New York, April 13, 2023 (GLOBE NEWSWIRE) -- According to new research conducted by Persistence Market Research on the Ready-to-Use Grout and Adhesive Market, product demand stands at a valuation of US$ 1.7 billion in 2023 and is forecasted to increase rapidly at 8.2% CAGR through 2033. Worldwide demand for RTU grout and adhesives is expected to reach at US$ 3.68 billion by the end of 2033. Consistent demand from the residential, commercial, and industrial sectors is one of the main reasons driving market growth.
Demand for ready-to-use grout and adhesives in the construction industry is driven by the need for efficient solutions that provide quick application, fast drying, and high durability. This demand is further amplified by rising urbanization and population. The trend of sustainable construction practices, in addition, has created a market for eco-friendly and low-VOC options. The growth of e-Commerce has also made it more convenient for construction professionals to access a broader range of products, which has contributed to market expansion.
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Key manufacturers of ready-to-use grout and adhesives are increasing their brand endorsement spending to differentiate their products, raise brand awareness, and build customer loyalty. These players work with influencers, architects, builders, and contractors to promote their products and increase their market share, revenue growth, and demand. Some prominent market players are focusing on regional expansion through strategic acquisitions and collaborations with local companies to get access to new markets, local expertise, and product portfolio expansion. This approach can also improve supply chain efficiency while lowering transportation costs and lead times.
Key Takeaways from Market Study
- Worldwide demand for ready-to-use grout and adhesives to increase at 8.2% CAGR between 2023 and 2033.
- Adhesives account for 60% of the market share in 2023.
- Floors are the key application area of RTU grout and adhesives, occupying 45% of the market share.
- Consumption of ready-to-use grout and adhesives in the residential sector is expected to remain high and increase at 8.7% through 2033.
- The global market is expected to reach a size of US$ 3.68 billion by the end of 2033.
“Implementing a pricing strategy that maintains brand value while lowering prices, building a robust value chain for efficient product supply, and strategically expanding into emerging markets are important factors that can boost business growth,” says a Persistence Market Research analyst.
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Competitive Landscape
The global ready-to-use grout and adhesive market is moderately consolidated with the presence of a few dominating market players. These companies collectively account for 50% to 55% of the market share. Some of the top manufacturers profiled in the research study are SIKA AG, Henkel Group, H.B. Fuller, BASF SE, Arkema, Mapei S.p.A., Laticrete Inc., Master Builders Solutions, Saint Gobain, and Custom-Building Products.
Regional expansion through acquisitions & collaborations and diversification of product portfolio are key trends in this market.
- On Feb 23, 2023, Master Builders Solutions, the global umbrella brand of the MBCC Group, successfully opened a new Taiwan offshore grout manufacturing factory near Taichung's harbor.
More Insights Available
In its latest report, Persistence Market Research offers an unbiased analysis of the global ready-to-use grout and adhesive market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented based on product type, application, end use, and region.
- By Product Type: Grout ( Sanded Grout, Un-sanded Grout, Epoxy Grout, Acrylic Grout, Urethane Grout, Others), Adhesives ( Epoxy, Polyurethane, Polyimide )
- By Application: Walls, Floors, Countertops, Others
- By End Use: Residential, Commercial, Industrial
- By Region: North America, Latin America, Europe, East Asia, South Asia and Pacific, Middle East and Africa
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