Impact of Covid-19 Outbreak on Tile Grout Market

05/ago/2020 10:56:45 Automotive Market Research Reports Contatta l'autore

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According to a detailed report released by Market Research Future (MRFR), the global market is slated to acquire a substantial market valuation at a moderate 5.2% CAGR over the review period.

Drivers and Restraints

The global tile grout market is expected to witness a substantial growth due to several driving factors. The increasing number of housing projects across the world along with the growing popularity of tiles is contributing to the rising demand for tile grout. The rising worldwide population, especially in emerging economies, is also expected to fuel the tile grout market growth over the review period.

On the contrary, the lack of awareness  regarding tile grout in developing countries is slated to hinder market growth over the forecast period. Moreover, the fluctuating prices of raw materials, influenced by their availability, supply forces, global and local demand, and government regulations, are expected to hamper the market growth.

Segmental Analysis

The global tile grout market has been segmented based on type and application. 

On the basis of the type, the global market for tile grout is segmented into finely sanded grout, quarry-type grout, unsanded grout, and epoxy grout.The epoxy grout segment was accounted for the largest market share of the global tile grout market in 2018 and is estimated to record the highest CAGR over the forecast period. This is attributed to their multiple applications and numerous benefits such as its strength and sturdiness.

On the basis of the application, the global tile grout market has been segmented as commercial, residential, and industrial. In 2018, the residential segment dominated in terms of market share and is slated to exhibit the highest growth over the assessment period. The commercial segment is sub-segmented into healthcare, hospitality, shopping malls & centers, office spaces, educational centers, and others. The industrial segment is classified as manufacturing units, warehousing/storage facilities, and others. The residential segment is projected to witness remarkable growth in the tile grout market, due to the rapidly growing population, rapid urbanization, government funding for housing projects, and strong economic growth. This severe change has further led to an augmented need for residential buildings globally.

Regional Analysis

The geographical analysis of the global market has been conducted in four major regions, namely North America, the Asia Pacific, Europe, and the rest of the world (including Latin America and the Middle East and Africa).

Asia-Pacific is slated to hold a majority of the market share in the global tiles grout market. Asia-Pacific is already growing owing to the growth of real estate.

The presence of major manufacturers coupled with the growing construction industry has led to higher demand for tile grout in Asia-Pacific. Furthermore, commercial buildings such as office complexes are increasing as the business hubs are turning overpopulated, creating a demand for new complexes, leading to the market growth. China dominated in terms of the market share in 2018, which will continue its presence by the end of 2025. The rapid growth of residential and non-residential construction projects along with the increasing emphasis on green buildings have further enhanced the demand for tiles grout market.

Europe region is likely to hold second largest share followed by North America, the demand in Europe region is mainly driven by growing ceramic tiles manufacturing industries. North America the stagnant growth rate, the demand is driven by slowly growing residential construction industry.

Due to the high consumption of decorative tiles along with growing infrastructure, the Middle East & Africa is projected to show high growth rate in the forecast period. South America shows decent growth rate owing to increase in the number of commercial projects, the demand is projected to increase in forecast period. 

Competitive Analysis

The leading market players identified by MRFR in the global market are Sika AG (Switzerland), Bostik USA (US), ParexGroup (Bangkok), MAPEI S.p.A (Italy), Craft (India), Building Adhesives Ltd (UK), Krishna Colours and Constchem PVT LTD (India), ARDEX UK (UK), LATICRETE International, Inc (US), and FLEXTILE LTD. (Canada).

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