Construction Flooring Chemicals Market trends are likely to be propelled between 2023 to 2032, influenced by the ongoing developments in the global infrastructure sector. In the residential sector, shifting consumer preferences toward durable and aesthetic flooring solutions is driving the product demand.
With a notable uptick in the disposable income levels, consumer spending on home décor and interior design has increased significantly. The construction flooring chemicals industry will also witness promising opportunities across the commercial applications. This is attributable to the increased spending on public and private infrastructure including complexes, corporate offices, airports, railway stations, and others.
Flooring chemicals are one of the most important components of the modern-day construction industry. They are utilized for the lamination of floors to enhance protection against various external factors that may affect their life expectancy. Flooring chemicals used in construction offer a noise reduction effect, insulation, waterproofing, durability, dust binding, and an aesthetic appearance to the floor.
Inflationary pressure on different economies is likely to challenge the construction flooring chemicals market growth in the coming years. Increased raw material prices, disruption in supply chain, and extensive labor cost would add to the adverse impact of inflation on flooring chemicals demand across the construction sector.
Some of the commonly used flooring chemicals include epoxy, PMMA, vinyl resins, and polyurethane. The polyurethane segment in the construction flooring chemicals industry is expected to grow substantially through 2032. Polyurethane is usually applied as a highly flexible floor coating that offers superior resistance against UV damage, abrasion, and different chemicals and solvents. Polyurethane coatings are also commonly applied over other flooring systems, acting as a clearcoat and offering an additional layer of protection.
Asia Pacific construction flooring chemicals market will record monumental growth during the forecast period 2023-2032. The rapid growth in the urban population over the past decade has created a massive demand for new residential and commercial construction. The need for affordable housing solutions and public infrastructure is constantly raising new government investments in the construction sector. As per reports, investments in Indian real estate sectors reached whopping USD 2.6 billion in the first half of 2022. The region has also witnessed a significant rise in industrial development.
Prominent companies operating in global construction flooring chemicals market include BASF SE, The Dow Chemical Company, DuPont de Nemours, Inc., ExxonMobil Corporation, PPG Industries, LG Chem, Mitsubishi Chemical Corporation, Huntsman Corporation, RPM International Inc, Tremco Inc (RPM International Inc), Ineos Group Ltd., Toray Industries., Forbo Holding AG, Sinopec, and SABIC (Saudi Aramco). Continuous research, development, and product innovation by manufacturers will positively augment the construction flooring chemicals market share.