Epoxy Grout Market Research Report - Global Forecast till 2030

Epoxy Grout Market Research Report: By Application (Residential, Commercial, Industrial) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) – Forecast to 2030

ID: MRFR/CnM/6838-HCR | February 2023 | Region: Global | 111 Pages         

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Epoxy Grout Marke

Epoxy Grout Market is estimated to record a CAGR of 7% and cross USD 930 million by 2030

Segmentation
By Application Residential Commercial Industrial
Key Players
Companies Profiled   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
Drivers
Market Driving Forces   Increasing investments in the healthcare industry with growing awareness
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Epoxy Grout Market Synopsis


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.


Key Players



  • 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


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.


Market Drivers



  • Increasing residential construction activities, particularly in the US, China, and India

  • Socio-economic trends such as economic growth, increasing disposable income, changing lifestyle, urbanization, and population growth

  • Increasing investments in the healthcare industry with growing awareness


Market Restraints



  • High cost and availability of close substitute


Segmentation


By Application



  • Residential: Residential segment is expected to be the largest and the fastest growing segment, which accounted for more than 42% of the global epoxy grout market in 2018. The high growth of the segment is attributed to rapid urbanization, increasing population, and changing lifestyles coupled with increasing disposable income. In residential construction, epoxy grout is used in flooring and wall installations across kitchens, bathrooms, and swimming pools.



  • Commercial: Some of the key applications of epoxy grout under the commercial segment include hospitals, restaurants, and other facilities, where clinical sanitation is maintained. The increasing commercial construction activities are projected to fuel the demand for epoxy grout.



  • Industrial: Rapid industrialization in emerging countries and increasing investments in the production of renewable energy, especially wind energy, is expected to boost the growth of the segment.


By Region



  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa


Regional Analysis



  • North America: The region is expected to significant growth during the forecast period primarily due to increasing residential and commercial construction activities in the US. In 2018, the total construction spending was valued at USD 15.6 trillion witnessing a growth of 6% from 2017. Of the total spending, the residential construction segment accounted for 43% market share in 2018 and witnessed a growth of 7% as compared with 2017.



  • Europe: Lead by Germany, the UK, France, and Russia, the European epoxy grout market is expected to register considerable growth during the review period. In addition, increasing investment in reconstruction and refurbishment activities is likely to propel the growth of the epoxy resin market in the region.



  • Asia-Pacific: The regional market accounted for the largest share of about 38% in 2018 and is projected to register the highest CAGR of ~9% during the review period. The high demand for the product in the region can be primarily attributed to increasing investments in the residential and commercial construction sectors in countries such as China, India, and Indonesia. The construction industry in China was valued at USD 2.5 Trillion in 2018 dominating the Asia-Pacific construction industry with more than 50% share. China is expected to maintain its dominance during the forecast period attributed to robust economic growth and urbanization. The construction industry in India is expected to grow at almost twice as fast as China driven by increased government investment in infrastructure development and policies such as “Smart Cities” and changing lifestyles.



  • Latin America: With steady economic growth in the key Latin America countries such as Brazil, Argentina, Mexico, Chile, and Peru driven by increasing investments in the mining and industrial sectors is expected to boost the growth of the market in the region.



  • Middle East & Africa: The expanding construction industry in GCC, Turkey, Iran, and South Africa coupled with increasing investments in the oil & gas industry in the region is expected to fuel the growth of the epoxy grout market during the forecast period.


Recent DevelopmentMarch 2021- Roff, a leading tile and stone solutions brand from the house of Pidilite Industries, has unveiled several initiatives to strengthen its presence in Kerala. The company has introduced a complete range of premium products, including Master Fix Adhesives for fixing tile and stone on diverse surfaces like metal, plywood, and drywalls, and Power Fix Adhesives, a high strength flexible adhesive for external tiles and stones at any height. Roff has also launched an easy to clean, high-performance, 2 component Epoxy grouts for tile joints with patented quartz technology which is available in a wide range of finishes.March 2021- An impressive flooring fitting at AstraZeneca’s worldwide production site in Macclesfield, Cheshire, has been done by the Stonhard Group, contracted by the leading manufacturer of epoxy resin flooring, wall and lining systems, Boulting Environmental Services (BES), Stonhard, engineered and installed a high-performance flooring system as a fraction of the refurbishment of an existing warehouse into a state of the art pharma packaging facility.The site at Macclesfield is AstraZeneca’s considered to be a European center for packing and distributing to 130 global markets. It is also the second biggest global production plant for medicines such as legacy prostate cancer drug Zoladex.



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2022: USD 930 million
  • 2030: Significant Value
  •   CAGR   7%(2016-2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Application
      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


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    Frequently Asked Questions (FAQ) :

    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.