Flooring adhesive involves a variety of solutions used to install a floor surface covering material to the subfloor or underlayment. Different types of adhesives are recommended for various types of flooring, which include sports flooring, residential flooring, and non-residential flooring. Rising demand for floorings such as wood, laminate, ceramic, and vinyl in new construction and repair applications is driving the floor adhesives market
Increasing stringent regulations by environmental bodies and federal agencies have prompted industries’ R&D initiatives to develop bio-based adhesives, according to consumer preferences. Bio-based products reduce carbon footprints, thus presenting a major competitive advantage over their synthetic alternatives.
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Increasing demand for floor adhesives, from residential, commercial, and industrial sectors, is driving the market. Additionally, rising demand for floor adhesives from the health care, food, automotive, and other industries for insulation, facades, panel lamenting, flooring, lamination, and coating purposes is anticipated to propel the floor adhesives market in the near future.
Based on technology, the global floor adhesives market has been classified into water-based, solvent-based, wood-based, and reactive. In terms of demand, the water-based technology segment dominated the market in 2016. This can be ascribed to rising demand for eco-friendly and zero VOC emission floor adhesives. It was followed by wood-based segment due to its quick curing, solvent-less system, and user-friendly properties. Based on product type, the floor adhesive market has been segmented into epoxy, polyurethane, acrylic, vinyl, and others. Acrylic was the leading product segment, followed by polyurethane. In terms of application, the floor adhesive market is segmented into tile and stone, carpet, wood, laminate, and others.
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The floor adhesive market in Asia-Pacific is anticipated to witness the highest growth rate during the forecast period due to the increase in investments in infrastructural development. Fast growing economies such as China, South Korea, India, and other countries in South-east Asia are attracting several global market players to Asia Pacific. These manufacturers are competing to reach an extensive customer base in countries such as China and India to cater to the increasing demand for adhesives in residential and industrial sectors. Increasing investments in infrastructural development in the region are expected to fuel the floor adhesive market in Asia-Pacific.
After Asia Pacific, North America and Europe accounted for the largest share of the global floor adhesive market. Furthermore, according to the Adhesives and Sealant Industries (ASI), countries such as the U.K., Turkey, and Germany held a large share of the floor adhesive market in Europe in 2016. The U.S. constituted accounted for a major share of the market in North America. The Middle East is expected to exhibit considerable growth rate for bio-based floor adhesives, due to the rising demand for reducing carbon footprints.
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Key players operating in the global floor adhesive market include 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).
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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