Floor Adhesives Market is Projected to Grow at a Healthy Rate
Detroit, Mich. -- Adhesives have progressively become the preferred choice to install most flooring types used today in residential, commercial, and industrial markets. Apart from tile and stone, which are more often used with a cementitious product for adherence, all the other major flooring types such as resilient, wood, and carpet are predominantly installed using polymer adhesives. There are various types of adhesives used to adhere different flooring with substrates. The selection of the type of adhesives is largely dependent on the flooring type as well as flooring application.
The global floor adhesives market is projected to grow at a healthy growth over the next five years and reach $6.9 billion in 2023, according to a recent report from Stratview Research. A growing global construction industry, increased consumption of adhesives globally, increased use of water-based adhesives over solvent-based adhesives to reduce VOC emissions, replacement of mechanical fastening systems with adhesives, and ability of adhesives to bond dissimilar materials are some of the key factors burgeoning the demand for floor adhesives in the construction industry. Another factor which attracts adhesives usage is ease of installation of polymer-based adhesives compared to traditional mechanical fastening system or cementitious powders.
Based on the material type, the acrylic adhesive segment currently dominates the global floor adhesives market, driven by increasing usage in carpet and resilient flooring applications. Polyurethane (PU) adhesive is mainly preferred in wood flooring applications, owing to its properties, such as long-lasting surface finish; superior chemical, solvent, and scratch resistance; fast drying time; and resistance to UV light damage, general wear-and-tear, and extreme temperature variations.
Resilient flooring is likely to remain the most dominant application type in the global floor adhesives market over the next five years. Among resilient flooring applications, luxury vinyl tile (LVT) is gaining popularity, owing to its versatility and durability with endless available designs through advanced photo technology.
In terms of technology type, water-based technology dominates the floor adhesives market. The technology type is also likely to grow at the highest rate during the forecast period as it has been the most preferred replacement of solvent-based adhesives, due to a host of factors, such as environmental safety, zero-VOCs, and low odor.
Some of the major floor adhesive suppliers include Ardex GmbH, Arkema Inc. (including Bostik), Bona AB, H.B. Fuller Company, Henkel AG & Co. KGaA, MAPEI, Pidilite Industries, Roberts Consolidated, Sika AG, and W.F. Taylor. Development of innovative products, regional expansion, and building of vast distribution network to the unpenetrated markets are some of the major strategies adopted by the major companies in order to quickly gain market share and to gain a competitive edge in the market.
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