According to the latest report by Quince Market Insights, the demand for flooring adhesives is expected to see a high growth driven by government regulations that in recent years have led to the development of bio-based adhesives. The growth of the market is expected to drive increased demand from applications like wood, tile & stone, laminate, carpet, and others.
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Strategic Factors Impacting Market Growth:
o Stringent government regulations leading to the development of bio-based adhesives
o Rapid industrialization and urbanization in the Asia Pacific
o Growth of the tourism industry in the Middle East
Highlights of Flooring Adhesives Market:
o In September 2016, BASF SE (Germany) has signed an agreement with Henkel AG (Germany) to purchase Henkel’s professional Western European flooring, tiling, and waterproofing business to expand its product portfolio.
o In March 2019, WackerChemie AG (Germany) presented new polymeric binders, pyrogenic silicas, and silicones for paints, adhesives and construction solutions at the European Coatings Show (ECS) 2019 in Nuremberg, Germany.
Floor coverings are available in a variety of fabrics, including several different sub-straights. In today’s market, you can find premium vinyl plank and tile flooring built to replicate the look of porcelain tile and hardwood floors as well as carpet and other floor coverings to meet the latest trends and standards for durability. These materials need to adhere to a substrate with an adhesive that will last the lifetime of the flooring surface, meet various performance requirements and make installation quick and easy.
Segmentation for better understanding of this market and its growth prospects
Technologically, the global market for floor adhesives was segmented into water-based, solvent-based, hot-melt-based, wood-based, and others. The water-based technology segment is expected to dominate the market in terms of production. This can be due to the increasing demand for eco-friendly floor adhesives and zero VOC emissions. In addition, due to its fast curing, solvent-less system, and user-friendly properties, the wood-based segment is expected to have a prominent market share.
Based on the resin type, the epoxy resin segment is expected to be the largest segment of the market during the forecast period. The main reason why epoxy adhesives are gradually being implemented in the flooring industry is their capacity to provide a good balance of handling characteristics and superior physical properties.
The tile & stone segment is expected to have the highest demand over the forecast period, based on the application. Adhesives are used widely in flooring applications to match tile and stone flooring. Most of the regions prefer the tile and stone flooring which the trend is followed by wood in many countries.
Regional segmentation and analysis to understand growth patterns
Based on the region, the flooring adhesives market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World.
The Asia-Pacific floor adhesive market is expected to see the highest growth rate during the forecast period due to the increase in infrastructural development investments. Fast-growing economies like China, South Korea, India, and other South-East Asian countries are drawing a range of global market players to invest in the Asia Pacific region. Manufacturers compete to reach a broad customer base in countries like China and India to meet the growing demand for residential and industrial adhesives.
It is expected that the Middle East will show a significant growth rate for bio-based floor adhesives due to the increasing demand for carbon footprints and also due to the rising creation of infrastructure to boost tourism in the region. Middle East includes major economies such as the UAE, Saudi Arabia, Iran, Israel, Egypt, and so on.
North America and Western Europe are traditional suppliers of specialty chemicals, bulk chemicals, and so on. Major companies in this market are headquartered in North America and Western Europe. This region has undergone a variety of transformations from end-use industries in terms of the production of chemicals and their respective applications. Throughout designing the green alternatives in these regions, preference for bio-based feedstock has been instrumental. In addition, regulators placed strict guidelines on environmental concerns potential health hazards due to exposures. This has been more instrumental in the Western European region competitively. Some of the major economies in these regions include the US, Germany, UK, France, Canada, Italy, Spain, and so on.
With operations by major chemical giants in the region, Eastern Europe was controlled mainly by Russia and Turkey. Rest the world which includes South America and Africa has strong potential for the market of flooring adhesives. Global companies have steadily invested in these regions to improve their presence and to access the potential market. Major economies in these regions for the flooring adhesives market include Brazil, South Africa, Nigeria, Argentina, Colombia, and others.
The report provides insights about activities of top companies like BASF SE, Suncolour, Saint-Gobain, SIKA, Laticrete International Inc., Davco, Vasa, Mapei, Bostik SA, Henkel AG, Forbo Holdings AG, Pidilite Industries Limited, WackerChemie AG, and H.B. Fuller
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