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Epoxy Grout Market Report Overview
The global epoxy grout market size was USD 583.3 million in 2019 and is projected to reach USD 768.4 million by 2026, exhibiting a CAGR of 4.0% during the forecast period.
Epoxy grouts have unparalleled physical and chemical characteristics that make them the preferred option over other grout types for important construction and industrial uses. They provide exceptional compressive strength, flexural strength, and tensile strength as well as resistance to chemicals, acids, solvents, and oils. Their impressive adhesion allows bonding to wet or dry surfaces. Furthermore, the rising global investments in mining and water management are contributing substantially to market expansion
COVID-19 Impact: Demand Declined Due to Cancellation and Delay of Construction Projects
The COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
The construction industry faced significant setbacks during lockdowns, as numerous projects were stopped or postponed. This severely impacted the demand for construction materials like epoxy grout. Additionally, disruptions in supply chains, global trade routes, and manufacturing plants also influenced the creation and distribution of epoxy grout items. These facets produced a declining pattern for market expansion amid the COVID-19 pandemic.
Latest Trends
"Increasing Popularity of Decorative and Colored Grouts to Offer Growth Opportunities"
There has been a noticeable shift in the worldwide epoxy grout industry towards the growing favorability of decorative and colored grout items among buyers. Homeowners and contractors are more frequently utilizing colored epoxy grouts to make tile installations more visually appealing. This offers profitable possibilities for producers to invent advanced grout solutions in an ample assortment of shades and surfaces.
Epoxy Grout Market Segmentation
By Type Analysis
Based on type, the global market can be categorized into resin and hardener.
- Resin: Epoxy resin plays a key role in epoxy grouts. It offers outstanding adhesive qualities, longevity, and resistance to chemicals when blended with the hardener and filler. Epoxy resins used in grouts come in varying viscosities, providing adaptability in application.
- Hardener: Hardeners are used to initiate the curing process in epoxy grouts. Modified amines and amides are the most frequently applied curing agents.
By Application Analysis
Based on application, the global market can be categorized into the mining industry, water conservancy industry, and construction industry.
- Construction Industry: The construction segment accounts for the greatest portion of the worldwide market. Epoxy grouts are extensively applied for grouting tiles, floors, and walls in residential and commercial structures. Their strong bonding to concrete and masonry makes them well-suited for high-quality construction applications.
- Mining Industry: Chemical sealants composed of epoxy resins grouts are more commonly utilized for anchoring mining machinery bases, bolt recesses, and subsurface passages at mining locations. Their remarkable durability and reaction to chemicals permits them to endure the unforgiving environments common in mines.
- Water Conservancy Industry: The water infrastructure sector is expected to present profitable prospects due to the rising need for long-lasting grouting solutions. Epoxy grouts are well-suited for spillways, dams, water reservoirs, and offshore constructions because of their waterproof quality. These grouts provide an impermeable barrier that protects critical structures from water seepage, damage, and erosion.
Driving Factors
"Superior Performance Characteristics of Epoxy Grouts to Propel Market Growth"
Epoxy grouts provide exceptional performance that surpasses other types of grouts. They exhibit very high compressive strength, flexural strength, and tensile strength, making them suitable for demanding projects. Epoxy grouts also demonstrate excellent resistance to chemicals, acids, solvents, and oils. Their strong adhesion allows bonding to damp and dry surfaces. Additionally, epoxy grouts do not shrink and can withstand heavy impacts, vibrations, and dynamic loads. These unmatched physical and chemical properties make them the preferred choice over cement or latex-based grouts for critical construction and industrial applications. Their superior performance is, therefore, a major driving factor for the epoxy grout market growth.
"Growth of Mining and Water Infrastructure Projects to Boost Market Demand"
Growing global investments in mining exploration and water management initiatives are contributing substantially to the expansion of the epoxy grout industry. Swift urbanization in developing nations is also driving the need for enhanced water and wastewater infrastructure. Epoxy grouts are widely utilized in these projects owing to their power to withstand wet surroundings, harsh weathering, and dynamic loads. Their exceptional ability to bond with metals and concretes likewise renders them appropriate for grouting equipment bases, dams, tunnels, and other constructions. The rising engineering and infrastructure undertakings worldwide are, consequently, spurring requirement for high-performance epoxy grouts.
Restraining Factor
"Volatility in Raw Material Prices to Hamper Market Enhancement"
A key factor restraining the global epoxy grout market involves the fluctuating prices of essential raw materials like epoxy resins and hardeners. The costs of important ingredients such as bisphenol A, epichlorohydrin, and amines can change due to imbalances between supply and demand. Regulations and geopolitical issues may also impact pricing. For example, rising oil and natural gas prices directly affect the expenses of amine-based hardeners. This volatility in raw material expenses presents challenges for manufacturers to maintain consistent profit margins. It could also force companies to increase epoxy grout prices, impacting adoption among cost-sensitive end-users. Therefore, the uncertainty in raw material supply and pricing has the potential to emerge as an obstacle hindering growth in the epoxy grout market.
Epoxy Grout Market Regional Insights
"Asia Pacific to Lead the Global Market Due to Region’s Rising Construction Activities"
The market is primarily segregated into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa.
The Asia Pacific region is anticipated to maintain the largest global epoxy grout market share during the projected timeframe. This can be attributed to the flourishing construction sector within the region. According to industries projections, emerging nations in the Asia Pacific will account for a substantial part of worldwide construction expenditures by 2030. Swift urbanization, government infrastructure initiatives, and an expanding middle-class populace are key growth propellants.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Mapei (Italy)
- Sika (Switzerland)
- Laticrete (U.S.)
- ITW Engineered Polymers (U.S.)
- GCP Applied Technologies (U.S.)
- Five Star Products (U.S.)
- Master Builders Solutions (Germany)
- Euclid Chemical (U.S.)
- NanjingDuolongBio-tech (China)
- Bostik (France)
INDUSTRIAL DEVELOPMENT
January 2022: ITW Engineered Polymers broadened its lineup of grout and concrete repair solutions with the debut of new epoxy grouts based on methyl methacrylate (MMA) chemistry. These latest offerings provide swift gain in strength, high tolerance of dynamic stresses, and superb workability. This rollout reinforced the company's standing in the market.
Report Coverage
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 583.3 Million in 2019 |
Market Size Value By |
US$ 768.4 Million by 2026 |
Growth Rate |
CAGR of 4% from 2019 to 2026 |
Forecast Period |
2022-2026 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the epoxy grout market expected to reach by 2026?
The epoxy grout market is expected to reach USD 768.4 million by 2026.
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What CAGR is the epoxy grout market expected to exhibit by 2026?
The epoxy grout market is expected to exhibit a CAGR of 4.0% by 2026.
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What are the driving factors of the epoxy grout market?
The superior performance characteristics of epoxy grouts, and growth in mining and water infrastructure projects are the key driving factors of epoxy grout market.
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What are the epoxy grout market segments?
The epoxy grout market segmentation includes types such as resin and hardeners. Based on application, the market is classified into the mining industry, water conservancy industry, and construction industry.