Market Research Future Has Published a Half-Cooked Research Report on the Global Epoxy Grout Market Research Report- Forecast to 2025
Market Synopsis:
According to the MRFR analysis, the Global Epoxy Grout Market was valued at USD 600 million in 2018 and is expected to reach over USD 930 Million by the end of 2025 at a CAGR of 7%.
Epoxy grout is produced through two components—epoxy resins and a hardener. It is most commonly used for filling cracks on any surface or joints such as ceramic tiles, vitrified tiles, and stone joints to protect them against water and other chemical damage. Epoxy Grout is extremely durable, stain proof, waterproof, and chemical resistant. Epoxy Grout is used in the construction of hospitals, restaurants, swimming pools, kitchen, and bathrooms. It is highly preferred in chemical and food processing plants, such as breweries, dairies, bottling, textile, and metal finishing plants.
Pricing and Regulatory Analysis:
In 2018, the price of Epoxy Grout varied from USD 2,700 to USD 3,900 per tons. This price varies significantly across different geographies and was highly volatile during 2014 and 2018. The trend is expected to continue during the forecast period owing to fluctuating raw material prices.
The epoxy grout has stringent standards regarding resistance to mold growth, sterile conditions, and chemical and water resistance. 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 and BS 5385: Part 4: 1992, Section 9.
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Segmentation:
By Application
Residential: The segment is expected to be the largest and fastest growing during the review period. The high growth of the segment is attributed to the increasing residential construction activities across the US, China, India, Indonesia, and South Africa driven by rapid urbanization and growing population. The residential construction spending in the US was USD 6.5 trillion in 2018, an increase of USD 422 billion as compared with 2017. Furthermore, the increasing investments in the repair & refurbishment activities across Europe and the US is expected to propel the growth of the global market during the forecast period.
Commercial: The rapid economic growth and increasing investments in the development of restaurants, healthcare facilities, and other commercial complexes are fueling the demand for Epoxy Grout.
Industrial: Though holding a relatively smaller share in the market the segment is expected to witness significant growth owing to rapid industrialization across the globe. Furthermore, with the rapid growth of the food & beverage industry with increasing number of dairies, breweries, and food processing plants, wind energy, textile, and metal process plants the demand for the product is expected to increase during the forecast period. The emerging economies such as China, India, Indonesia, and South Africa are expected to witness robust growth owing to rapid industrialization.
By Region:
North America: The growth of the regional market is driven by recovering growth of the residential construction sector.
Europe: Increasing investment in refurbishment activities and new construction is expected to fuel the regional market growth.
Asia-Pacific: The largest and fastest-growing regional market, led by China and India.
Latin America: Albeit having a lower share in the global market, it is expected to witness significant growth owing to the growing economy.
Middle East & Africa: Increasing commercial construction activities and infrastructure development to boost market growth.
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