Construction Flooring Chemicals Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2205
Construction Flooring Chemicals Market size is likely to witness significant gains due to increasing growth of nuclear families and rise in per-capita disposable income on account of buying new residential apartments. Increasing importance towards the durability and impact resistant in manufacturing plants, metal industries, chemical laboratories to improve the safety, hygienic, and reducing the VOC emissions would promulgate the industry growth.
Flooring products are the most significant building construction materials with a diversified product portfolio, which includes soft covering, resilient such as wood, cork, rubber, asphalt, vinyl and linoleum and non-resilient which are extensively used for residential, commercial, and infrastructural applications. Global flooring market demand was over USD 265 billion in 2016. Water resistance, Improved comfort, ease of cleaning, floor durability are the key indicators fuelling the product demand. Thus, the construction flooring chemicals market size is projected to grow with a rapid pace due to strong outlook in commercial & industrial sectors accompanied with increasing projects in home improvement and renovations.
Construction spending in residential accounted for over 32% of the total market share in 2016. Whereas, in infrastructure accounted for over 35% of the total market share in 2016. Rapid urbanization mainly in India, China, Thailand, and Malaysia may drive industry growth and further stimulate construction flooring chemicals market demand.
Soft covering in construction flooring chemicals market size may witness steady gains over the foreseeable period. It provides several benefits, which includes dust binding, noise-reducing effect, insulation provides warmth & comfort, and pleasing aesthetics. Global soft covering market size is poised to exceed USD 155 billion by the end of 2024, with gains at over 5.5% due to rapid industrialization coupled with change in consumer lifestyle.
Global non-resilient flooring market size may surpass USD 255.5 billion up to 2024. It encompasses clay, ceramic & concrete tiles, terrazzo stone, and brick, which are widely used for designing, wall fittings, and protection from rain and moisture. Rising urbanization and increasing new building demand is likely to drive the overall construction flooring chemicals market size.
Chemicals majorly used in flooring sector includes vinyl resins, PMMA, epoxy, and polyurethane. Fluctuating crude oil cost may challenge industry profitability and affect construction flooring chemicals market price trend. Moreover, companies are focusing on renewable products such as glycerol over conventional feedstock, to maintain market position.
Epoxy resins may witness significant gains owing to its wide application in hotels, corporate office, resorts, and luxury residences should drive construction flooring chemicals market size. Poly methyl methacrylate (PMMA) are used in construction flooring chemicals which are transparent thermoplastics, either used in sheet form as light weight. Global PMMA market size may surpass 3.5 kilo tons by 2024. Increasing spending on marketing and advertising campaigns to create brand equity will propel industry growth.
Construction flooring chemicals market size from residential applications may witness significant gains over the forecast timeframe. It provides dust-binding, noise-reducing effect, insulation, low-maintenance durable floor, waterproofing and pleasing aesthetics. Increasing demand for home improvement and renovation projects, and economic growth in emerging nations would propel the product demand in residential applications.
Construction flooring chemicals market size from commercial applications may witness steady gains due to increasing government spending in electronics and automotive industries. Companies are also focused towards R&D accompanied with construction spending in China and India should stimulate industry growth.
North America, led by Canada and the U.S. construction flooring chemicals market size may witness an uptrend owing to rising demand for residential and commercial construction which includes shopping complexes, corporate buildings, sports stadiums, airports, and hotels should drive regional industry growth.
Asia Pacific led by Japan, India, South Korea and China construction flooring chemicals market size may witness surge in demand over the forecast timeframe. Increasing government regulations towards energy efficient and smart building technologies should boost regional growth. Positive outlook in rail, roads & bridges, power, airports, and water dams building may favour regional growth. Rapid urbanization along with to reduce GHG emissions has led to expansion of green buildings.
Europe construction flooring chemicals market size, led by UK, France, Italy and Germany market size will witness steady growth rate by 2024 due to various manufacturers in the region. BASF develop, manufacture and supply various polyurethane and epoxy flooring solutions which are preferably used in industrial and decorative applications.
Middle East and Africa led by Kuwait, Oman, Dubai, South Africa construction flooring chemicals market size is likely to witness a significant growth over the forecast timeframe. Rising government policies towards infrastructure expansion will fuel product demand over the forecast timeframe. Moreover, the pipeline development in Dubai, with approximately 13.3 million square feet GFA, which is presently in an execution stage, is expected to complete by 2019, which will further boost construction flooring chemicals market demand.
Global construction flooring chemicals market share is competitive and moderately consolidated. Major players operating in the industry include BASF, SABIC, ExxonMobil, DOW chemicals, Sinopec, DuPont, Ineos, Mitsubishi Chemical Corporation, LG Chem, Forbo Holding,Toray Industries., PPG Industries, Tremco Inc, RPM International Inc, Huntsman Corp. Favorable trend towards forming new SBUs is likely to have a positive impact in the construction flooring chemicals market demand.
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