Flooring Adhesive Market: North America Is Expected To Grow At A CAGR Of 7.3% In Terms Of Revenue From 2021 To 2028
Flooring Adhesive Industry Overview
The global flooring adhesive market size is expected to reach USD 7.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2021 to 2028. The market is projected to be driven by a growing emphasis on luxury homes and increasing investments in the construction sector.
Flooring is an integral part of residential or commercial buildings as there is no other part that is exposed to more wear and tear. As a result, it needs to be durable and should match the décor. Wooden and resilient floorings have gained significant prominence in luxury construction. Growing investments in luxury construction are anticipated to augment the demand for flooring, which, in turn, is expected to increase the need for adhesives over the forecast period.
For instance, luxury vinyl flooring has been gaining popularity as they offer softer and quieter underfoot, ample choices in design, easier installation, easy replacement, look and appeal of realistic wood, are easy to clean and maintain, and is ideal for both residential and commercial applications.
Increasing demand for luxury housing in European countries is one of the key drivers for the growth of the market. Nearly all mid-sized and large cities such as Lisbon, Porto, Paris, Berlin, Frankfurt, Milan, and Madrid are witnessing an increase in luxury real estate investment. For example, Mareterra, a luxury housing project is under development in Monaco City. The six-hectare land reclamation project with 125 luxury homes is expected to open in 2024.
Growth in the flooring industry is compelling adhesive manufacturers to expand their presence through mergers and acquisitions and capacity expansions. For instance, in March 2021, Sika AG announced the acquisition of the flooring adhesives vertical of DriTac, a floor covering adhesives Company based in the U.S. The acquisition aims at expanding Sika’s presence in the Interior Finishing Market of the U.S. and among floor covering installers and distributors.
Flooring Adhesives Market Segmentation
Grand View Research has segmented the global flooring adhesive market on the basis of resin, application, end-use, and region:
Based on the Resin Insights, the market is segmented into Acrylic, Polyurethane, Polyvinyl Acetate, and Others.
- The acrylic segment dominated the market for flooring adhesive and held the largest revenue share of 41.0% in 2020. The large share is attributed to the characteristics of acrylic resins, which provide fast-setting time and increased adhesion to substrates that are difficult to bond. They offer good environmental resistance. Acrylic resins are used for the development of waterborne and heat-resistant adhesives and Ultraviolet (UV) light-curing adhesives.
- Polyurethaneis another vital segment of the market for flooring adhesive. Rising demand for polyurethane adhesives has led raw material suppliers to enhance their production capacity. For instance, in January 2020, BASF announced the expansion of its polyurethane dispersion business in Europe. With this expansion, the company intended to strengthen its portfolio of adhesives, parquet floorings, and automotive and industrial coatings.
Based on the Application Insights, the market is segmented into Resilient Flooring, Wooden Flooring, Laminate Flooring, and Others.
- The resilient flooringsegment held the largest revenue share of 53.0% in 2020. This flooring is a mixture of color, binders, and fillers. Binders such as asphalt and resin bind the mixture together, whereas fillers comprise limestone, groundwood, and synthetic fibers. These are produced using elastic materials such as rubber, PVC, and linoleum.
- Wooden flooring is anticipated to emerge as the fastest-growing segment over the forecast period owing to its rising significance in luxury construction in both residential and commercial areas. It offers numerous advantages including strength, durability, easy maintenance, aesthetics, high monetary value of a house, steady appearance, an option of refinishing, improved acoustics, and improved air quality.
Based on the End-use Insights, the market is segmented into Residential, Commercial, and Industrial.
- The commercial segment dominated the market for flooring adhesive and held the largest revenue share of more than 34.0% in 2020. Commercial applications are subject to high traffic areas, therefore require durable flooring such as resilient and wooden. In such flooring applications, adhesives are necessary products and are found in numerous commercial building applications such as offices, convenience stores, shopping malls, and retail stores.
- The residential segment is growing fluently as the subsidies from governments for first-time homebuyers in developing and developed economies have positively affected the growth of the residential sector. Countries such as Australia, Canada, Germany, and India have announced various schemes to support the development of the real estate sector.
Flooring Adhesives Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is highly competitive owing to the presence of various players, both emerging and established. All manufacturers faced major consequences in 2020 owing to the emergence of the COVID-19 pandemic, which impacted the demand-supply scenario and led to negative sales for companies in the first half of 2020. As the economies turn toward recovery, manufacturers are expanding their presence and market share through initiatives such as capacity expansions and mergers & acquisitions. Some of the prominent players in the flooring adhesive market include:
- Bostik
- Dow
- Forbo Holdings AG
- B. Fuller Company
- Henkel AG & Co. KGaA
- LATICRETE International, Inc.
- MAPEI S.p.A
- PARKER HANNIFIN CORP
- Pidilite Industries
- Sika AG
Order a free sample PDF of the Flooring Adhesives Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
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