ID: MRFR/CO/6931-HCR | February 2021 | Region: Global | 110 pages
Market Synopsis: Global Tile Grout Market
The global market for tile grout has witnessed substantial growth in the past couple of years. The demand for floor grout is expected to be driven by the rising popularity of tiles and growth in the construction activities. Moreover, the growth in the number of housing projects across the globe is further expected to increase the demand for tile grout. Several developing countries across the world are trying to meet the demand for employment and affordable homes owing to the rising population. The growth in the number of housing projects will further promote the demand for tile grout. However, lack of awareness about tile grout in developing countries is expected to hamper the market growth. The prices of raw materials are highly dependent on the availability of raw materials, global and local demand and supply forces, and government regulations. Thus, fluctuating raw material prices is expected to hamper the market growth.
Moreover, the rise in residential projects owing to the rise in population and the ever-growing hospitality industry is expected to create opportunities for the market players in the near future.
The Global Tile Grout Market size was valued at 1.2 billion in 2018, which is expected to witness 5.2% CAGR during the forecast period.
The Global Tile Grout Manufacturers Market has been segmented into five regions, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. In 2018, the market in Asia-Pacific was the largest market for tile grout, followed by North America and Europe.
The building & construction industry growth and the presence of major manufacturers in this region have led to a high demand for tile grouts. Moreover, commercial buildings such as commercial complexes and offices are increasing as the business hubs are turning overpopulated, creating demand for new complexes, leading to the tile grout industry growth.
Asia-Pacific is set to witness the highest growth rate in the global tile grout industries due to the rapid urbanization in China, India, and other emerging economies in the region.
Global Tiles Grout Market: Segmental Analysis
The global grout tile industry has been segmented based on type and application. By type, the global market is segmented as unsanded grout, finely sanded grout, quarry-type grout, and epoxy grout.
The epoxy grout segment held the largest market share of the global tile grout market in 2018 and is expected to witness the highest CAGR during the forecast period due to their multiple applications and various benefits such as its strength and durability.
By application, the global market has been segmented as residential, commercial, and industrial. In 2018, the residential segment dominated in terms of market share; it is poised to witness the highest growth during the forecast period. The commercial segment is further segmented as hospitality, healthcare, shopping malls & centres, educational centres, office spaces, and others. The industrial segment is further classified as warehousing/storage facilities, manufacturing units, and others. The residential segment is anticipated to witness tremendous growth in the grout tile market, owing to the rapidly growing population, government funding for housing projects, rapid urbanization, and strong economic growth. This drastic change has further led to an increased need for residential buildings globally.
The Key Players in the global tile grout industry include Bostik USA (US), Sika AG (Switzerland), ParexGroup (Bangkok), MAPEI S.p.A (Italy), Building Adhesives Ltd (UK), Craft (India), Krishna Colours and Constchem PVT LTD (India), LATICRETE International, Inc (US), ARDEX UK (UK), and FLEXTILE LTD. (Canada).
Frequently Asked Questions (FAQ) :
Global tile grout market is projected to grow at approximately 5.2% CAGR during the assessment period (2019-2025).
Global tile grout market had created a valuation of around USD 1.2 BN in 2018
On the basis of type, epoxy grout segment and on the basis of application, residential sector segment holds majority shares in the global tile grout market.
Asia Pacific holds the largest share in the global tile grout market, followed by North America and Europe, respectively.
Bostik USA (US), Craft (India), FLEXTILE LTD. (Canada), Sika AG (Switzerland), ARDEX UK (UK), ParexGroup (Bangkok), LATICRETE International, Inc. (US), MAPEI S.p.A (Italy), Krishna Colours and Constchem Pvt. Ltd. (India), and Building Adhesives Ltd (UK), are some of the top players operating in the global tile grout market.