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Floor Adhesive Market size is projected to observe substantial growth over 2023-2032, given the flourishing building and construction sector. In wake of the rapid urbanization, building stock is expected to double over the coming years. The rise in non-residential construction projects will thus accelerate the development of flooring adhesive.
Based on statistics from the U.S. Census Bureau, in January 2023, non-residential construction reached a seasonally adjusted annual rate of USD 595.2 billion, a 0.9% hike from the revised estimate of December. Factors such as these are proliferating the use of construction materials and consequently influencing the industry outlook.
Engineered floor adhesive refers to a permanent flue that aids the flooring materials in strongly holding the subfloor. Depending on the floor covering type, ranging from tile to wood to synthetic soft floor, the suitable setting and adhesive system must be selected for construction applications.
The expanding population and the increase in housing projects are among the prominent factors fostering the floor adhesive market trends. These factors, alongside the R&D focus on the development of bio-based adhesives, will create lucrative opportunities for floor adhesive manufacturers.
The floor adhesive market share from epoxy segment is set for a considerable by 2032, as a result of an increase in commercial and residential construction projects. Epoxy floor adhesives are gaining popularity for food, healthcare, and automotive industry applications, owing to their capability to offer high resistance, abrasion, and temperature. In addition, the mounting demand for VOC-free and non-corrosive materials and the acceptance of epoxy as bonding concrete to wood and other materials will contribute to industry dynamics over the forthcoming years.
Commercial will be a lucrative end-user segment of the floor adhesive industry over the estimated timeline, on account of the strong focus of commercial building owners on mitigating environmental footprints. The emphasis on cost savings and environmental awareness will lead to the development of vinyl floor adhesive for commercial applications.
Asia Pacific floor adhesive market size will garner commendable profits by 2032, on account of the high funding programs for infrastructure projects. The rising government support for construction will drive the sales of adhesives for residential, commercial, and industrial building uses and amplify the regional market outlook.
The strategic landscape of the global floor adhesive market comprises companies such as Bostik (Arkema), 3M Company, DuPont, Henkel AG, BASF, Huntsman, Sika, The Dow Chemical Company (Dow Inc.), and Pidilite, among others. These companies are actively incorporating strategies such as acquisitions, mergers, partnerships, capacity expansions, new product launches, and investments to boost their presence in the industry.
Global inflation becomes a major challenge for the construction sector as it results in an increase in construction project inputs, building material prices, machinery hiring rates, and consultation fees. These challenges have consequently delayed construction project completion, reduce profit margin, and increase costs, thereby affecting both existing bids and projects. Factors such as these may assert a negative influence on the global floor adhesive industry dynamics over the foreseeable future.