The global Floor Adhesive market size was estimated at USD 9.5 billion in 2023 and is projected to reach USD 13.8 billion in 2030 at a CAGR of 5.5% during the forecast period 2023-2030.
Flooring adhesive, a type of durable and robust glue, is utilized to bind flooring components to a subfloor or underlayment. This sticky substance, also known as floor adhesive, performs the crucial task of securely fastening the surface covering material to the subfloor or underlayment. One of the most distinctive features of this adhesive is its ability to wet the material, thereby increasing strength post application and facilitating weight transmission between two bases. A wide range of floor adhesives are available, including polymeric adhesives and derivatives, polyurethane adhesives, dispersion adhesives, alcohol adhesives, and others. These floor adhesives are classified based on their intended usage, which could be in the residential, commercial, or industrial sectors. Applications of floor adhesive span across several sectors such as tile, stone, carpet, wood, laminate, and more.
The current trend has indicated a shift towards the renovation of pre-existing structures, presumably influenced by the desire for an aesthetically pleasing appearance and increased disposable income. This notable shift has resulted in a surge in demand for floor adhesive. The resin type segment experiencing the most rapid growth is the "acrylic adhesive" due to its ability to be utilized for developing ultraviolet (UV) light-curing adhesives, waterborne and heat-resistant adhesives throughout the projected period. Additionally, the government's proactive initiatives towards the restoration of economic stability are expected to positively influence the demand for flooring adhesives, promoting the growth of the construction industry, ultimately driving the growth rate of the floor adhesive market.
The global pandemic, known as the Coronavirus (COVID-19), has made a significant impact on all aspects of human existence across the globe. In particular, the initial six months of 2020 have seen a notable impact on the production and consumption of flooring adhesives products resulting from the emergence of COVID-19. The enforcement of lockdown measures and the consequent closure of non-essential businesses in various countries has led to the suspension of construction activities. This has subsequently affected the growth of the building and construction industry, leading to a decrease in the demand for flooring adhesive products.
The manufacturing companies that specialize in floor adhesives have been gradually adopting eco-friendly and sustainable processes to eliminate the negative impact of chemical manufacturing on the environment, with a particular focus on reducing the emissions of volatile organic compounds (VOCs). It has been observed that building materials emit high levels of VOCs when they are exposed to high moisture levels or high temperatures. However, the use of these adhesive materials ensures that the products have a reduced carbon footprint. Furthermore, biodegradable floor adhesives have been developed to be broken down by bacteria and microorganisms. The process of degradation results in the production of water, carbon dioxide, and other natural gases that are defined by the environment. The increasing demand for eco-friendly processes and biodegradable floor adhesives is expected to drive the growth rate of the floor adhesive market.
The growing awareness of the advantages of luxury homes is predicted to boost the demand for different types of floor adhesive, which is expected to benefit the growth of the floor adhesive market during the forecast period of 2022-2029. Luxury homes are an excellent investment choice due to the numerous amenities they offer, such as gyms, swimming pools, and various sporting and leisure rooms, which require different flooring and floor adhesive.
Asia Pacific to Dominate the Market
