The global adhesive for resilient floor market size is anticipated to reach USD 2,969.5 million in 2024. It is set to further rise at a CAGR of 6.3% during the assessment period and is estimated to attain a value of USD 5,482 million by 2034. It is projected to exhibit a Y-o-Y growth of 5.7% in 2024.
Rising focus on urbanization coupled with robust economic growth in East Asia is likely to result in a solid construction industry. East Asian countries like China and South Korea are witnessing a boost in demand for luxury residential and commercial spaces, driving the need for high-quality flooring materials and adhesives.
For instance, China’s construction industry is projected to witness an annual growth of 8.5%, highlighting the country’s expansion in real estate and infrastructure development.
North America continues to hold a considerable share in the market with the United States seeing a boom in home renovations and new constructions. The surging focus on green building practices is likely to foster growth.
According to the National Association of Home Builders (NAHB), single-family home construction in the United States reportedly increased by 11% in 2021. The country’s strict environmental regulations are pushing the adoption of eco-friendly, low-VOC adhesives, further augmenting growth.
Attributes | Description |
---|---|
Estimated Global Adhesive for Resilient Floor Market Size (2024E) | USD 2,969.5 million |
Projected Global Adhesive for Resilient Floor Market Value (2034F) | USD 5,482 million |
Value-based CAGR (2024 to 2034) | 6.3% |
Based on the floor type segment, vinyl is anticipated to experience decent growth compared to other resins. The material is anticipated to surge at a CAGR of 6.5% during the forecast period. Its enhanced durability and versatility make it a preferred choice of resin for both residential and commercial applications.
Vinyl flooring is also highly resistant to water, stains, and scratches, making it ideal for high-traffic areas such as kitchens and bathrooms as well as commercial spaces like offices and retail stores. This flooring type is also relatively easy to install, driving its demand in the DIY segment. The rise of peel-and-stick and click-lock vinyl planks, which often require specific adhesives for secure installation, has further boosted sales of vinyl flooring adhesives.
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The table below showcases the anticipated CAGR for the global adhesive for resilient floor industry over semi-annual periods ranging between 2023 and 2024. The analysis offers companies a better understanding of the growth over the year by revealing critical shifts in performance and growth patterns. The first half (H1) of 2023 spans from January to June. The second half or H2 includes July to December.
Numbers exhibited in the table below present the growth rate for each half between 2023 and 2024. The industry was projected to grow at a CAGR of 5.9% in the first half (H1) of 2023. The second half of the same year showcases a substantial spike in the growth rate at a CAGR of 6.6%.
Particular | Value CAGR |
---|---|
H1 | 5.9% (2023 to 2033) |
H2 | 6.6% (2023 to 2033) |
H1 | 6% (2024 to 2034) |
H2 | 6.5% (2024 to 2034) |
Moving in the following period, from H1 2024 to H2 2034, the CAGR is anticipated to significantly dip to 6% in the first half (H1) and then surge to 6.5% in the second half (H2).
Booming Construction Industry to Fuel Demand for Adhesives for Resilient Floors
Significant growth in the construction industry is proving to be a crucial factor driving the rise of resilient floor adhesives. Increased construction of commercial and residential buildings has prompted the use of resilient floors. This boom in the construction industry, is therefore, directly influencing the need for high-quality flooring solutions, including resilient flooring options, such as vinyl, linoleum, and laminate.
Developed regions like North America and Europe are rapidly investing in the renovation and refurbishment of existing infrastructure, thereby driving demand for adhesives for resilient floors. Fast-growing regions like East Asia and South Asia are experiencing above-average growth in the construction industry.
Countries like China and India are undergoing large-scale urbanization, resulting in the development of new housing projects, commercial buildings, and industrial facilities. These units require longevity, thereby raising the demand for resilient flooring adhesives.
Sustainable Building Practices to Bolster Demand for Eco-friendly Adhesives
Sustainable building practices are experiencing a worldwide rise in demand, especially owing to the imposition of stringent environmental regulations in several nations. Global awareness regarding critical environmental issues has led to the prioritization of the use of sustainable materials and building methods in the construction industry. Consumers are hence looking for eco-friendly, low-VOC, and water-based adhesives for flooring.
For instance, the United States Environmental Protection Agency (EPA) and the European Union's REACH regulations have set strict limits on the emission of volatile organic compounds (VOCs), which are harmful to both the environment and human health. These regulations are pushing manufacturers to develop and promote low-VOC and water-based adhesives, which are safer alternatives to traditional solvent-based products.
Companies like Bostik and Henkel have responded to this trend by broadening their portfolios of sustainable adhesive products. They are catering to the rising demand for environmentally responsible flooring solutions from architects, builders, and homeowners.
Rising Renovation and Remodeling Activities to Create Significant Opportunities
The global rise in renovation and remodeling activities presents a good growth opportunity for adhesives that are specifically made for resilient floors. Commercial and residential property owners are increasingly investing in upgrading their interiors with the evolution in aesthetic preferences and aging of building structures.
Consumers are looking to enhance the functionality, comfort, and visual appeal of their spaces. They are hence turning toward resilient flooring adhesives that are not only alluring but also ensure longevity and performance.
The renovation sector in developed countries, including the United States and Germany constitutes a significant portion of construction activities. According to the Joint Center for Housing Studies of Harvard University, home improvement, and repair expenditures in the United States reached over USD 420 billion in 2020.
The number suggests the population of the country is recognizing the benefits of renovation and remodeling. Europe’s construction market, similarly, is witnessing a steady increase in refurbishment projects, which is driven by a growing emphasis on energy efficiency and modernization.
The aforementioned renovation and remodeling activities often involve replacing outdated flooring with resilient options, which requires the usage of reliable and high-performance adhesives. Manufacturers in the industry have the opportunity to innovate and offer products that cater to the specific requirements of the renovation application, such as quick-setting adhesives for fast project turnaround.
The global adhesive for the resilient floor industry was valued at USD 2,525.1 million in 2019. It grew at a CAGR of 2.7% during the historical period ranging between 2019 and 2023. It attained a value of USD 2,809.7 million by 2023.
The increasing requirement for durable and versatile flooring solutions across several industries was a key factor driving demand for adhesives for resilient floors during the historical period. According to the estimates recorded by the European Central Bank, international trade experienced a rapid recovery in 2021 and 2022, with global trade growing by 13% in 2021 and experiencing a year-on-year growth of 5% in 2022.
Reduced trade barriers facilitated efficient distribution and seamless supply chain networks, making it convenient for companies to access this material. This revival facilitated steady growth in the adhesive for resilient floor market during the historical period.
The market is anticipated to reach USD 2,969.5 million by 2024 and is set to surge at a CAGR of 6.3% during the assessment period. It is estimated to reach USD 5,482 million by 2034.
The global construction industry is projected to witness a rapid expansion, especially in emerging economies. The rising construction of commercial and residential spaces coupled with steadfast infrastructure development is likely to be a key element driving the need for secure resilient flooring solutions.
Cost-effectiveness become a primary concern for several businesses and consumers in the post-pandemic period. This is projected to lead to the development of affordable adhesive film.
Tier 1 companies command a share ranging between 40% to 45% in the global adhesive for resilient floor market. These key players exceed the revenue of USD 10,000 million and are characterized by their high production capacities.
The businesses are distinguished by their extensive product portfolio, expertise in manufacturing, and a broad geographical reach that is underpinned by a robust consumer base. Production facilities of these companies deploy the latest technologies and ensure adherence to stringent regulatory standards. Renowned companies in Tier 1 include Henkel AG & Co, Sika AG, The Dow Chemical Company, and 3M Company.
Tier 2 companies are known to generate an annual revenue ranging between USD 5,000 million and USD 9,000 million. They consist of a share of 30% to 35% and have a significant presence in specific regions.
The companies have a high influence on the local markets and possess a deep knowledge of the local industry. These organizations may not have access to modern technologies like players in Tier 1 but still ensure regulatory compliance and maintain high standards in their processes. Huntsman Corporation, H.B. Fuller Company, and Wacker Chemie AG are prominent companies in Tier 2.
Tier 3 companies usually generate a revenue of less than USD 1,500 million. They have a share ranging between 25% and 30%. These companies are oriented toward fulfilling local demands and are consequently classified within the Tier 2 segment. These players have a limited geographical reach and are recognized as an unorganized segment, denoting a sector characterized by a lack of formalization and structure.
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The section offers companies with an overview of the industry. It comprises a detailed examination of the emerging trends and opportunities on a country-by-country basis. This country-specific analysis of the dynamics is anticipated to assist organizations in understanding the complex nature of the business.
South Korea is projected to emerge as a dominating country during the assessment period with an anticipated CAGR of 8.5%. Finland, Japan, and India are set to follow closely behind to become the prominent countries with estimated CAGRs of 8.1%, 7.9%, and 7.9%, respectively.
Countries | CAGR 2024 to 2034 |
---|---|
South Korea | 8.5% |
Finland | 8.1% |
Japan | 7.9% |
India | 7.9% |
China | 7.5% |
South Korea's adhesive for resilient floor market is poised to grow at a CAGR of 8.5% during the forecast period to reach a size of USD 86.6 million by 2034. The country’s construction industry is anticipated to rebound after a few years of slowdown and is projected to surge at an annual rate of 2.7% from 2026 to 2028. This growth is attributed to increasing investments in infrastructure development and commercial projects in the country.
The growth directly correlates with the high demand for resilient flooring in new constructions and renovations, especially in high-traffic areas like offices, retail spaces, and healthcare facilities, where durability and easy maintenance are crucial. This rising demand signals a positive sales forecast for adhesives for resilient floorings that ensure long-lasting performance in challenging environments.
South Korea is witnessing a shift in preference toward resilient flooring materials like vinyl, laminate, and linoleum due to their durability, ease of maintenance, and aesthetic appeal. These materials have quickly established their application in commercial and residential sectors in the country.
The growing demand for such flooring solutions necessitates high-quality adhesives that provide strong bonding, further driving the need for adhesives in the resilient flooring market.
India currently holds 45% of the adhesives for resilient floor market share in South Asia. The country is anticipated to rise at a CAGR of 7.9% through the forecast period, amounting to a value of USD 453.5 million by 2034.
The country’s construction industry is projected to surge at a robust CAGR of 15.7% between 2023 and 2027, thereby boosting demand for resilient flooring and adhesives used in installations. Rapid urbanization in India has resulted in an increased preference for durable and aesthetically pleasing flooring solutions in residential and commercial spaces.
Several construction projects in the country prefer the use of resilient flooring in their designs owing to their durability, water resistance, and ease of maintenance. Consumers are also increasingly opting for vinyl, laminate, and linoleum floors over traditional materials like marble and granite.
For instance, the field of vinyl flooring in India is projected to rise at a CAGR of 8.5% from 2021 to 2026. This growth directly impacts sales of adhesives, as high-quality adhesives are essential for the proper installation and long-term performance of these flooring materials.
Adhesives for the resilient floor market in China are anticipated to exhibit a CAGR of 7.5% between 2024 and 2034, which is above the global market CAGR standing at 6.3%. The country is anticipated to reach a size of USD 1,130 million by 2034.
Around 60% of the country’s population resides in urban areas, showcasing a significant growth from 26% in 1990. This urban migration over the last two and a half decades has spurred a construction boom, particularly in the residential and commercial sectors.
Infrastructure expansion projects such as the development of smart cities and new housing complexes have resulted in high demand for resilient flooring materials such as vinyl, linoleum, and laminate that require specialized adhesives for installation. Environmental considerations coupled with their practical benefits are pushing the popularity of water-based adhesives in the country.
The section offers organizations with insightful data and analysis of the two leading segments. Segmentation of these categories helps businesses understand the dynamics of the business and invest in the beneficial zones.
Polyurethane is anticipated to lead the resin type segment with a value share of 29.9% in 2034. In terms of formulation, the water-based segment is projected to dominate with a value share of 61.1% in the same year.
Segment | Polyurethane (Resin Type) |
---|---|
Value Share (2034) | 29.9% |
Polyurethane is anticipated to rise at a CAGR of 4.3% during the forecast period. The material is estimated to attain a value share of 29.9% in 2034. This growth is attributed to polyurethane’s exceptional bonding strength that ensures long-lasting adhesion under heavy foot traffic and in high-stress environments.
Their excellent flexibility and elasticity allow them to absorb heavy impacts and accommodate the natural movement of flooring materials. This property is crucial for resilient floors like vinyl and laminates that expand and contract based on temperature changes.
Polyurethane adhesives are highly resistant to moisture and chemicals, thereby making them suitable for use in spaces prone to spills, humidity, or exposure to cleaning agents, such as healthcare facilities and kitchens.
Segment | Water-based (Formulation) |
---|---|
Value Share (2034) | 61.1% |
Water-based formulations are anticipated to exhibit a CAGR of 5.8% during the forecast period. The formulation is projected to attain a value share of 61.1% in 2034. Their environmental benefits, user-friendly properties, and regulatory compliance are key factors driving demand.
Significantly low VOC emissions of water-based adhesives make these a preferred choice amid the rising imposition of stringent environmental regulations, particularly in developed regions like North America and Europe. These adhesives are convenient for installers as they are easy to apply and clean up and they also do not require harsh chemicals for cleanup.
The ease of use is beneficial for residential and commercial projects. Water-based formulations provide a strong bonding performance and ensure compliance with the evolving demands of the industry.
Key players in the industry include Pidilite Industries Limited, Dow Chemicals, Huntsman Corporations, Sika AG, Mapei SpA, Ardex, Henkel AG & Co, and H.B. Fuller. The global adhesive for resilient floor market is highly fragmented with a mix of large-scale leaders and several small-scale regional players creating a dynamic environment for growth.
This structure facilitates a competitive landscape that demands innovation and adaptability. This further opens up new opportunities for growth and expansion.
Manufacturers in the industry are progressively investing in the development of sustainable materials amid the rising demand for eco-friendly solutions across several industries. They are providing their consumers with customized and aesthetically appealing materials and designs to stand out among competitors. The market is witnessing substantial investments in research and development to facilitate the adoption of bio-based materials in the industry.
Industry Updates
In terms of resin type, the industry is segregated into epoxy, polyurethane, acrylic, and vinyl.
The formulation type is classified as water-based, solvent-based, and hot-melt.
By floor type, the industry is divided into vinyl, wood, carpet, laminate, and linoleum. Vinyl is further segregated into epoxy, polyurethane, acrylic, and vinyl. Wood is classified into epoxy, polyurethane, acrylic, and vinyl. Carpet is divided into epoxy, polyurethane, acrylic, and vinyl. Laminate is sectioned into epoxy, polyurethane, acrylic, and vinyl. Linoleum is divided into epoxy, polyurethane, acrylic, and vinyl.
Residential, commercial, and industrial are the main end-uses. Residential is further segregated into single-family homes and apartments. Commercial is divided into offices, retail spaces, sports arena, healthcare facilities, and hotels and restaurants. Industrial is classified in warehouses and shop floors.
The market is spread across North America, Latin America, Europe, East Asia, South Asia, and the Middle East and Africa.
It is anticipated to reach USD 2,969.5 million in 2024.
It is projected to reach USD 5,482 million by 2034.
Acrylic adhesives are usually preferred for bonding vinyl or linoleum sheets.
Pidilite Industries Limited, Dow Chemicals, Huntsman Corporations, Sika AG, Mapei SpA, Ardex, Henkel AG & Co, and H.B. Fuller are the key players.
It will likely grow at a CAGR of 6.3% through 2034.
Polyurethane adhesives offer string water resistance.
South Korea is projected to dominate with a CAGR of 8.5% during the forecast period.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
6.1. Resin Type
6.2. Formulation
6.3. Floor Type
6.4. End-use
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Resin Type
7.1. Epoxy
7.2. Polyurethane
7.3. Acrylic
7.4. Vinyl
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Formulation
8.1. Water-Based
8.2. Solvent-Based
8.3. Hot-Melt
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Floor Type
9.1. Vinyl
9.1.1. Epoxy
9.1.2. Polyurethane
9.1.3. Acrylic
9.1.4. Vinyl
9.2. Wood
9.2.1. Epoxy
9.2.2. Polyurethane
9.2.3. Acrylic
9.2.4. Vinyl
9.3. Carpet
9.3.1. Epoxy
9.3.2. Polyurethane
9.3.3. Acrylic
9.3.4. Vinyl
9.4. Laminate
9.4.1. Epoxy
9.4.2. Polyurethane
9.4.3. Acrylic
9.4.4. Vinyl
9.5. Linoleum
9.5.1. Epoxy
9.5.2. Polyurethane
9.5.3. Acrylic
9.5.4. Vinyl
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use
10.1. Residential
10.1.1. Single Family Homes
10.1.1.1. New Buildings
10.1.1.2. Renovation
10.1.2. Apartments
10.1.2.1. New Buildings
10.1.2.2. Renovation
10.2. Commercial
10.2.1. Offices
10.2.1.1. New Buildings
10.2.1.2. Renovation
10.2.2. Retail Spaces
10.2.2.1. New Buildings
10.2.2.2. Renovation
10.2.3. Sports Arena
10.2.3.1. New Buildings
10.2.3.2. Renovation
10.2.4. Healthcare Facilities
10.2.4.1. New Buildings
10.2.4.2. Renovation
10.2.5. Hotels & Restaurants
10.2.5.1. New Buildings
10.2.5.2. Renovation
10.3. Industrial
10.3.1. Warehouses
10.3.1.1. New Buildings
10.3.1.2. Renovation
10.3.2. Shop Floor
10.3.2.1. New Buildings
10.3.2.2. Renovation
11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
11.1. Latin America
11.2. Western Europe
11.3. South Asia
11.4. East Asia
11.5. Eastern Europe
11.6. Middle East and Africa
12. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
18. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
19. Sales Forecast 2024 to 2034 by Grade and Application for 30 Countries
20. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
21. Company Profile
21.1. Huntsman Corporation
21.2. H.B. Fuller Company
21.3. Wacker Chemie AG
21.4. Pidilite Industries Limited
21.5. Dow Chemical Company
21.6. Sika AG
21.7. Mapei SpA
21.8. Ardex Group
21.9. Henkel AG & Co. KGaA
21.10. 3M Company
21.11. Arkema S.A.
21.12. Panacol-Elosol GmbH
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