout comply with British Standard BS 5980:1980, i.e., “Specification for adhesives for use with ceramic tiles and mosaics” for resistance to mold growth and conforms to BS 5385: Part 4: 1992, section 9, for use in sterile conditions. In the US, the epoxy grout is regulated by the Occupational Safety and Health Administration (OSHA) and must comply with OSHA Part 1910.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Arkema (France), BASF SE (Gemany)–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, Flextile Ltd (Canada), Rust-Oleum (US), MAPEI S.p.A (Italy)–KERAPOXY|
|Key Market Opportunities||The growing residential construction sector in developed as well as developing countries.|
|Key Market Drivers||Increasing investments in the healthcare industry with growing awareness|
An income level of USD 930 million by 2030 is estimated to alter the market.
The largest market share is predicted to be shaped by the Asia Pacific region in the coming period.
BASF SE (Germany), Arkema (France), MasterFlow, Sika Group (Switzerland)–Sikadur and Five Star Products, Inc (US) is predicted to stimulate the market considerably.
The developing residential sector construction is estimated to be one of the critical factors for market expansion.
A 7% CAGR is projected to spur the market considerably in the forecast period.