The global floor adhesives market size was valued at USD 1.84 billion in 2022. It is estimated to reach 2.74 billion by 2031, growing at a CAGR of 4.56% during the forecast period (2023–2031). Major factors driving the market are the rapidly growing global construction industry and the versatility, safety, and ease of application of floor adhesives. Manufacturers are compelled to invest in research and development, resulting in adhesives that meet eco-standards and exhibit improved performance characteristics, such as quick curing times, strong bonding capabilities, and adaptability to various flooring materials.
Flooring adhesive refers to a durable and resilient type of adhesive specifically designed to securely attach flooring components to a subfloor or underlayment. The adhesive secures the surface covering material to the subfloor or underlayment. It has the unique property of moistening the material, increasing its strength after application, and transferring weight between two bases.
Numerous floor adhesives are available, including polymeric adhesives and derivatives, polyurethane adhesives, dispersion adhesives, and alcohol adhesives. Different kinds of adhesives are recommended for various types of flooring, although some multi-purpose solutions can be used successfully with multiple materials. The floor adhesives are categorized based on their intended use, whether residential, commercial, or industrial.
|Market Size||2.74 billion by 2031,|
|Fastest Growing Market||North America|
|Largest Market||Asia Pacific|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
Floor adhesives are used in the building and construction industry for commercial, residential, and industrial flooring applications. Population growth, migration from hometowns to service sector clusters, and the trend toward nuclear families are some factors driving the global construction industry. In addition, the decreasing ratio of land to population and the rising trend of constructing high-rise residential buildings and townships have been boosting the global application of floor adhesives in the construction industry.
The construction industry growth was prominent through 2021 in regions like Asia-Pacific, North America, and the Middle East and Africa. For instance, in December 2021, the US Census Bureau estimated construction spending at a seasonally adjusted annual rate of USD 1,639.9 billion, 0.2% higher than the revised November projection of USD 1,636.5 billion. Moreover, in 2021, construction spending amounted to USD 1,589.0 billion, 8.2% above USD 1,469.2 billion in 2020, thus increasing the consumption of floor adhesives in construction applications.
Floor adhesives are ready-mixed and specially formulated from OPC, selected fine sand, and additives to improve their essential properties for laying tiles. Floor adhesives offer better bonding strength compared to ordinary sand-cement mortar. They also contain waterproof properties and can be used in wet areas like bathrooms, kitchens, swimming pools, etc.
Various polymers, like acrylic, latex, and epoxy, are used along with the adhesives to improve its adhesive properties. The application of floor adhesive is fast and efficient. They are used to lay tiles on various surfaces, such as glass mosaics, polished substrates, and drywall systems, on existing tiles without removing them, parking areas, industrial areas, and much more. All these factors will likely drive the floor adhesives market during the forecast period.
In order to facilitate the application process, floor adhesives commonly utilize volatile organic compounds (VOCs) to effectively decrease viscosity. Typical VOCs are aliphatic and aromatic hydrocarbons, such as ethyl acetate, xylene, toluene, acetone, and glycol ethers. It is generally acknowledged that solvent vapors lead to headaches, allergic reactions, heart stress, skin problems, and reproductive system defects. Thus, government regulations and policies are stringent, with adhesives consisting of VOCs restraining market growth.
The escalating investments of key market participants present numerous growth opportunities for the floor adhesive market. For instance, AHF Products announced its intention to invest USD 2.5 million in its Somerset facility to introduce a new line of extremely durable end-grain hardwood flooring. Increasing investments in the production of floor adhesives indicate the market's high demand for these products, which is anticipated to positively influence the market's expansion over the forecast period. The growth of infrastructure and rising preferences for using green and non-hazardous floor adhesive materials will also increase the numerous opportunities that will contribute to the expansion of the floor adhesive market in the coming years.
Based on region, the global floor adhesives market is bifurcated into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
Asia-Pacific is the most significant global floor adhesives market shareholder and is anticipated to exhibit a CAGR of 5.78% during the forecast period. The construction industry in Asia-Pacific is expected to become the largest and fastest-growing industry globally, with approximately a 45% share of global construction spending coming from the region. The need for housing has increased rapidly with the rapidly increasing population, especially in developing economies like China and India. This is increasing the construction activities across the region, further expected to drive the market for floor adhesives. For instance, China is experiencing an unprecedented construction boom. The country has the largest building market in the region and the world, accounting for twenty percent of all global construction investments. In 2022, the Chinese government was projected to have an annual limit of CNY 3.85 trillion for new infrastructure bonds, up from CNY 3.65 trillion in 2021.
Similarly, in India, in 2021, the Union Cabinet approved and set up initiatives such as 'Housing for All' and 'Smart Cities Mission; the government allocated INR 13,750 crore (USD 1.89 billion) to Straits ResearchUT and Smart Cities Mission. It is likely to drive the market for floor adhesives in the country.
North America is estimated to exhibit a CAGR of 3.98% over the forecast period. North America is currently among the most versatile regions in the world, with building and construction projects soaring, owing to its healthy political environment and robust economic growth. Moreover, in 2021, construction spending amounted to USD 1,589.0 billion, 8.2% above USD 1,469.2 billion in 2020, thus increasing the consumption of floor adhesives in construction applications. Besides, the increasing investment in infrastructure, like healthcare, commercial construction, and the construction of manufacturing plants in the United States will likely provide more market opportunities during the forecast period.
Major European economies, like Germany and the UK, are currently engaged in several construction projects that are anticipated to increase flooring demand in the coming years. Germany has the biggest construction industry in Europe. The country's construction sector has grown slowly recently, driven by expanding new residential construction activities. For instance, according to Statistisches Bundesamt, the number of buildings and construction work permits issued nationwide in 2020 was approximately 232 thousand units, up roughly 4.3% from 2019.
Similarly, a 40-story residential tower and a 14-story office building are being built at Albion Street in Central Manchester with a USD 333 million investment. The construction commenced during the third quarter of 2021, with an anticipated completion date set for 2024. There are nearly 540 planned and under construction high-rise buildings in London, according to New London Architecture, with an existing number of 360 tall buildings. The growing tall construction of high-rise buildings is estimated to drive the market growth.
Countries in the Middle East and Africa, like Saudi Arabia and the UAE, are undertaking many residential and commercial projects, which will likely increase construction activity in the region. Saudi Arabia has started several construction projects, such as the Red Sea Project Phase 1, which was scheduled to be finished in 2022, the USD 500 billion futuristic mega-city "Neom" project, 14 luxury and hyper-luxury hotels that may comprise 3,000 rooms distributed across five islands and two inland resorts, Qiddiya Entertainment City, Amaala - the uber-luxury wellness tourism destination, Jean Nouvel's Sharaan resort in Al-Ula. Such endeavors will likely increase the demand for floor adhesives in the construction industry.
The global floor adhesives market is segmented by resin type, technology, application, and end-user industry.
Based on resin type, the global market is bifurcated into epoxy, polyurethane, acrylic, vinyl, and other resin types.
The epoxy resin segment dominates the global market and is projected to exhibit a CAGR of 4.41% over the forecast period. Epoxy is a material that is used to seal concrete floors. It creates a glossy surface and increases the area's brightness by 200 percent. These resins can be utilized as a thick flooring material over a concrete subfloor or as a protective layer on the substrate. If the thickness of the epoxy material applied to the floor exceeds 2 millimeters, it is referred to as an epoxy floor. However, epoxy is referred to as epoxy floor coating if its thickness is less than two millimeters.
Additionally, epoxy coatings are expected to have a service life of 20 years or more. These adhesives are also widely used in laminate and wood flooring applications. Moreover, industrial flooring applications are notable consumers of epoxy resin utilization. Other than binding applications, epoxy-based floorings are significant consumers of epoxy resin.
Based on technology, the global market is divided into water-borne, solvent-borne, and other technologies.
The solvent-borne segment contributed to the highest market share and is predicted to grow a CAGR of 4.16% over the forecast period. Solvent-borne adhesives are mixtures of solvents and thermoplastic or slightly crosslinked polymers, including polychloroprene, polyurethane, acrylic, and silicone, as well as natural and synthetic rubbers (elastomers). Due to their high resistance to various environmental factors and compatibility with various substrates, solvent-borne adhesives are widely employed. In addition, solvent-based adhesives adhere securely to porous and nonporous surfaces once the liquid evaporates, leaving only the bonding agent behind. Solvent-based adhesives contain significant amounts of volatile organic compounds (VOCs), which can be harmful and irritants and are often subject to regulations worldwide. These adhesives can be applied by roller, brush, and spray or as beads either manually or automatically.
Based on application, the global floor adhesives market is divided into tile and stone, carpet, wood, laminate, resilient flooring, and other applications.
The tile and stone segment is the largest revenue contributor to the market and is expected to exhibit a CAGR of 4.91% over the forecast period. Tile and stone adhesives are generally called bedding adhesives as they are used below the tiles. However, the type of flooring adhesives used for this application depends on many factors, such as whether the stones/tiles are to be installed inside or outside the building, on the wall or the floor, in a wet or dry area, and the receiving substrate, e.g., concrete, render, screed drywall, etc.
In addition, polymer-modified adhesives are widely used in flooring adhesives. The polymer-modified adhesives are commonly available in two types. One comes with powdered polymer as a pre-mix. Hence, only water must be added to make a bed during the application. This type of adhesive is commonly used for tile applications.
Based on the end-user industry, the global market is segmented into residential, commercial, and industrial.
The residential segment owns the highest market share and is estimated to exhibit a CAGR of 4.78% during the forecast period. Tile and stone adhesives are the most commonly used adhesive types in the residential end-user segment. The residential segment is the largest and fastest-growing segment in the market studied. The soaring middle-class population, coupled with the increasing disposable incomes, has expanded the middle-class housing segment, thereby increasing the use of flooring adhesives.
Although the middle-class housing segment is suffering a slump in a few regions of the United States and Canada (as they keep losing ground on affordability), low-interest rates for home mortgages have increased residential construction. In October 2021, the Sao Paulo State Housing Union (Secovi-SP) recorded 5,555 new residential units sold in Sao Paulo. The number will likely rise due to consumer spending on residential housing units. Moreover, the growing trend for single-family housing in Brazil will likely support the residential construction industry in the upcoming period.