Flooring Adhesive Industry Overview
The global flooring adhesive market size was valued at USD 4.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.8% from 2021 to 2028. Growing investments in the construction industry, especially in residential and commercial sectors, are projected to boost market growth over the forecast period. The shifting trend toward the renovation of existing buildings owing to increasing disposable income and inclination for aesthetic appearance is propelling the product demand. In addition, government initiatives towards economic recovery are further benefitting the growth of the construction industry and positively influencing flooring adhesives demand.
Gather more insights about the market drivers, restraints, and growth of the Global Flooring Adhesive market
The U.S. is a lucrative market for flooring adhesive and is anticipated to observe high growth in wooden flooring over the coming years. Ease of maintenance, elegant appearance, and high return on investments are factors augmenting the popularity of wooden flooring in the U.S. Houses with wooden flooring can expect a return on investment of 70% to 80% and an increase of 2% to 3% in their costs. Such factors are propelling segment growth.
For instance, in November 2020, AHF Products announced its plan to invest USD 2.5 million in its Somerset facility to introduce a new line of highly durable end-grain hardwood flooring. Growing investments in the manufacturing of flooring indicate its high demand, which is anticipated to positively influence adhesive consumption in the U.S. over the forecast period.
With ease in pandemic-related restrictions, construction spending is witnessing a rise in different parts of the world since the second half of 2020. In an attempt to boost economic recovery, various housing projects are being developed by private investors, as well as government bodies, which are expected to positively influence the growth of the market.
For instance, on January 06, 2021, the state government of Maharashtra in India reduced premium charges by 50% under the new DCPR rule 2034 across the board for ongoing and new construction projects up to December 31, 2021. This move is expected to give a boost to the real estate sector in the state.
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Flooring Adhesive Market Segmentation
Grand View Research has segmented the global flooring adhesive market on the basis of resin, application, end-use, and region:
Flooring Adhesives Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Acrylic
- Polyurethane
- Polyvinyl Acetate
- Others
Flooring Adhesives Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Resilient Flooring
- Wooden Flooring
- Laminate Flooring
- Others
Flooring Adhesives End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Residential
- Commercial
- Industrial
Flooring Adhesives Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global Flooring Adhesive market include
- Bostik
- Dow
- Forbo Holdings AG
- B. Fuller Company
- Henkel AG & Co. KGaA
- LATICRETE International, Inc.
- MAPEI S.p.A
- PARKER HANNIFIN CORP
- Pidilite Industries
- Sika AG
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