CHICAGO, Aug. 14, 2023 /PRNewswire/ -- The report "Floor Adhesive Market by Type (Epoxy, Polyurethane, Acrylic, and Vinyl), Application (Tile & Stone, Carpet, Wood, and Laminate), Technology (Water-based, Solvent-based and Hot-melt based), and Region - Global Forecast to 2028", size is projected to grow from USD 9.7 billion in 2023 to USD 12.8 billion by 2028, at a CAGR of 5.8%.
The floor adhesives market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. In terms of demand, Asia Pacific is expected to be the market leader over the forecast period. The floor adhesives market is intrinsically influenced by two pivotal factors: the surge in construction activities fueled by urbanization and the compelling shift towards sustainability and environmentally-friendly construction practices. As the industry responds to these driving forces, strategic alignment and innovation become imperative for capitalizing on the opportunities presented by these factors, ultimately steering the course of the floor adhesives market towards a trajectory of sustainable growth and strategic relevance.
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160 - Tables
60 - Figures
260 - Pages
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The tile & stone segment is expected to account for one of the largest shares in 2023.
The tile and stone application segment have emerged as a pivotal catalyst, driving remarkable growth within the floor adhesives market. This surge is underpinned by a strategic interplay of factors that accentuate the significance of tile and stone installations in contemporary construction and design practices. This segment's extraordinary expansion is a testament to the evolving preferences of consumers, the intrinsic attributes of floor adhesives, and the synergy between aesthetics, functionality, and durability.
One of the key drivers behind the substantial growth in the tile and stone application segment is the prevailing shift in consumer preferences towards these materials. Tiles and stones have garnered significant popularity due to their innate elegance, versatility, and timelessness. As modern design trends veer towards sleek aesthetics and minimalist sensibilities, tiles and stones are preferred choices for creating visually striking and sophisticated spaces. The precision and finesse required in installing these materials necessitate high-performance adhesives that can seamlessly bond these surfaces to subfloors, thereby anchoring the growth trajectory of the tile and stone application segment.
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The residential segment is expected to account for the largest share in 2023.
The residential sector is unequivocally emerging as a powerhouse, propelling remarkable growth within the floor adhesives market. This robust upward trajectory finds its roots in a convergence of strategic factors, emblematic of the sector's pivotal role in shaping the dynamics of the industry. This surge in growth within the residential segment is not a mere coincidence; rather, it is a manifestation of evolving consumer preferences, the relentless surge in housing demand, and the intrinsic alignment between contemporary living standards and the attributes of floor adhesives.
Central to this extraordinary growth is the ongoing evolution of consumer preferences, marked by an unyielding pursuit of elevated living standards and personalized interior spaces. In an era characterized by heightened aesthetic consciousness, homeowners and property developers are seeking flooring solutions that harmoniously blend durability, versatility, and visual allure. It is here that floor adhesives come to the fore, celebrated for their adeptness in enabling secure and long-lasting flooring installations. As residential spaces morph into havens of style and functionality, floor adhesives stand as indispensable allies in realizing these aspirations.
Asia Pacific is expected to account for one of the largest share in 2023.
Asia Pacific's status as the largest consumer of floor adhesives is a testament to its pivotal role in the global economic landscape. The region's dynamism, underscored by rapid urbanization, cultural diversity, and sustainability imperatives, collectively forges a conducive environment for robust adhesive demand. Industry stakeholders and market participants are poised to capitalize on this lucrative market, capitalizing on the region's growth trajectory, and strategically aligning their offerings to address the evolving needs of the Asia Pacific floor adhesives market.
The key players in the floor adhesives market include Henkel AG (Germany), H.B. Fuller (US), Sika AG (Switzerland), Arkema (Bostik SA) (France), 3M (US), Dow Inc (US), Wacker Chemie AG (Germany), and Pidilite Industries Limited (India).
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