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Will the Flooring Adhesive Market Continue to Expand in the coming years?
The flooring adhesive market has been consistently expanding over the past few years. The market size, which was at $7.92 billion in 2023, is expected to rise to $8.59 billion in 2024, experiencing an impressive compound annual growth rate CAGR of 8.5%. This growth in the historic period is largely due to the expansion of the construction industry, increase in renovation and remodelling projects, and a heightened focus on health and wellness considerations. Furthermore, adherence to environmental regulations and overall economic stability has also significantly contributed to the market's growth.
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What is the Growth Forecast for the Flooring Adhesive Market?
Looking at the future, the flooring adhesive market size is expected to continue its strong growth trend. The forecast suggests that the market will rise to $11.47 billion by 2028, at a CAGR of 7.5%. The increase is projected to be driven by factors such as adoption of green building practices, growth in e-commerce, infrastructural development, evolving consumer preferences, and the application of green and sustainable adhesives. Technological advancements, growth in digital and online sales, the emergence of smart flooring adhesives, customized adhesives, and the adoption of recycled and circular economy practices will also shape the trends in the forecast period.
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What are the Primary Influencers on the Flooring Adhesive Market Growth?
A significant influencer on the flooring adhesives market is the increased infrastructural development, especially in emerging countries. Coupled with the global population rise, the demand for housing has tremendously increased, thus driving up the demand for flooring adhesives in applications such as floor fixing, roof fixing, and panel fixing. Governments in growing economies like Brazil and India have been investing substantially in the residential building sector to ensure affordable housing for all.
According to the World Bank, South Asia's urban population is expected to grow by 250 million by 2030. Simultaneously, a report by PwC predicts that, by 2030, around 60% of the world's population will reside in cities. This rapid urbanization is projected to further catalyse the demand for infrastructure, driving the flooring adhesives market upwards.
Who are the Key Industry Players in the Flooring Adhesive Market?
Major companies operating in the flooring adhesive market include Mapei S.p.A., Sika AG, Henkel AG & Co. KGaA, Dow Inc., Wacker Chemie AG, Bostik SA, Forbo Holding AG, Pidilite Industries Limited, H.B. Fuller, LATICRETE International Inc., Dupont De Nemours Inc., Parker-Hannifin Corp, Arkema Group, Tesa SE, 3M Company, Illinois Tool Works Inc., TecDura Surface Protection Systems, Ardex GmbH, Franklin Adhesives and Polymers, Ashland Inc., Akzo Nobel N.V., BASF SE, Bona AB, DAP Products Inc., Huntsman Corporation, ITW Performance Polymers, Jowat SE, LORD Corporation, Mactac Americas, Momentive Performance Materials Inc., Permabond LLC, Royal Adhesives & Sealants, RPM International Inc., Soudal Holding NV, Super Glue Corporation among others.
What are the Emerging Trends in the Flooring Adhesive Market?
Companies manufacturing flooring adhesives are increasingly adopting eco-friendly and sustainable processes to reduce the environmental impact of chemical manufacturing. These manufacturers are focusing their efforts on reducing volatile organic compound VOC emissions. Newer products made from natural raw materials like starch, resins, lignin, and proteins are being developed, ensuring a reduced carbon footprint. Companies are also trudging towards green construction, a practice that utilizes sustainable building materials and promotes constructing energy-efficient buildings with minimal environmental impact.
The flooring adhesive market report covers the following segments–
1 By Type: Urethane, Epoxy, Acrylic, Vinyl, Other Types
2 By Technology: Water-Based Adhesive, Solvent-Based Adhesive, Hot-Melt Based Adhesive
3 By Application: Tile & Stone, Carpet, Wood, Laminate, Other Applications
4 By End User: Residential, Commercial, Industrial
How does the Regional Distribution for the Flooring Adhesive Market look like?
The largest region in the flooring adhesives market in 2023 was Asia-Pacific, and it is expected to continue its dominance as the fastest-growing region in the forecast period. The flooring adhesive market report includes detailed regional insights into Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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