Floor Adhesive Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2359
Floor adhesive market is set to observe prolific expansion between the period 2021 to 2027 on account of the flourishing building and construction sectors. The expanding population size across the world has paved the path for higher housing demand along with the penetration of flooring materials in the commercial, residential, and industrial sectors. The presence of stringent regulations and the mount in R&D initiatives for developing bio-based adhesives will add to the market growth.
Floor adhesive is a permanent glue that helps the flooring material hold the subfloor strongly. The types of adhesives may vary as per the flooring types.
On the basis of resin type, the epoxy floor adhesive industry will gain notable proceeds driven by the rising number of construction activities. Apart from the commercial and residential verticals, these adhesives are extensively employed in the healthcare, food, and automotive sectors to offer higher resistance, temperature, and abrasion. Growing adoption as bonding concrete to various materials like wood, and the surging need for non-corrosive and VOC free materials will further drive the product demand.
In terms of technology, the market is bifurcated into water-based adhesive, solvent-based adhesive, hot-melt based adhesive, and others. The industry size from the water-based floor adhesives will expand substantially through 2027 with the growing awareness of zero VOC emission and eco-friendly materials. As these adhesives do not contain any solvents, they are safe to install.
Based on application, the tile & stone segment will attain considerable momentum impelled by their growing preference in comparison to wood flooring. Demand for floor adhesives in resilient flooring will grow with the higher need for waterproof and durable materials. The increasing consumer emphasis on less maintenance will act as a significant contributor to the segment growth.
With regards to end-user, the commercial sector is expected to capture a significant share in the floor adhesive market. This can be attributed to the rising advancements in the construction sector mainly in developing countries. The increasing focus on cost savings and the surging awareness about the environment has led to the higher demand for designer vinyl floorings. Rising product usage for insulation, coating, panel lamenting, flooring, and lamination, will enhance the market outlook.
Regionally, Asia Pacific is likely to emerge as a profitable landscape for the floor adhesive industry ascribing to the growing number of investments in infrastructural development, specifically in China and Japan. According to recent estimates, China is expected to spend close to $13 trillion on buildings by 2030. The growing requirement for adhesives across the residential and industrial sectors had made way for multiple growth opportunities for the regional industry players. The increasing government support towards construction is another ideal factor expected to drive the market expansion.
Global participants in the floor adhesive industry include Pidilite, The Dow Chemical Company (Dow Inc.), Sika, Huntsman, BASF, Henkel AG, Du Pont, 3M Company, and Bostik (Arkema).
These companies are actively taking to inorganic marketing partnerships, like acquisitions and mergers, capacity expansions, investments, and new product launches to expand their product base as well as customer portfolio.
For instance, in January 2020, BASF made a single-digit million-euro investment for the expansion of its water-based polyurethane dispersions, inclusive of adhesives, parquet flooring, and automotive coatings in Spain in a bid to amplify its production capacity by 30%.
In another instance, in September 2020, Arkema-owned Bostik acquired Ideal Work, a well-known Italian company that specializes in high value-added decorative flooring technologies in line with its targeted growth strategy in adhesives to strengthen its range of flooring products.
Impact of the COVID-19 pandemic on floor adhesive market forecast
In response to the present COVID-19 crisis, which took a massive toll on the global economy, the floor adhesive industry suffered significantly given the imposition of the lockdown policies. This is on account of the severe roadblocks posed on the construction sector mainly in the first two quarters of 2020, which brought a halt to the construction activities. However, the gradual resumption of all business and commercial operations will now add a positive edge to the industry dynamics.
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