The global floor adhesives market is projected to grow at a healthy growth over the next five years to reach $6.94 billion in 2023, according to a new research report from Stratview Research. A growing global construction industry, increasing consumption of adhesives globally, increasing 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 reportedly some of the key factors burgeoning the demand for floor adhesives in the construction industry. Another factor that attracts adhesives usage is ease of installation of polymer-based adhesives compared to traditional mechanical fastening system or cementitious powders, according to the report.
Based on the material type, acrylic adhesive segment currently dominates the global floor adhesives market, driven by increasing usage of carpet and resilient flooring applications. Polyurethane adhesive is mainly preferred in wood flooring applications.
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 is reportedly gaining popularity, owing to its versatility and durability.
In terms of technology type, water-based technology reportedly dominates the floor adhesives market. The technology type is also likely to grow at the highest rate during the forecast period.
Asia-Pacific is expected to remain the largest and fastest-growing floor adhesives market globally in the foreseeable future. Despite declining growth of the Chinese economy, the country is expected to remain a growth engine of the region's market over the next five years. India is likely to be the new growth engine in the region, supported by an increasing government investment in the development of infrastructure and high construction activities across the country.