Floor Adhesives Market worth US$ 6,947.8 million in 2023
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This Floor Adhesives Market analysis has been segmented in five ways, keeping in mind the interest of all the stakeholders across the value chain.
• by Material Type (Epoxy Adhesives, Acrylic Adhesives, Polyurethane Adhesives, Vinyl Adhesives, Others)- Acrylic adhesive segment currently dominates the global floor adhesives market.
• by Application Type (Tile & Stone, Carpet, Wood, Laminate, Resilient Flooring, Others)- Resilient flooring is likely to remain the most dominant application type.
• by Technology Type (Water-based Adhesives, Solvent-based Adhesives, Other Adhesives)- Water-based technology currently dominates the floor adhesives market.
• by End-User Type (Residential Use, Commercial Use, Industrial Use)
• by Region (North America, Europe, Asia-Pacific, Rest of the World)- Asia-Pacific is expected to remain the largest and fastest-growing floor adhesives market globally in the foreseeable future.
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Floor Adhesives Market Insights
The global flooring market is nearly 13 billion square meters in which ceramic tile is the most commonly used flooring for both residential as well as commercial sectors. Adhesives have progressively been becoming the preferred choice of materials to install most of the flooring types used today for residential, commercial, and industrial purposes. Apart from tiles & stones which are more often used with the cementitious product for adherence, all the other major flooring types such as resilient, wood, and carpet are predominantly installed using polymer adhesives.
There are various types of adhesives used to adhere different flooring with substrates. The selection of adhesives is largely dependent on the flooring type as well as flooring application. Furthermore, the demand for a flooring type varies from region to region as a result of cultural differences, climatic conditions, and regional regulatory requirements. It has been observed that much of the growth in the demand for flooring is driven by refurbishment rather than new construction demand.
The global floor adhesives market is projected to grow at a healthy growth over the next five years and reach US$ 6,947.8 million in 2023. This represents an attractive growth opportunity in the entire ecosystem of the market. Growing global construction industry, increasing consumption of adhesives globally, increasing use of water-based adhesives over solvent-based adhesives to reduce VOC emissions, replacement of mechanical fastening systems with adhesives, and the ability of adhesives to bond dissimilar materials are some of the key factors burgeoning the demand for the floor adhesives market.
Another factor which attracts adhesives usage is ease of installation of polymer-based adhesives compared to traditional mechanical fastening systems or cementitious powders. Adhesives also maintain aesthetics of the flooring and do not create or damage its impression. However, government regulations regarding workers safety, harmful VOC emissions and high-curing time of adhesives are some of the major challenges faced by the industry.
The global floor adhesives market is segmented based on the material type as Epoxy Adhesives, Polyurethane Adhesives, Acrylic Adhesives, Vinyl Adhesives, and Other Adhesives. Acrylic adhesive segment currently dominates the global floor adhesives market, driven by increasing usage of carpet and resilient flooring applications. Polyurethane (PU) adhesive is mainly preferred in wood flooring applications, owing to its excellent properties, such as long-lasting surface finish; superior chemical, solvent, and scratch resistance; fast drying; resistance to UV light damage, general wear-and-tear, and extreme temperature variations.
Based on the application type, the market is bifurcated into Tile & Stone, Carpet, Wood, Laminate, Resilient Flooring, and Others. Resilient flooring is likely to remain the most dominant application type in the global floor adhesives market over the next five years. Among resilient flooring applications, luxury vinyl tile (LVT) is gaining popularity, owing to its versatility and durability with endless designs using advanced photo technology. It can replicate the natural-looking wood, stone, marble, and various other finishes in terms of both design and fixture.
Based on the technology type, the global floor adhesives market is segmented as Water-based Adhesives, Solvent-based Adhesives, and Other Adhesives. Water-based technology currently dominates the floor adhesives market. The technology type is also likely to grow at the highest rate during the forecast period, as it has been the most preferred replacement of solvent-based adhesives, due to a host of factors, such as environmental safety, zero VOCs, and low odor.
Based on regions, Asia-Pacific is expected to remain the largest and fastest-growing floor adhesives market globally in the foreseeable future. Despite declining growth of the Chinese economy, the country is expected to remain growth engine of the region’s market over the next five years. India is likely to be the new growth engine in the region, supported by increasing government investments in the development of infrastructure and largescale construction activities across the country.
Supply chain of this market comprises raw material suppliers, floor adhesive manufacturers, dealers, distributors, and flooring installers. Some of the major floor adhesive suppliers include Ardex GmbH, Arkema Inc. (including Bostik), Bona AB, H.B. Fuller Company, Henkel AG & Co. KGaA, Mapei Corporation, Pidilite Industries Limited, Roberts Consolidated, Sika AG, and W.F. Taylor Co., Inc. Development of innovative products, regional expansion, and building of vast distribution network to the unpenetrated markets are some of the major strategies adopted by the companies in order to quickly gain market share and to gain a competitive edge in the market.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors.
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