USD 7.52 billion
Floor Adhesive Market Size, Share, Growth Analysis, By Resin Type(Acrylic, Polyurethane and Polyvinyl Acetate), By Application(Resilient Flooring, Wooden Flooring, and Laminate Flooring), By End User(Residential, Commercial, and Industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2535 |
Region:
Global |
Published Date: May, 2024
Pages:
184
|Tables:
89
|Figures:
80
Floor Adhesive Market Insights
Global Floor Adhesive Market size was valued at USD 7.52 billion in 2022 and is poised to grow from USD 7.9 billion in 2023 to USD 15.0 billion by 2031, at a CAGR of 8.40 % during the forecast period (2024-2031).
The global floor adhesive market has witnessed significant growth and advancements in recent years. The growing trend of renovating old buildings for better looks, and people having more money to spend, is increasing the demand for floor adhesives. Among different types of adhesives, acrylic adhesive is becoming popular because of its strong and durable adhesives that cure quickly when exposed to UV light. This type of adhesive is also resistant to water and heat. Additionally, government efforts to improve the economy are boosting the demand for floor adhesives as part of the construction industry, which is expected to drive market growth. Investments in construction, especially in homes and businesses, are expected to make the market grow. People are fixing up old buildings to make them look nicer because they have more money and want them to look better. Governments are also trying to help the economy by boosting construction, which means more demand for flooring adhesives. In the U.S., wooden floors are getting more popular because they're easy to take care of, look nice, and can increase the value of a home. Companies are spending more money to make better flooring, which shows a big demand for it, and it's expected to keep growing.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Acrylic
Fastest Growth
Polyurethane
Growth Rate
8.40% CAGR
Global Floor Adhesive Market ($ Bn)
Country Share for North America Region (%)
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Floor Adhesive Market Segmental Analysis
The global floor adhesive market is segmented based on resin type, application, end-user, and region. By resin type, the market is segmented into acrylic, polyurethane and polyvinyl acetate. By application, the market is segmented into resilient flooring, wooden flooring and laminate flooring. by end user, the market can be segmented into residential, commercial and industrial. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Resin Type
The acrylic segment was the biggest in the floor adhesive market, making up 41.0% of the revenue. Acrylic resins are popular because they stick quickly to tough surfaces and are resistant to environmental damage. They're used for water-based and heat-resistant adhesives, as well as UV-curing adhesives. They're great for floors that need to go on rough or dry surfaces, like wood or resilient floors, and they make strong, long-lasting bonds.
On the other hand, the fastest-growing segment in the global floor adhesive market is the polyurethane segment. There's been more demand for polyurethane adhesives, so suppliers are making more of them. With its ability to endure heavy foot traffic, temperature changes, and moisture, polyurethane adhesives are favored in residential and commercial settings, driving their strength in the market.
Analysis By Application
Resilient flooring is the largest market segment within the floor adhesive market, making up 53.0% of the revenue. It's made of a mix of colors, binders, and fillers. Binders like asphalt and resin hold it together, while fillers are things like limestone, groundwood, and synthetic fibers. It's used in busy places like factories, restaurants, hospitals, and schools, as well as in homes for things like playrooms and gyms.
Wooden flooring is expected to grow the fastest-growing segment in the future, especially in fancy buildings. It's strong, lasts a long time, easy to take care of, and makes a home more valuable. It also looks nice, can be refinished, and helps with noise and air quality. These adhesives offer strong bonding capabilities, flexibility to accommodate wood movement, and resistance to moisture and temperature fluctuations. With the enduring popularity of wooden flooring across diverse environments, the demand for specialized adhesives tailored to this application remains steady and essential in the market.
Analysis By End User
Commercial buildings were the biggest users of flooring adhesive in the floor adhesive market, making up more than 34.0% of the revenue. Places like offices, stores, and malls need tough flooring that can handle a lot of people walking on it. Adhesives are necessary for putting down resilient and wooden floors in these places. More commercial buildings have been built in recent years, like drugstores and big-box stores, which are expected to keep growing. Also, there's a lot of demand for office space in big cities in developing countries, so there's a need for good flooring adhesives there too.
The residential market is fastest growing because governments in different countries are helping people buy homes for the first time. Countries like Australia, Canada, Germany, and India have programs to support the real estate business. These programs are funded by the government and help boost the demand for construction materials like flooring adhesives.
Global Floor Adhesive Market By Resin Type
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Floor Adhesive Market Regional Insights
The dominating region in the global floor adhesive market is North America, which holds a significant market share. In North America, the market for flooring adhesives is expected to grow by 7.3% each year. More homes and institutions are being built in the region, which means there's a greater need for flooring adhesives. For instance, in 2018-19, the U.S. government gave money to businesses, making them more confident and keeping construction spending going strong. This helped the market for flooring adhesives grow in the country. More money being spent on construction in the U.S. is a good sign for the flooring adhesive market there. Construction was considered essential in many parts of the country, which meant there was a big increase in demand for flooring adhesives.
Asia Pacific is expected to stay at the top of the flooring adhesive market in the foreseeable years. It made up 43.72% of the global market in terms of volume. The market in this region is expected to keep growing by 7.1% each year in terms of volume from 2024 to 2031. In the Asia Pacific region, cities are growing fast, and new construction projects are popping up everywhere. This means more demand for floor adhesives for different types of flooring materials, which is driving the market's growth. The construction industry in this region is booming, with lots of new homes, offices, and factories being built. This growth means there's a big need for strong adhesive solutions for floors. People in Asia Pacific countries are also spending more money on homes, offices, and making their spaces look nicer, which means they need more flooring materials and adhesive products. The real estate market in many Asia Pacific countries is strong, leading to even more demand for floor adhesives.
Global Floor Adhesive Market By Region
- Largest
- Fastest
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Floor Adhesive Market Dynamics
Drivers
Enhancements of Technologies in Adhesive Industry
- Technology advancements have changed the adhesive industry by creating products that perform better, are more sustainable, and have more functions. Manufacturers are working hard to make adhesives that stick better, resist moisture, and are better for the environment. These innovations meet the demand for adhesives that work well in different conditions and last a long time.
- Adhesives with low levels of volatile organic compounds (VOCs) and those that are eco-friendly are becoming more popular because they have less impact on the environment and improve indoor air quality. This aligns with stricter rules and what consumers want in sustainable products. This creates a competitive market where manufacturers need to keep making adhesives that stick well and meet strict environmental standards.
Growth in Construction Sector
- As cities grow and more buildings are constructed or renovated, there's a big demand for floor adhesive products. These adhesives are essential for securely bonding different types of flooring materials like tiles, carpets, vinyl, and hardwood to subfloors. This helps make floors durable and long-lasting.
- The global demand for housing, commercial spaces, and public infrastructure is driving construction activities, which means there's a growing need for strong adhesives that resist moisture and last a long time. This construction boom creates opportunities for manufacturers to meet the needs of the construction industry and consumers who want reliable flooring solutions.
Restraints
Volatility in Raw Material Price
- Volatility in the production cost of floor adhesive due to the high cost of raw material such as oil is expected to act as a major restraint and obstruct the overall growth of the floor adhesive market during the forecast period. Furthermore, the stringent environmental regulations for the use of floor adhesive will also hamper the growth of the floor adhesive market during the forecast period.
Environmental Impact of Adhesive Formulations
- Many traditional floor adhesives contain volatile organic compounds (VOCs) and other harmful chemicals, contributing to indoor air pollution and posing health risks to occupants. Regulatory initiatives pointed at reducing VOC emissions and promoting sustainable building practices are increasing, leading to stricter requirements for adhesive formulations. Adapting to these regulations requires investment in research and development to develop eco-friendly adhesive alternatives, which can compel market growth due to higher production costs and the need for reformulation.
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Floor Adhesive Market Competitive Landscape
The top companies in the global floor adhesive market are always working on making new products and finding better ways to grow. They do things like launching new products, working with other companies, and making partnerships to make their position in the market stronger. Their goal is to get more customers and have a big part of the market. They analyze competitors' product contributions and pricing strategies to distinguish market gaps. They differentiate by focusing on niche segments or offering solutions like eco-friendly adhesives.
Top Player’s Company Profile
- Dow
- Bostik
- Forbo Holdings AG
- H.B. Fuller Company
- Henkel AG & Co. KGaA
- LATICRETE International, Inc.
- MAPEI S.p.A
- Wacker Chemie Ag
- Forbogroup
- Pidilite Industries Ltd.
- Laticrete International, Inc.
- Roberts Consolidated Industries, Inc.
- Ardex
- Bostik, H.B. Fuller
- 3M
- BASF SE
- Bona Orgnr ARDEX
- Mapei S.P.A.
- Sika Ag
- Henkel Ag & Co. Kgaa
- Arkema
- Taylor
- Dow
- PARKER HANNIFIN CORP
Recent Developments
- In May 2023, Pidilite Industries purchased Basic Adhesives, a company from New Jersey that focuses on making adhesives. This acquisition is expected to give Pidilite Industries a big advantage in the US market.
- In December 2023, Arkema has planned to acquire Arc Building Products, which will help it become a stronger player in Ireland's construction adhesives market. This move will give Arkema access to a wider range of solutions and a local manufacturing presence. The acquisition aligns with Bostik's goal of providing top-notch, eco-friendly products and building strong relationships with customers.
- On July 21, 2023, Dow Thailand Group, a top materials science company, introduced DIAMONDLOCK™, a new polyurethane flooring adhesive technology, to the Thailand market. This product is versatile and works well with different flooring surfaces. It's easy to cure and handle, flexible, non-flammable, and safe to use. Plus, it has no detectable Volatile Organic Compounds (VOCs). DIAMONDLOCK™ requires less volume and covers a larger area, making it ideal for green buildings. It's LEED certified and has won a 2020 bronze Edison Award. Now, it's available for commercial use in Thailand.
- In September 2023, Hindware Limited, a well-known brand for bathware and tiles, made a big announcement: it's entering the Tile Adhesive industry and expanding its product range in tiles. The brand has introduced 5 different types of adhesives to cover all kinds of tiles, from ceramic to elevation tiles. With this move, Hindware aims to offer customers a complete solution for their construction and home improvement projects in one place.
Floor Adhesive Key Market Trends
- Adoption of Eco-friendly and Biodegradable Solutions: Flooring adhesive companies are focusing on sustainability and eco-friendly practices to reduce the negative impact of chemical manufacturing on the environment. They are working on reducing emissions of volatile organic compounds (VOCs), which can be harmful when released into the air, especially in high temperatures or moisture levels. Due to advancements in technology and chemical sciences, adhesive companies can now use renewable raw materials like starch, resins, lignin, and proteins to produce their products. These materials have a lower carbon footprint compared to traditional chemical-based adhesives. Biodegradable adhesives are also being developed, which can be broken down by microorganisms and bacteria in the environment. This process produces carbon dioxide, water, and other natural gases. Companies are promoting green construction practices, which involve using sustainable building materials and processes to create energy-efficient buildings with minimal environmental impact. For example, BSF, a German multinational chemical company, has developed new binders for flooring adhesives using their ACRONAL line. These binders offer high performance while reducing environmental impact.
- Increase in Use of Water-based Adhesives: Water-based adhesives are becoming popular in the floor adhesive market due to their versatility and increasing demand. They're used for various applications like hardwood flooring, carpet installation, and tile fixing because they're reliable and efficient. One reason for their popularity is their environmental friendliness. As people and businesses become more aware of their ecological impact, there's a growing demand for eco-friendly products. Water-based adhesives have lower volatile organic compound content, which means they release fewer harmful chemicals into the environment. They're also safer to handle, making them a preferred choice for manufacturers and consumers. As more people look for eco-friendly options in the floor adhesive market, water-based adhesives will continue to grow and drive innovation in the industry. This trend is expected to continue as environmental awareness grows, driving growth and innovation in the industry. Choosing water-based adhesives helps contribute to a more sustainable and eco-friendly future for manufacturers and consumers.
Floor Adhesive Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, there are several factors that shape the path of the floor adhesive market. As urban areas grow rapidly, the number of buildings will double in the coming years. This will lead to more non-residential construction projects, which will boost the demand for flooring adhesive. Engineered floor adhesive helps flooring materials stick firmly to the subfloor. Depending on the type of flooring, like tile, wood, or synthetic soft flooring, the right adhesive system must be chosen. The increasing population and more housing projects are driving the trends in the floor adhesive market. One of the trends is the growing towards eco-friendly solutions. Research and development focusing on bio-based adhesives will create opportunities for manufacturers. Epoxy floor adhesive is expected to see significant growth by 2032 due to more commercial and residential construction projects. Epoxy is popular in industries like food, healthcare, and automotive because it's resistant to abrasion and high temperatures. The commercial sector will be a profitable part of the floor adhesive industry, with a focus on reducing environmental impact. This will lead to the development of vinyl floor adhesive for commercial use. The Asia Pacific floor adhesive market will see good profits by 2032 because of funding for infrastructure projects and government support for construction. Companies like Bostik, 3M, and BASF are using strategies like acquisitions and new product launches to grow in the industry. Global inflation is a challenge for the construction sector because it raises the cost of materials and services, which can delay projects and increase costs. This could have a negative impact on the floor adhesive industry in the future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.52 billion |
| Market size value in 2031 | USD 15.0 billion |
| Growth Rate | 8.40% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Floor Adhesive Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Floor Adhesive Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Floor Adhesive Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Floor Adhesive Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Floor Adhesive Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Floor Adhesive Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Floor Adhesive Market Report Snapshots
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