Floor Adhesives Market Size, Share Growth Report 2031

(MENAFN- Straits Research) Introduction

Flooring adhesive refers to any strong, long-lasting glue used to adhere flooring components to a subfloor or underlayment. The adhesive adheres to the flooring surface to the subfloor or underlayment. It can hydrate the material, enhance its strength after application, and transfer weight between two bases. There are numerous varieties of floor adhesives , such as polymeric adhesives and derivatives, polyurethane adhesives, dispersion adhesives, and alcohol adhesives.

Market Dynamics

Rapidly Growing Global construction industry Drives the Global market

The building and construction industry uses floor adhesives for commercial, residential, and industrial flooring applications. Population growth, migration from hometowns to service sector clusters, and the trend toward nuclear families are some of the driving forces behind the global construction industry. The declining land-to-population ratio and the rising trend of constructing high-rise residential buildings and townships have increased the global construction industry's use of floor adhesives.

In regions such as Asia-Pacific, North America, and the Middle East and Africa, the construction industry is projected to grow rapidly through 2021. For instance, in December 2021, the US Census Bureau estimated construction spending at a seasonally adjusted annual rate of USD 1,639.9 billion, 0.2% higher than the revised November estimate of USD 1,636.5 billion. Moreover, construction expenditures in 2021 reached USD 1,589.0 billion, 8.2% higher than USD 1,469.2 billion in 2020, thereby increasing the demand for floor adhesives in construction applications.

Rising Investments by Key Players Creates Tremendous Opportunities

The increasing investments of key market participants present numerous growth opportunities for the floor adhesives market. For example, AHF Products announced its intention to invest USD 2.5 million in its Somerset facility to introduce a new line of durable end-grain hardwood flooring. Increasing investments in the production of floor adhesives indicate the market's high demand for these products, which is predicted to positively impact the market's growth over the forecast period.

Regional Analysis

Asia-Pacific is the most significant global floor adhesives market shareholder and is anticipated to exhibit a CAGR of 5.78% during the forecast period. The construction industry in Asia-Pacific is anticipated to become the largest and fastest-growing in the world, with approximately 45% of global construction expenditures coming from the region. The demand for housing has experienced a significant increase in growing economies such as China and India, mostly due to the rapid growth of their populations. This is increasing the number of construction projects in the region, which is expected to stimulate the floor adhesives market. For instance, China is experiencing a construction boom of unprecedented proportions. The nation has the biggest construction market in the region and the world, accounting for twenty percent of global construction investments. The Chinese government was expected to have an annual limit of CNY 3,85 trillion for new infrastructure bonds in 2022, up from CNY 3,65 trillion in 2021.

North America is estimated to exhibit a CAGR of 3.98% over the forecast period. North America is one of the most adaptable regions in the world, with building and construction projects thriving, thanks to its stable political situation and strong economic growth. Moreover, in 2021, construction expenditures reached USD 1,589.0 billion, 8.2% higher than 2020's USD 1,469.2 billion, increasing the demand for floor adhesives in construction applications. The increasing investment in infrastructure, such as healthcare, commercial construction, and manufacturing plants in the United States, will likely create more market opportunities during the forecast period.

Key Highlights

• The global floor adhesives market was valued at USD 1.84 billion in 2022. It is estimated to reach 2.74 billion by 2031, growing at a CAGR of 4.56% during the forecast period (2023–2031).
• Based on resin type, the global floor adhesives market is bifurcated into epoxy, polyurethane, acrylic, vinyl, and other resin types. The epoxy resin segment dominates the global market and is projected to exhibit a CAGR of 4.41% over the forecast period.
• Based on technology, the global floor adhesives market is divided into water-borne, solvent-borne, and other technologies. The solvent-borne segment contributed to the highest market share and is predicted to grow a CAGR of 4.16% over the forecast period.
• Based on application, the global floor adhesives market is divided into tile and stone, carpet, wood, laminate, resilient flooring, and other applications. The tile and stone segment is the largest revenue contributor to the market and is expected to exhibit a CAGR of 4.91% over the forecast period.
• Based on the end-user industry, the global floor adhesives market is segmented into residential, commercial, and industrial. The residential segment owns the highest market share and is estimated to exhibit a CAGR of 4.78% during the forecast period.
• Asia-Pacific is the most significant global floor adhesives market shareholder and is anticipated to exhibit a CAGR of 5.78% during the forecast period.