Floor Adhesive Market by Type (Epoxy, Polyurethane, Acrylic, and Vinyl), Application (Tile & Stone, Carpet, Wood, and Laminate), Technology (Water-based, Solvent-based and Hot-melt based), and Region - Global Forecast to 2028
Floor Adhesives Market
The global floor adhesives market is valued at USD 9.7 billion in 2023 and is projected to reach USD 12.8 billion by 2028, growing at 5.8% cagr from 2023 to 2028. The symbiotic relationship between low VOC and eco-friendly materials and the surge in floor adhesive demand extends further to innovation. Manufacturers are compelled to invest in research and development, spurring the creation of adhesives that not only meet eco-standards but also exhibit enhanced performance attributes, such as quick curing times, robust bonding capabilities, and adaptability to diverse flooring materials.
Attractive Opportunities in the Floor Adhesives Market
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Floor Adhesives Market Dynamics
Driver: The escalating demand for floor adhesives is intrinsically fueled by the triad of versatility, safety, and ease of application, converging to reshape industry dynamics and elevate the value proposition of adhesive solutions. This strategic confluence reflects a nuanced understanding of evolving construction practices, heightened consumer expectations, and the imperatives of operational efficiency within the modern business landscape.
Versatility stands as a cornerstone of the surging demand for floor adhesives. The adhesive landscape is evolving to meet the multifaceted demands of an array of flooring materials, spanning from traditional hardwood to contemporary luxury vinyl and beyond. Adhesives engineered for diverse substrates and varying installation conditions underscore their adaptability, catering to the distinct requirements of different projects and design visions. This versatility liberates architects, designers, and builders to explore creative possibilities, enabling the realization of intricate patterns, textures, and layouts. As the flooring market embraces a kaleidoscope of materials and design aesthetics, the ability of adhesives to provide a seamless bond across this spectrum propels their indispensability, driving demand upwards.
Safety emerges as a paramount concern that influences adhesive choice and usage. In an era underscored by stringent health and safety standards, adhesives that prioritize the well-being of both installation professionals and occupants gain substantial traction. Low VOC formulations and non-toxic adhesive solutions align with regulatory mandates and resonate with environmentally-conscious consumers, fostering a healthier indoor environment. The absence of hazardous chemicals and noxious fumes during and after application creates a safer and more conducive setting for both installation teams and inhabitants, elevating the market demand for adhesives that champion safety as a foundational attribute.
The strategic facet of ease of application substantiates the demand surge for floor adhesives. In a fast-paced construction landscape, where timelines are critical and operational efficiency is paramount, adhesives that facilitate swift and hassle-free installations gain a competitive edge. Adhesives engineered for seamless application, featuring user-friendly consistency, optimized viscosity, and convenient packaging, streamline the installation process. This efficiency translates into reduced labor costs, minimized downtime, and optimized resource allocation, accentuating their appeal for both small-scale projects and large-scale developments. As stakeholders prioritize seamless execution without compromising on quality, the demand for adhesives that simplify and expedite the installation journey experiences an upward trajectory.
The surging demand for floor adhesives finds its impetus in the intricate interplay of versatility, safety, and ease of application. Adhesive manufacturers that fortify their offerings with these attributes are poised to strategically capitalize on the evolving construction landscape, consumer expectations, and industry imperatives. By aligning adhesive solutions with the demands of modern construction practices and design aspirations, businesses can confidently navigate the ever-evolving floor adhesives market and carve out a commanding market presence.
Restraints: The floor adhesives market is currently facing a notable constraint in the form of escalating raw material prices, which significantly impact the industry's dynamics. The consistent upward trajectory of raw material costs has introduced a complex challenge that reverberates across the value chain, influencing manufacturers, distributors, and end-users.
The rising prices of key raw materials employed in floor adhesive formulations, such as polymers, resins, and additives, have imparted an upward pressure on production costs. Manufacturers find themselves grappling with the delicate balance of maintaining product quality and performance while endeavoring to mitigate the financial strain caused by these price fluctuations. This predicament becomes particularly pronounced as manufacturers aim to provide competitively priced adhesives to their clientele.
Moreover, the amplified raw material costs have a cascading effect on the overall supply chain. Distributors and retailers encounter challenges in managing inventory levels and pricing structures, while end-users, ranging from construction companies to flooring installers, are confronted with higher procurement expenses. This, in turn, has the potential to dampen the demand for floor adhesives, as higher costs might prompt end-users to explore alternative solutions or postpone projects.
Opportunity: In the dynamic landscape of the floor adhesive industry, a compelling avenue of growth emerges through strategic investments in emerging markets. These nascent economies offer a fertile ground for market expansion, driven by a confluence of factors that align favorably with the unique attributes of floor adhesive products.
Emerging markets, characterized by rapid urbanization, infrastructural development, and burgeoning construction activities, present a reasonable landscape for the floor adhesive sector to thrive. As these markets witness an upswing in residential, commercial, and industrial projects, the demand for reliable and innovative flooring solutions, underpinned by robust adhesives, experiences a proportional rise.
The economic dynamics of emerging markets often position cost-effectiveness as a paramount consideration. Floor adhesive manufacturers, equipped with the ability to offer competitive pricing without compromising on quality, are strategically poised to capture market share and establish brand presence in these regions. Manufacturers can gain a competitive edge by tailoring product offerings to align with the budget constraints and preferences of emerging market consumers.
Challenges: The accelerated pace of industrial activity propelled by globalization has unveiled a strategic window of opportunity for the floor adhesive sector. As economies intertwine, cross-border trade flourishes and industrial enterprises expand their footprint, the demand for reliable and versatile flooring solutions, underpinned by robust adhesives, experiences a noteworthy upsurge.
Globalization has led to the proliferation of manufacturing facilities, warehouses, distribution centers, and commercial spaces across diverse geographies. This surge in industrial infrastructure development necessitates dependable flooring installations that can endure the rigors of heavy machinery, foot traffic, and operational exigencies. Floor adhesives, renowned for their resilient bonding attributes, emerge as a linchpin in ensuring safe and enduring flooring solutions that align with stringent operational requirements.
Furthermore, the seamless adaptability of floor adhesives to various flooring substrates, ranging from concrete to tiles, amplifies their relevance within the global industrial landscape. As facilities cater to specific operational needs, floor adhesives can be tailored to accommodate unique flooring materials, thereby enhancing their versatility and applicability across a spectrum of industrial settings.
Floor Adhesives Market Ecosystem
Based on application, the carpet floor segment is estimated to account for the highest CAGR in the floor adhesives market
Carpets are extensively utilized as flooring in both residential and business settings. Carpets are a popular choice for a variety of reasons. For instance, carpets provide warmth and insulation, making them suitable for chilly areas or spaces in need of extra coziness. Second, carpets provide a soft and pleasant walking surface, decreasing pressure on the feet and joints. Carpets are therefore an excellent choice for spaces where people spend a lot of time standing or walking. Carpets are also sound-absorbing, making them ideal for locations where noise reduction is sought, such as bedrooms or offices. Carpets also serve as a natural air filter, collecting dust and allergens and therefore improving indoor air quality.
Based on end-use, the commercial segment is estimated to account for one of the highest CAGR in the floor adhesives market
Several credible organizations have reported strong growth in the commercial building business in recent years. The commercial building sector has witnessed consistent development in recent years, according to the National Association of Home Builders (NAHB), with a rising number of projects being performed around the country. The Associated General Contractors of America (AGC) also cites good commercial development trends, citing increased demand for new office spaces, retail centers, and industrial facilities. Furthermore, industry organizations such as the American Institute of Architects (AIA) and the Construction Industry Institute (CII) have been researching and accumulating data to analyze commercial construction growth.
The Asia Pacific market is projected to contribute one of the largest shares of the floor adhesives market industry.
The Asia Pacific market for floor adhesives is being driven by technological advancements in the building industry. China is predicted to be Asia Pacific's largest consumer of floor adhesive, with the largest market share in terms of both value and volume. Despite its small size, South Korea has showed positive demand, which is expected to continue in the future. During the projected period, the Chinese floor adhesives market is predicted to grow at a quick 7.2% CAGR.
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Floor Adhesives Market Industry Players
Henkel AG (Germany), H.B. Fuller (US), Sika AG (Switzerland), Arkema (Bostik SA) (France), 3M (US), Dow Inc (US), Wacker Chemie AG (Germany), and Pidilite Industries Limited (India) are the key players operating in the global market.
Floor Adhesives Market Report Scope
|
Report Metric |
Details |
|
Market Size Value in 2023 |
USD 9.7 billion |
|
Revenue Forecast in 2028 |
USD 12.8 billion |
|
CAGR |
5.8% |
|
Market size available for years |
2021-2028 |
|
Base year considered |
2022 |
|
Forecast Period |
2023-2028 |
|
Forecast Units |
Value (USD Billion) |
|
Segments Covered |
By Technology, By Resin Type, By End-Use Industry, By Application, and By Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Companies covered |
Henkel AG (Germany), H.B. Fuller (US), Sika AG (Switzerland), Arkema (Bostik SA) (France), 3M (US), Dow Inc (US), Wacker Chemie AG (Germany), and Pidilite Industries Limited (India) |
Based on technology, the floor adhesives market has been segmented as follows:
- Water-Based
- Solvent-Based
- Hot-Melt
Based on resin types, the floor adhesives market industry has been segmented as follows:
- Epoxy
- Polyurethane
- Acrylic
- Vinyl
- Others
Based on the end-use industry, the floor adhesives market has been segmented as follows:
- Residential
- Commercial
- Industrial
Based on the application, the floor adhesives market has been segmented as follows:
- Tile & Stone Floor
- Wood Floor
- Carpet Floor
- Laminate Floor
- Others
Based on the region, the floor adhesives market industry has been segmented as follows:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Frequently Asked Questions (FAQ):
What is the current competitive landscape in the floor adhesives market in terms of new applications, production, and sales?
Various major, medium-sized, and small-scale business firms operate in the industry on a global basis. Numerous companies are always inventing and producing new items, as well as moving into developing regions where demand is increasing, resulting in increased sales.
Which countries contribute more to the floor adhesives market?
US, UK, Canada, and Germany are major countries considered in the report.
What is the total CAGR expected to be recorded for the floor adhesives market during 2023-2028?
The CAGR is expected to record 5.8% from 2023-2028
Does this report cover the different resin type of the floor adhesives market?
Yes, the report covers the different resin type of floor adhesives.
Does this report cover the different technology of floor adhesives?
Yes, the report covers different technology of floor adhesives. .
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The study involved four major activities in estimating the current size of the floor adhesives market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering floor adhesives information from various trade, business, and professional associations. The secondary data was collected and analyzed to arrive at the overall size of the floor adhesives industry, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the floor adhesives market scenario through secondary research. Several primary interviews were conducted with market experts from both, the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Primary data was collected through questionnaires, emails, and telephonic interview. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors, from business development, marketing, product development/innovation teams, and related key executives from floor adhesives vendors; raw material suppliers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data of revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, resin type, application, end-use industry, and region. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs, and installation teams of the customer/end users who are using floor adhesives were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of floor adhesives and future outlook of their business which will affect the overall market.
The Breakup of Primary Research:
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|
CoMPANY NAME |
DESIGNATION |
|
Sika AG |
Director |
|
Dow Inc |
Project Manager |
|
Henkel AG & KGaA |
Individual Industry Expert |
|
H.B Fuller |
Director |
Market Size Estimation
The research methodology used to estimate the size of the floor adhesives market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations in the end-use industries at a regional level. Such procurements provide information on the demand aspects of floor adhesives.
Global Floor Adhesives Market Size: Bottom-Up Approach
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Global Floor Adhesives Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Floor adhesive, also referred to as flooring adhesive or floor glue, is a specialized adhesive used for securely bonding various types of flooring materials to a subfloor or underlayment. Its primary function is to provide stability and durability to flooring installations, making it an essential component in residential, commercial, and industrial settings. This adhesive is particularly valuable for ensuring the steadfast attachment of flooring materials like vinyl, carpet, hardwood, tile, and more, preventing undesirable shifting or lifting over time.
Key Stakeholders
- End User
- Raw Material Suppliers
- Senior Management
- Procurement Department
Report Objectives
- To define, describe, segment, and forecast the size of the floor adhesives market based on technology, resin type, application, end-use industry, and region.
- To forecast the market size of segments with respect to various regions, including North America, Europe, Asia Pacific, South America, Middle East & Africa, along with major countries in each region
- To identify and analyze key drivers, restraints, opportunities, and challenges influencing the growth of the floor adhesives market
- To analyze technological advancements and product launches in the market
- To strategically analyze micro markets, with respect to their growth trends, prospects, and their contribution to the market
- To identify financial positions, key products, and key developments of leading companies in the market
- To provide a detailed competitive landscape of the market, along with market share analysis
- To provide a comprehensive analysis of business and corporate strategies adopted by the key players in the market
- To strategically profile key players in the market and comprehensively analyze their core competencies
Available Customizations
MarketsandMarkets offers the following customizations for this market report:
- Additional country-level analysis of the floor adhesives market
- Profiling of additional market players (up to 5)
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company in the floor adhesives Market
Growth opportunities and latent adjacency in Floor Adhesive Market