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Forecast Period
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2024-2028
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Market Size (2022)
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USD1.61 billion
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CAGR (2023-2028)
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5.52%
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Fastest Growing Segment
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Acrylic Adhesive
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Largest Market
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Midwest
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Market Overview
United States Floor Adhesive Market has valued at
USD1.61 billion in 2022 and is anticipated to project robust growth in the
forecast period with a CAGR of 5.52% through 2028. Growing investments in the
construction industry, especially in residential and commercial sectors, are
projected to boost market growth over the forecast period. The shifting trend
toward the renovation of existing buildings owing to increasing disposable
income and inclination for aesthetic appearance is propelling the product demand.
Moreover, the government initiatives towards economic recovery, such as tax
incentives and subsidies for construction projects, are further benefitting the
growth of the construction industry and positively influencing flooring
adhesives demand.
The U.S. is a lucrative market for flooring
adhesive and is anticipated to observe high growth in wooden flooring over the
coming years. Ease of maintenance, elegant appearance, and high return on
investments are factors augmenting the popularity of wooden flooring in the
U.S. Houses with wooden flooring can expect a return on investment of 70% to
80% and an increase of 2% to 3% in their costs. These factors, along with the
increasing focus on sustainable and eco-friendly construction, are propelling
the growth of the wooden flooring segment.
For instance, in November 2020, AHF Products, a
leading manufacturer of flooring materials, announced its plan to invest USD
2.5 million in its Somerset facility to introduce a new line of highly durable
end-grain hardwood flooring. This investment not only indicates the growing
demand for flooring materials but also highlights the importance of innovation
and product development in meeting the evolving needs of the market.
With the ease in pandemic-related restrictions,
construction spending is witnessing a significant rise in different parts of
the world since the second half of 2020. In an attempt to boost economic
recovery and stimulate job creation, various housing projects are being
developed by private investors, as well as government bodies. These projects
include the construction of affordable housing units, residential complexes,
and commercial buildings, which are expected to positively influence the growth
of the flooring adhesives market.
For instance, on January 06, 2021, the state
government of Maharashtra in India took a proactive step by reducing premium
charges by 50% under the new Development Control and Promotion Regulations
(DCPR) rule 2034 across the board for ongoing and new construction projects up
to December 31, 2021. This move is expected to give a significant boost to the
real estate sector in the state, attracting more investments and driving the
demand for flooring adhesives.
In conclusion, the construction industry is
experiencing a surge in investments, renovation projects, and government
initiatives aimed at economic recovery, all of which are driving the demand for
flooring adhesives. With the growing popularity of wooden flooring,
technological advancements, and sustainable construction practices, the market
is poised for substantial growth in the coming years.
Key Market Drivers
Growing Demand of Floor Adhesive in Construction
Industry
Floor adhesives play a crucial role in the
construction industry, serving as an essential component to bond a wide variety
of flooring materials such as tiles, wood, carpet, and vinyl to the floor
surface. With their versatility, safety features, and user-friendly nature,
floor adhesives have become an indispensable tool in both residential and
commercial construction projects.
The rapid expansion of the United States
construction industry serves as a significant driver for the floor adhesives
market. As the demand for construction of new buildings, homes, and
infrastructures continues to grow, so does the need for reliable and efficient
floor adhesives. Additionally, renovation and refurbishment activities, which
often involve the replacement or repair of flooring, contribute further to the
ever-increasing demand for floor adhesives.
The evolving needs of the construction industry
have led to continuous innovations in floor adhesive products. Manufacturers
are constantly developing adhesives with enhanced properties, including
improved bonding strength, faster curing times, and increased resistance to
moisture and chemicals. These advancements not only meet the industry's demands
for high-performance adhesives but also significantly drive the growth of the
floor adhesives market.
Looking ahead, the floor adhesives market shows no
signs of slowing down. With the construction industry expected to continue its
growth trajectory, the demand for floor adhesives is set to follow suit.
Moreover, emerging trends such as the increasing adoption of eco-friendly
adhesives and the development of advanced adhesive technologies are likely to
further fuel market growth in the coming years.
In conclusion, the growing demand for floor
adhesives in the construction industry serves as a significant driver for the
United States floor adhesives market. As the construction industry continues to
expand and evolve, the floor adhesives market is poised for sustained growth in
the coming years, driven by the increasing need for reliable and innovative
adhesive solutions.
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Growing Advancements in Flooring Materials
Flooring material advancements have brought about a
remarkable transformation in the construction industry, leading to a surge in
demand for floor adhesives. The flooring materials market is projected to
witness substantial growth in the coming years, with a forecasted compound
annual growth rate (CAGR) of 5-6%. This growth can be attributed to the
introduction of new technologies that are significantly disrupting the
industry.
With the advent of these technological
advancements, a wide range of flooring options has emerged, each having its own
unique adhesive requirements. This has created a need for specialized floor
adhesives that can cater to the diverse needs of different flooring materials.
The increasing popularity of laminate flooring, for instance, has seen notable
advances in terms of design realism and improved durability. As a result,
high-performance adhesives are now essential to ensure proper installation and
enhance the longevity of these advanced flooring materials.
Additionally, vinyl flooring has gained significant
traction in recent years, thanks to advancements in manufacturing methods and
digital photography. As vinyl flooring continues to mimic the appearance of
natural materials and stone, decorative patterns are becoming increasingly popular.
Consequently, the demand for reliable adhesives to support these design trends
has grown substantially.
Furthermore, the floor coatings market is
experiencing remarkable growth due to ongoing technological advancements. These
coatings often require the use of specific adhesives, thereby contributing to
the overall expansion of the United States Floor Adhesive Market.
In light of these developments, the future of the
floor adhesive industry looks promising, with continued innovation and
advancements expected to drive further growth and meet the evolving needs of
the construction sector.
Key Market Challenges
Growth in Environmental Regulations
Environmental regulations have been tightened
around the world in an attempt to combat climate change and preserve natural
resources. These regulations, which often target industries like construction
and manufacturing, aim to reduce the negative environmental impact caused by
the production and use of adhesives.
One of the specific challenges that arise from
these regulations is the increasing focus on volatile organic compounds (VOCs),
which are commonly found in traditional floor adhesives. VOCs not only
contribute to air pollution but also pose potential health risks to humans. To
address this concern, many regions have introduced strict limits on the VOC
content of adhesives, pushing adhesive manufacturers to find alternative
formulations and invest in new production technologies to meet these
requirements.
While these growing environmental regulations are
essential for a sustainable future, they can potentially increase production
costs for floor adhesive manufacturers. The need to reformulate products or
adopt new production technologies to comply with regulations may require
additional investments, impacting the overall cost of production.
Nevertheless, embracing these environmental
regulations is crucial for the long-term preservation of our planet and the
well-being of future generations. By adopting greener practices and developing
eco-friendly adhesives, we can contribute to a more sustainable and
environmentally conscious future.
Key Market Trends
Increased Use of Water-Based Adhesives
In the floor adhesive market, water-based adhesives
are gaining prominence due to their numerous advantages and growing demand.
These adhesives offer exceptional versatility, allowing them to meet diverse
needs in various applications. Whether it's for hardwood flooring, carpet
installation, or tile fixing, water-based adhesives have proven to be reliable
and efficient.
One of the key factors contributing to the
increased preference for water-based adhesives is their environmental
friendliness. As consumers and businesses become more conscious of their
ecological footprint, the demand for eco-friendly products continues to grow.
Water-based adhesives play a crucial role in meeting this demand as they have
lower volatile organic compound (VOC) content, reducing the release of harmful
chemicals into the environment. Moreover, these adhesives are safer to handle,
making them an ideal choice for manufacturers and consumers alike.
Looking ahead, the water-based adhesive market is
expected to maintain its significant growth trajectory. The increasing focus on
environmental conservation and sustainability is projected to drive this growth
through 2028. As the demand for eco-friendly alternatives in the floor adhesive
market rises, water-based adhesives are poised to experience further growth and
drive innovation in this sector.
In conclusion, the growing adoption of water-based
adhesives represents a significant trend in the United States Floor Adhesive
Market. As environmental consciousness continues to soar, this trend is expected
to persist and fuel growth and innovation in the floor adhesive industry. By
choosing water-based adhesives, manufacturers and consumers alike contribute to
a more sustainable and eco-friendly future.
Segmental Insights
Resin Type Insights
Based on the category of resin type, the acrylic
adhesive segment emerged as the dominant player in the United States market for
Floor Adhesive in 2022. The characteristics of acrylic resins, such as
fast-setting time and increased adhesion to difficult-to-bond substrates, make
them an ideal choice for various applications. These resins offer good
environmental resistance and are commonly used in the development of waterborne
and heat-resistant adhesives, as well as UV light-curing adhesives.
One of the key areas where acrylic adhesives excel
is in the installation of resilient and wooden floorings. These adhesives are
particularly suitable for moisture-free porous or rugged surfaces, providing
high resistance to plasticizer migration and creating tough and permanent bonds.
The demand for resilient and wooden floors is expected to rise after the 2021
Tokyo Olympics, as there is a growing emphasis on the development of sports
infrastructure. This increased demand for asphalt and wood floors is projected
to contribute to the higher consumption of acrylic adhesives.
In addition to acrylic resins, polyurethane
adhesives are another vital segment in the flooring adhesive market. The rising
demand for polyurethane adhesives has prompted raw material suppliers to
enhance their production capacity. For instance, BASF announced the expansion
of its polyurethane dispersion business in January 2020, with the aim of
strengthening its portfolio of adhesives, parquet floorings, and automotive and
industrial coatings.
These advancements in the adhesive industry are
driven by the need for reliable and durable flooring solutions, catering to
various requirements in different sectors.
Application Insights
The Others segment is projected to experience rapid
growth during the forecast period. Resilient flooring is a versatile flooring
option that combines a mixture of vibrant colors, strong binders, and durable
fillers. Binders, such as asphalt and resin, work together to hold the mixture
firmly, while fillers, including limestone, groundwood, and synthetic fibers,
contribute to its strength and resilience. These components are carefully
crafted using elastic materials like rubber, PVC, and linoleum, ensuring a
flooring solution that can withstand heavy foot traffic and various environmental
conditions.
This type of flooring finds extensive use in a wide
range of applications, making it highly beneficial in multiple settings. From
busy manufacturing units and bustling restaurants to critical healthcare
facilities, sports arenas, educational institutions, and even residential
spaces like playrooms, living rooms, shower rooms, garages, and home
gymnasiums, resilient flooring proves its worth. Its versatility and durability
contribute to the growth of this segment, while also boosting the consumption
of adhesives used during installation.
Furthermore, wooden flooring is projected to
witness significant growth in the coming years, particularly in the luxury
construction sector, both in residential and commercial spaces. The increasing
importance of wooden flooring stems from its numerous advantages. These include
exceptional strength, long-term durability, effortless maintenance, aesthetic
appeal, enhanced monetary value of the property, timeless appearance, the
option of refinishing, improved acoustics, and even a positive impact on indoor
air quality.
With such a wide array of benefits, resilient and
wooden flooring continue to revolutionize the flooring industry, catering to
the diverse needs and preferences of consumers across different sectors.
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Regional Insights
Midwest emerged as the dominant player in the
United States Floor Adhesive Market in 2022, holding the largest market share
in terms of value. The presence of key players and emerging economies in the
Midwest region can be attributed to various factors. Developing countries
United States have been instrumental in contributing to the growth of the
regional market. Their successful participation has led to the establishment of
manufacturing plants by several key players in these emerging economies. This
strategic move is driven by the advantage of low manufacturing costs in the
Midwest region, which is expected to have a positive impact on market growth in
the forecast period.
Furthermore, the changing living standards and
increasing disposable income in the Midwest region have resulted in a higher
demand for products in the infrastructure industry. Floor adhesives, in
particular, find multiple applications in the automotive sector, such as carpet
attachment, padding, sound deadeners, composite bonding, and accessory bonding.
This diverse range of uses is projected to drive the growth of the floor
adhesives market in the Midwest region.
Moreover, the region's commitment to research and
development activities is evident in the rising investments towards the
introduction of advanced types of adhesives. This focus on innovation is
expected to further accelerate the growth of the Midwest market in the near
future.
Recent Developments
- In August 2021, Arkema has signed a strategic
agreement to acquire Ashland's Performance Adhesives business in the United
States. This acquisition marks a significant milestone for Arkema in its
journey to become a pure specialty material player, focused on delivering
sustainable, high-performance solutions to its customers. By integrating
Ashland's expertise and product portfolio, Arkema aims to strengthen its
position in the adhesives market and further enhance its ability to meet the
evolving needs of industries such as automotive, construction, and packaging.
- Building on its commitment to growth and
innovation, Sika, a worldwide leader in specialty chemicals for the
construction and industrial sectors, announced the acquisition of the flooring
adhesives business of DriTac in March 2021. DriTac, a reputable floor-covering
adhesives company based in the United States, brings a wealth of knowledge and
experience to Sika's expanding portfolio. This strategic move enables Sika to
penetrate deeper into the floor covering market, strengthen its relationships
with installers and distributors, and solidify its presence in the dynamic
interior finishing industry in the United States. Sika's continued investments
in strategic acquisitions demonstrate its dedication to providing comprehensive
solutions and exceptional value to its customers.
Key Market Players
- Mapei
S.p.A.
- Sika AG
- Henkel AG
- The Dow
Chemical Company
- Wacker
Chemie AG
- Bostik SA
- Forbo
Holdings AG
- Pidilite
Industries Limited
- LATICRETE
International Inc.
- Dupont De
Nemours Inc.
|
By Resin Type
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By Technology
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By Application
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By Region
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- Polyurethane Adhesive
- Epoxy Adhesive
- Vinyl Adhesive
- Acrylic Adhesive
- Others
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- Water-Based Adhesive
- Hot-Melt Adhesive
- Solvent-Based Adhesive
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- Wood
- Carpet
- Laminate
- Tile & Stone
- Others
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- Northeast
- Midwest
- South
- West
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Report Scope:In this report, the United States Floor Adhesive
Market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
- Floor Adhesive Market, By Resin Type:
o Polyurethane Adhesive
o Epoxy Adhesive
o Vinyl Adhesive
o Acrylic Adhesive
o Others
- Floor Adhesive Market, By Technology:
o Water-Based Adhesive
o Hot-Melt Adhesive
o Solvent-Based Adhesive
- Floor Adhesive Market, By Application:
o Wood
o Carpet
o Laminate
o Tile & Stone
o Others
- Floor Adhesive Market, By
Region:
o Northeast
o Midwest
o South
o West
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the United States Floor Adhesive Market.
Available Customizations:
United States Floor Adhesive Market report with the
given market data, TechSci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
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