The global flooring adhesives market size is expected to touch USD 7.1 billion by 2027 and is estimated to expand at a CAGR of 5.4% over the forecast period 2020 to 2027, according to the new report by Million Insights. The growing numbers of renovation and construction projects are projected to foster the demand for flooring adhesives in the next few years.
Resilient flooring types are widely used for improving aesthetics and comfort in outdoor floors, bedrooms and living rooms. Cork and rubber type products are used for protecting fragile & heavy objects in flooring spaces. For example, gym floors are made using resilient materials to provide high resistance for gym weights & instruments.
The growing consumer focus on aesthetic appeal in the interior design along with increasing spending is driving the market growth. However, changing international trade policy may hamper the pricing of the product, which in turn, is expected to negatively impact market growth.
Synthetic grass or artificial turf is now widely utilized or flooring applications. These flooring solutions are used in making courts in different sports. In addition, these materials are also used in gardens, lawns, terrace and balconies in commercial & residential sectors. Moreover, supportive government initiatives along with the growing trend of outdoor sports are gaining traction. All these key factors are anticipated to foster floor adhesives market growth.
Companies in the market are facing issues owing to changes in raw materials prices. Thus, the players are focusing on developing their own distribution network to compete with others. This is projected to further increase competition among players.
Participants in the industry are engaged in new product innovation and invest in R&D developments to remain competitive in the market. Additionally, the rising penetration of products through an organized retail network is offering growth opportunities for players in the industry.
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Further key findings from the report suggest:
• Asia Pacific is anticipated to dominate the market during the forecast period, 2020 to 2027.
• Middle East & Africa market is projected to register a CAGR of 4.6% over the forecast period. The growing construction & building infrastructure in countries such as the UAE and Qatar is boosting regional growth.
• The resilient flooring application segment contributed to a market share of more than 53.0% in 2019.
• Key players include Sika AG, H.B. Fuller, Henkel AG, Bostik, Pidilite Industries, Wacker Chemie AG, and Mapei S.p.A.
Million Insights has segmented the global flooring adhesives market on the basis of resin, application, end-use and region:
Flooring Adhesives Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Polyvinyl Acetate
Flooring Adhesives Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Resilient Flooring
• Wooden Flooring
• Laminate Flooring
Flooring Adhesives End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Flooring Adhesives Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia
List of Key Players in Flooring Adhesives Market
• Henkel AG
• Sika AG
• H.B. Fuller
• The Dow Chemical Company
• Mapei S.p.A.
• Pidilite Industries
• Wacker Chemie AG