Flooring Adhesives Market To Hit Value .1 Billion By 2027Posted by Mrudula Anil Karmarkar on April 21st, 2021 The global flooring adhesive market size is anticipated to reach USD 7.1 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.4% from 2020 to 2027. Demand for resilient flooring materials on account of new constructions and renovation projects are likely to push the product demand. Resilient floorings are used to enhance the comfort and aesthetics of various applications in living rooms, bedrooms, outdoor floors, and utility spaces. Rubber and cork products are used as protective floorings where heavy and fragile objects are stored, for instance, gym floors are generally made with resilient materials to resist the weights of the instruments. Increasing consumer inclination toward aesthetically appealing interiors, growing spending capacity of the upper-middle-class population, and improving the standard of living in emerging countries are expected to favor the demand for wooden floors. However, fluctuations in international trade policies may affect the pricing of final products, thus leading to a negative impact on their demand. Artificial turf or synthetic grass or fake grass flooring materials are majorly used for external flooring applications. The largest share of these materials is consumed by landscaping and sports floorings in the commercial segment. Moreover, these materials are used in lawns, gardens, balconies, and terraces in residential and commercial structures. The rising popularity of outdoor games and government initiatives to promote sports are driving artificial turf demand. Fluctuation in the raw material prices and establishing a distribution network are the challenges faced by the market competitors. Therefore, major players in the market are likely to witness a degree of forward and backward integration. This is further likely to intensify the market rivalry and, in turn, competition, and thus, making it difficult for new entrants to sustain in the competition. Flooring Adhesives Market Report Highlights
Research & development activities by multinational players have led to the introduction of advanced flooring products and new techniques for installation, thus making the competitive environment more intense. Furthermore, the penetration of products through an organized retailing network is another factor for the players to sustain in the market competition. The U.S. construction sector witnessed positive growth in 2018, mainly due to wage growth and low borrowing costs for additional housing. This was supported by the flow of investment in major cities. However, the construction sector in the U.S. witnessed a slowdown in 2020 and is poised to witness lower growth in 2020. The U.S. flooring adhesives market is projected to expand at a rate of 5.6% from 2020 to 2027, in terms of revenue. As per the U.S. Census Bureau, the total construction spending in the U.S. increased from USD 1,333.1 billion in 2018 to USD 1,365.1 USD billion in 2020. The residential and non-residential sectors accounted for the growth of -2% and 6% in 2020 compared to 2018. The aging of infrastructure remains one of the key concerns in the building and construction sector of the country. The U.S. needs to upgrade its infrastructure and is likely to spend USD 4.5 billion by 2027. This is anticipated to drive the demand for flooring adhesive products over the coming years. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/450884/ibb Market vendors are adopting various organic and inorganic growth strategies to increase their market share. New product development and mergers & acquisitions are projected to remain key strategies adopted by market players. In February 2020, Uzin Utz UK Ltd. launched a new flooring adhesive product known as ‘UZIN KE 49 HT’. The product finds application during vinyl and luxury vinyl tile (LVT) installations in flooring projects. It has hybrid properties and provides flexibility for contractors during installations. Owing to such properties, the product can be used as a high-temperature adhesive or pressure-sensitive adhesive. Thus, new product development in the market is anticipated to provide a competitive edge for market vendors over the coming years. Some of the prominent players in the flooring adhesive market are:
Grand View Research has segmented the global flooring adhesives market report on the basis of resin, application, end-use: Flooring Adhesives Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Flooring Adhesives Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Flooring Adhesives End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |