Floor Adhesives Market Report

In the residence end-user segment, tile and stone adhesives are the most often utilised adhesive types. Furthermore, the residential segment is the market's largest and fastest-growing segment. The increase in the middle-class population, coupled with increased disposable incomes, has aided the growth of the middle-class housing segment, increasing the demand of flooring adhesives. According to Oxford Economics, global construction output in 2023 will be more than US$ 10.7 trillion, and this is expected to expand by 42%, or US$ 4.5 trillion, between 2023 and 2030, hitting US$ 15.2 trillion. Furthermore, the rising trend in single-family living in Brazil is expected to boost the residential building sector in the near future. Furthermore, convenient loans and favourable mortgage schemes are likely to assist the country's residential construction. The low-cost housing segment is continuously growing, owing mainly to government programs to offer affordable housing to the poor in both urban and rural regions.

Application of the adhesive involves the emission of volatile chemical agents which are poisonous and dangerous to the health when taken through the respiratory system. Thus, the measures controlling their application are progressively becoming more stringent. Likewise, the sense of consumers regarding health and the environment has become a new factor of concern for the manufacturers. For instance, in the United States of America the Environmental Protection Agency has made it mandatory for adhesive makers and distributors to adhere to certain guidelines in order to achieve the objectives of VOC limits. Also, the country’s Air Resources Board (ARB) published a paper to analyse RACT as one of the measures to tackle pollution resulting from the use of adhesives. This is attributed to health risks associated with the toxicity of chemicals in adhesive formulations that have led to a shift towards bio and water-borne adhesives. Thus, large-scale adhesive manufacturers face significant challenges when adapting the product range to new trends and requirements for products, thereby causing the restructuring of the market.

Partnership and innovation are fundamental strategies used in the expansion endeavour since it would not be possible for companies to leverage on each other’s capacity. The relationships between the firms encourage sharing of ideas and hence the existence of new innovative technologies and the solutions that go alongside them. Integration fosters the cumulative advancement and expansion of the products and service provision. Consequently, it allows companies to satisfy new trends and requests, expand their market presence, and stay relevant and these partnerships and the ongoing innovations have accelerated market growth and thus the extension of the facilities. For instance, in March 2024, Bostik launched STIX A600 EVOLUTION, a soft floor adhesive with glass ball technology for easier application and increased coverage efficiency. Additionally, in April 2024, Unilin’s Intellectual Property Division and Centexbel ink a deal for bio based coating and adhesive technologies.

The Asia-Pacific region holds the majority of the global floor adhesives market. The region's demand for floor adhesives is increasing as construction activity increases in countries such as China and India. According to Oxford Economics, Asia Pacific will contribute to US$ 2.5 trillion of growth in construction production between 2022 and 2030, rising by over 50% to become a US$ 7.4 trillion industry by 2030. As reported by the World Resources Institute, China would spend almost US$ 13 trillion on construction by 2030. China is encouraging and undergoing a continual urbanization process, with a goal rate of 70% by 2030. The Indian government's several initiatives, such as Smart City projects and Housing for All by 2022, are projected to offer a crucial push to the slowing developing industry. Furthermore, recent regulatory changes such as the Real Estate Act, REITs and GST are projected to reduce approval delays and enhance the construction industry in the coming years. Throughout the forecast period, these factors will drive market growth.