Market Size (2022)
Fastest Growing Segment
Global Floor Adhesive Market has valued at USD8.85
billion in 2022 and is anticipated to project robust growth in the forecast
period with a CAGR of 5.34% through 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. Moreover, the government initiatives towards economic recovery, such as
tax incentives and subsidies for construction projects, are further benefitting
the growth of the construction industry and positively influencing flooring
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. These factors, along with the
increasing focus on sustainable and eco-friendly construction, are propelling
the growth of the wooden flooring segment.
For instance, in November 2020, AHF Products, a
leading manufacturer of flooring materials, 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. This investment not only indicates the growing
demand for flooring materials but also highlights the importance of innovation
and product development in meeting the evolving needs of the market.
With the ease in pandemic-related restrictions,
construction spending is witnessing a significant rise in different parts of
the world since the second half of 2020. In an attempt to boost economic
recovery and stimulate job creation, various housing projects are being
developed by private investors, as well as government bodies. These projects
include the construction of affordable housing units, residential complexes,
and commercial buildings, which are expected to positively influence the growth
of the flooring adhesives market.
For instance, on January 06, 2021, the state
government of Maharashtra in India took a proactive step by reducing premium
charges by 50% under the new Development Control and Promotion Regulations
(DCPR) rule 2034 across the board for ongoing and new construction projects up
to December 31, 2021. This move is expected to give a significant boost to the
real estate sector in the state, attracting more investments and driving the
demand for flooring adhesives.
In conclusion, the construction industry is
experiencing a surge in investments, renovation projects, and government
initiatives aimed at economic recovery, all of which are driving the demand for
flooring adhesives. With the growing popularity of wooden flooring,
technological advancements, and sustainable construction practices, the market
is poised for substantial growth in the coming years.
Key Market Drivers
Growing Demand of Floor Adhesive in Construction
Floor adhesives play a crucial role in the
construction industry, serving as an essential component to bond a wide variety
of flooring materials such as tiles, wood, carpet, and vinyl to the floor
surface. With their versatility, safety features, and user-friendly nature,
floor adhesives have become an indispensable tool in both residential and
commercial construction projects.
The rapid expansion of the global construction
industry serves as a significant driver for the floor adhesives market. As the
demand for construction of new buildings, homes, and infrastructures continues
to grow, so does the need for reliable and efficient floor adhesives.
Additionally, renovation and refurbishment activities, which often involve the
replacement or repair of flooring, contribute further to the ever-increasing
demand for floor adhesives.
The evolving needs of the construction industry
have led to continuous innovations in floor adhesive products. Manufacturers
are constantly developing adhesives with enhanced properties, including
improved bonding strength, faster curing times, and increased resistance to
moisture and chemicals. These advancements not only meet the industry's demands
for high-performance adhesives but also significantly drive the growth of the
floor adhesives market.
Looking ahead, the floor adhesives market shows no
signs of slowing down. With the construction industry expected to continue its
growth trajectory, the demand for floor adhesives is set to follow suit.
Moreover, emerging trends such as the increasing adoption of eco-friendly
adhesives and the development of advanced adhesive technologies are likely to
further fuel market growth in the coming years.
In conclusion, the growing demand for floor
adhesives in the construction industry serves as a significant driver for the
global floor adhesives market. As the construction industry continues to expand
and evolve, the floor adhesives market is poised for sustained growth in the
coming years, driven by the increasing need for reliable and innovative
Growing Advancements in Flooring Materials
Flooring material advancements have brought about a
remarkable transformation in the construction industry, leading to a surge in
demand for floor adhesives. The flooring materials market is projected to
witness substantial growth in the coming years, with a forecasted compound
annual growth rate (CAGR) of 5-6%. This growth can be attributed to the
introduction of new technologies that are significantly disrupting the
With the advent of these technological
advancements, a wide range of flooring options has emerged, each having its own
unique adhesive requirements. This has created a need for specialized floor
adhesives that can cater to the diverse needs of different flooring materials.
The increasing popularity of laminate flooring, for instance, has seen notable
advances in terms of design realism and improved durability. As a result,
high-performance adhesives are now essential to ensure proper installation and
enhance the longevity of these advanced flooring materials.
Additionally, vinyl flooring has gained significant
traction in recent years, thanks to advancements in manufacturing methods and
digital photography. As vinyl flooring continues to mimic the appearance of
natural materials and stone, decorative patterns are becoming increasingly
popular. Consequently, the demand for reliable adhesives to support these
design trends has grown substantially.
Furthermore, the floor coatings market is
experiencing remarkable growth due to ongoing technological advancements. These
coatings often require the use of specific adhesives, thereby contributing to
the overall expansion of the global floor adhesive market.
In light of these developments, the future of the
floor adhesive industry looks promising, with continued innovation and
advancements expected to drive further growth and meet the evolving needs of
the construction sector.