Flooring adhesive involves a variety of solutions employed to install a floor surface covering material to the subfloor or underlayment. Various types of adhesives are recommended for different types of flooring that include sports flooring, residential flooring, and non-residential flooring. The world floor adhesive market is a rapidly growing market mainly due to the fast urbanization and the dependence of different industries on floor adhesives. The world market is expected to reach a total of 11.6 billion by the end of 2023, with a growth rate of 5.26%. The world floor adhesives market size was around 8.89 billion by revenue, at the end of 2018. It is estimated to grow at a CAGR of 5.26% to reach USD 11.60 billion by 2023.
Market drivers and restraints:
Increasing demand for floorings such as wood, laminate, ceramic, and vinyl in new construction and repair applications is driving the floor adhesives market. Rising stringent regulations by environmental bodies and federal agencies have prompted industries’ R&D initiatives to develop bio-based adhesives, according to customer preferences. Rising demand for floor adhesives, from residential, commercial, and industrial sectors, is driving the market.
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Report segmented as:
- tile and stone
Based on geography, the global floor adhesives market is segregated into Latin America, Europe, Asia Pacific, Middle East, and Africa and North America. Asia Pacific had the most prominent world market share in the year 2018 and is estimated to be the quickest growing market in the forecast period, owing to its high CAGR, rising demand for increasing markets and scope of future opportunities, majorly in developing countries like Japan, India, and China.
Important market players:
Major players operating in the world floor adhesive market are 3M (the U.S.), Henkel AG & Co. KGaA (Germany), Illinois Tool Works Inc. (the U.S.), Bostik SA (France), Forbo Holding AG (Switzerland), TecDura Surface Protection Systems (London), and Pidilite Industries Limited (India, MEA).
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