The global adhesive for resilient floor market share is expected to reach USD 2,969.5 million in 2024, with a projected value of USD 5,482 million by 2034, growing at a CAGR of 6.3% over the forecast period. The market is anticipated to experience a year-on-year growth rate of 5.7% in 2024, driven by factors such as urbanization, economic growth in East Asia, and rising construction activities worldwide.
Market Drivers and Trends
The demand for luxury residential and commercial spaces in East Asia, particularly in countries like China and South Korea, is expected to drive the market. China’s construction industry is projected to grow at an annual rate of 8.5%, supporting the need for high-quality flooring materials and adhesives.
The United States remains a key player, driven by home renovations and new constructions. The increasing focus on green building practices and strict environmental regulations are propelling the demand for eco-friendly adhesives. For example, single-family home construction in the U.S. increased by 11% in 2021, according to the National Association of Home Builders (NAHB).
Key Industry Highlights
- The construction sector’s growth is a crucial driver for resilient floor adhesives, with significant investments in both new builds and renovations across developed and emerging regions.
- The rising demand for eco-friendly, low-VOC, and water-based adhesives, spurred by stringent environmental regulations, is shaping market trends.
- The global rise in renovations presents substantial growth opportunities, especially in developed markets like the U.S. and Europe, where a significant portion of construction activities involve upgrading existing structures.
“The global adhesive for resilient floor market is set to witness robust growth, driven by rapid urbanization and construction booms in regions like East Asia and North America. With increasing demand for durable and eco-friendly flooring solutions, particularly in high-traffic commercial and residential spaces, companies are expected to innovate in low-VOC and water-based adhesives. Key players like Henkel and Sika are likely to capitalize on this trend, reinforcing their market positions through sustainable product offerings.”says an Analyst at Future Market Insights, Inc.
Regional Insights
- South Korea: Expected to grow at a CAGR of 8.5%, driven by a recovery in the construction sector and increasing demand for resilient flooring in commercial and residential spaces.
- India: Anticipated to rise at a CAGR of 7.9%, supported by rapid urbanization and a growing preference for durable flooring solutions.
- China: Projected to grow at a CAGR of 7.5%, with a focus on water-based adhesives due to strict environmental norms and a booming urban population.
Key Trends:
Renovation and Remodeling: A global rise in renovation activities is creating significant opportunities for adhesives specifically designed for resilient floors.
Eco-friendly Solutions: Growing environmental awareness is leading to increased demand for sustainable adhesives, especially in regions with stringent regulations like the United States and Europe.
Competitive Landscape
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.
- Tier 1 Companies: Dominating with a 40-45% market share, these companies have extensive product portfolios, high production capacities, and a global reach. Key players include Henkel AG & Co., Sika AG, The Dow Chemical Company, and 3M Company.
- Tier 2 and 3 Companies: These companies focus on specific regions, with annual revenues ranging from USD 1,500 million to USD 9,000 million. They play a crucial role in local markets, offering tailored solutions and ensuring regulatory compliance.
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Industry Updates
- In May 2024, H.B. Fuller, headquartered in Minnesota, acquired ND Industries, a provider of specialty adhesives. This acquisition is anticipated to accelerate the realization of the organization’s top growth priorities.
- In March 2024, Mapei SpA, headquartered in Milano, announced the opening of its new plant in Cantanhede, Portugal, continuing its international expansion strategy.
Leading Adhesive for Resilient Floor Brands
- Pidilite Industries Limited
- Dow Chemicals
- Huntsman Corporations
- Sika AG
- Mapei SpA
- Ardex
- Henkel AG & Co
- H.B Fuller
- Forbo Holding
- 3M
- Arkema S.A
- Panacol-Elosol GmbH
- Wacker Chemie AG
- Laticrete International
- Bono AB
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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