Rise in adoption of thermally treated tiles, surge in popularity of outdoor entertaining area among residential end-users, and increase in residential and non-residential construction activities fuel the growth of the global tile grout and adhesives market.
PORTLAND, Oregon, Jan. 21, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Tile Grout and Adhesives Market by Type (Adhesives and Grout) and Application (Commercial, Industrial, and Residential): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global tile grout and adhesives industry was estimated at $2.24 billion in 2018 and is expected to hit $3.88 billion by 2026, registering a CAGR of 6.8% from 2019 to 2026.
Drivers, restraints, and opportunities-
Rise in adoption of thermally treated tiles, increase in popularity of outdoor entertaining area among residential end-users, and surge in residential and non-residential construction activities drive the growth of the global tile grout and adhesives market. On the other hand, threat of substitute products impedes the growth to certain extent. Nevertheless, growing emphasis toward utilization of low VOC grout and adhesive is expected to pave the way for several opportunities in the near future.
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The adhesive segment to retain its dominance by 2026-
Based on type, the adhesive segment accounted for three-fourths of the global grout and adhesives market share in 2018, and is expected to dominate throughout the forecast period. This is due to satisfactory prices in comparison with other flooring materials. In addition, the adhesive is quite strong when used to hold tiles on walls, which has boosted the growth of the segment yet more. The grout segment, on the other hand, is anticipated to cite the fastest CAGR of 7.4% by the end of 2026. The ability of grout to offer chemical resistance, and compressive strength & stiffness is estimated to lead the growth of the segment.
The residential segment to rule the roost during the study period-
Based on application, the residential segment contributed to nearly three-fifths of the global grout and adhesives market revenue in 2018, and is projected to lead the trail till 2026. Increased expenditure on residential construction across the globe boosts the growth of the segment. At the same time, the commercial segment would register the fastest CAGR of 7.7% during the study period.
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Asia-Pacific held the major share in 2018, while North America held the second highest CAGR by 2026-
Based on geography, the Asia-Pacific region garnered the highest share in 2018, holding nearly two-thirds of the global grout and adhesives market. Easy availability of raw materials is the major factor driving the growth of the market in this region. The LAMEA region would grow at the fastest CAGR of 8.5% throughout the estimated period. Significant investment toward infrastructure development and growing popularity of outdoor flooring in Middle East are the major factors driving the growth of the market in the LAMEA region. However, North America is expected to hold the second highest CAGR from 2019 to 2026.
Frontrunners in the industry-
- Dow
- Henkel
- Laticrete International Inc.
- Sika AG, Ardex GmbH
- Pidilite Industries Limited
- Saint-Gobain Group
- Arkema Group
- BASF
- Schomburg GmbH & Co. KG.
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