Floor Adhesive Market Overview
The global Floor Adhesive market size was estimated at USD 9.5 billion in 2023 and is projected to reach USD 13.8 billion in 2030 at a CAGR of 5.5% during the forecast period 2023-2030.
Flooring adhesive, a type of durable and robust glue, is utilized to bind flooring components to a subfloor or underlayment. This sticky substance, also known as floor adhesive, performs the crucial task of securely fastening the surface covering material to the subfloor or underlayment. One of the most distinctive features of this adhesive is its ability to wet the material, thereby increasing strength post application and facilitating weight transmission between two bases. A wide range of floor adhesives are available, including polymeric adhesives and derivatives, polyurethane adhesives, dispersion adhesives, alcohol adhesives, and others. These floor adhesives are classified based on their intended usage, which could be in the residential, commercial, or industrial sectors. Applications of floor adhesive span across several sectors such as tile, stone, carpet, wood, laminate, and more.
The current trend has indicated a shift towards the renovation of pre-existing structures, presumably influenced by the desire for an aesthetically pleasing appearance and increased disposable income. This notable shift has resulted in a surge in demand for floor adhesive. The resin type segment experiencing the most rapid growth is the "acrylic adhesive" due to its ability to be utilized for developing ultraviolet (UV) light-curing adhesives, waterborne and heat-resistant adhesives throughout the projected period. Additionally, the government's proactive initiatives towards the restoration of economic stability are expected to positively influence the demand for flooring adhesives, promoting the growth of the construction industry, ultimately driving the growth rate of the floor adhesive market.
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The global pandemic, known as the Coronavirus (COVID-19), has made a significant impact on all aspects of human existence across the globe. In particular, the initial six months of 2020 have seen a notable impact on the production and consumption of flooring adhesives products resulting from the emergence of COVID-19. The enforcement of lockdown measures and the consequent closure of non-essential businesses in various countries has led to the suspension of construction activities. This has subsequently affected the growth of the building and construction industry, leading to a decrease in the demand for flooring adhesive products.
Delvens Industry Expert's Standpoint
The manufacturing companies that specialize in floor adhesives have been gradually adopting eco-friendly and sustainable processes to eliminate the negative impact of chemical manufacturing on the environment, with a particular focus on reducing the emissions of volatile organic compounds (VOCs). It has been observed that building materials emit high levels of VOCs when they are exposed to high moisture levels or high temperatures. However, the use of these adhesive materials ensures that the products have a reduced carbon footprint. Furthermore, biodegradable floor adhesives have been developed to be broken down by bacteria and microorganisms. The process of degradation results in the production of water, carbon dioxide, and other natural gases that are defined by the environment. The increasing demand for eco-friendly processes and biodegradable floor adhesives is expected to drive the growth rate of the floor adhesive market.
The growing awareness of the advantages of luxury homes is predicted to boost the demand for different types of floor adhesive, which is expected to benefit the growth of the floor adhesive market during the forecast period of 2022-2029. Luxury homes are an excellent investment choice due to the numerous amenities they offer, such as gyms, swimming pools, and various sporting and leisure rooms, which require different flooring and floor adhesive.
Key Findings
• On the basis of application, Carpets have gained widespread usage as a type of flooring in both residential and commercial settings. They are a well-liked selection for a variety of reasons. Firstly, carpets provide a degree of warmth and insulation, thus rendering them appropriate for colder areas or spaces that necessitate additional comfort. Secondly, carpets offer a soft and agreeable walking surface, which diminishes pressure on the feet and joints. Consequently, carpets are an outstanding preference for areas where individuals spend a considerable amount of time standing or walking. In addition, carpets have a sound-absorbing quality, making them an ideal choice for settings where noise reduction is desired, such as bedrooms or offices. Moreover, carpets function as a natural air filter, gathering dust and allergens and, as a result, improving the quality of indoor air.
• On the basis of end-use, Several credible organizations have reported strong growth in the commercial building business in recent years. The commercial building sector has witnessed consistent development in recent years, according to the National Association of Home Builders (NAHB), with a rising number of projects being performed around the country. The Associated General Contractors of America (AGC) also cites good commercial development trends, citing increased demand for new office spaces, retail centers, and industrial facilities. Furthermore, industry organizations such as the American Institute of Architects (AIA) and the Construction Industry Institute (CII) have been researching and accumulating data to analyze commercial construction growth.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The market for floor adhesives in the Asia Pacific region is currently experiencing an upward trajectory, primarily due to the technological advancements in the building industry.
Floor Adhesive Market Regional Analysis
Asia Pacific to Dominate the Market
• Asia-Pacific has been observed to exert a dominating influence over the market for floor adhesive. This phenomenon can be attributed to a confluence of different demographic and socio-economic factors that have contributed to the sustained and substantial growth of this sector in the region.
• Steadily increasing population of the region, which has resulted in a corresponding increase in demand for high-quality and reliable floor adhesive solutions.
Floor Adhesive Market Competitive Landscape
• Wacker Chemie Ag
• Forbogroup
• Pidilite Industries Ltd.
• Laticrete International, Inc.
• Roberts Consolidated Industries, Inc.
• Bona Orgnr
• Ardex
• Mapei S.P.A.
• Sika Ag
• Henkel Ag & Co. Kgaa
• Basf Se
• 3m
• Bostik
• H.B. Fuller
• Arkema
• Taylor
• Dow
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Floor Adhesive Market Recent Developments
• In August 2021, Arkema has recently committed to procuring Ashland's Performance Adhesives business in the United States. This strategic move is in line with Arkema's objective of achieving a status as a pure specialty material player, with a focus on sustainable, high-performance solutions. In addition, this acquisition will provide long-term support for Bostik, an Arkema company, and its growth plans.
• In March 2021, Sika has successfully acquired the flooring adhesives business of DriTac, an esteemed US-based company that specializes in floor-covering adhesives. This strategic move has effectively strengthened Sika's foothold in the industry, particularly among floor covering installers and distributors. Moreover, it has facilitated the acceleration of Sika's expansion in the interior finishing market in the United States.
Floor Adhesive Market Reasons to Acquire
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Floor Adhesive Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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