The growth of the construction flooring chemicals market between 2021 and 2027 will be directly influenced by the ongoing developments in the global infrastructure sector. In the residential sector, shifting consumer preferences towards 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.
Epoxy, PMMA, vinyl resins, and polyurethane are among the commonly used chemicals for flooring. The polyurethane segment n the construction flooring chemicals market is expected to grow substantially through 2027. 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 industry will record monumental growth during the forecast period 2021-2027. 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 brining new government investments in the construction sector. The region has also witnessed a significant rise in industrial development. The aforementioned factors make Asia Pacific a highly lucrative market for construction flooring chemicals.
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) are some of the major manufacturers and suppliers of construction flooring chemicals. Continuous research, development, and product innovation by manufacturers will positively augment the construction flooring chemicals market share. Following are some of the recent developments and innovations in the market.
In September 2020, PPG had introduced the PPG Flooring Coatings range which includes base coats, topcoats, and prime coats. According to the company, these new coatings are suitable for numerous applications including general-purpose coating, water-resistant flooring, chemical-resistant flooring, and urethane cement flooring. Citing another instance, in December 2020, 3M’s Commercial Solutions Divisions had unveiled the 3M Advanced Floor Care System, a new line of flooring solutions that offer a striking, high-gloss surface finish while minimizing the need for burning. 3M believes that these products can reduce the costs associated with routine floor maintenance.
Impact of COVID-19 pandemic on construction flooring chemicals market forecast
Rapid spread of the COVID-19 outbreak and the subsequent disruptions in the construction sector have directly impacted construction flooring chemicals market trends. With nationwide lockdown measures and restrictions on movement, major construction and infrastructure were temporarily halted in most countries. The decline in home renovation and refurbishment activities amid the pandemic has also had a significant impact on the product demand. In addition, a shortage of raw materials and supplies was seen in numerous countries due to logistics and supply chain concerns. Combinedly, the aforementioned factors have created several major roadblocks for the companies that produce or supply construction flooring chemicals.