New York, May 03, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Floor Adhesives Market – Growth, Trends, Impact of COVID-19 and Forecast (2022 – 2027)” – https://www .reportlinker.com/p06272904/?utm_source=GNW
The major factors driving the market studied are the rapid growth of the global construction industry and the versatility, safety and ease of application of flooring adhesives.
On the other hand, hazardous health effects due to VOC emissions are hampering the growth of the market.
The epoxy segment has dominated the flooring adhesives market and is expected to grow over the forecast period owing to the growing demand from the commercial segment across the globe.
Rising demand for bio-based flooring adhesives will likely be an opportunity in the future.
Asia-Pacific dominated the market across the world, with the largest consumption coming from China, India, and Japan.
Main market trends
Increase in demand from residential end-user industry segment
Tile and stone adhesives are the most common type of adhesive used in the residential end-user segment. Additionally, the residential segment is the largest and fastest growing segment of the market studied.
The increase in the middle-class population, coupled with the increase in disposable incomes, has facilitated an expansion of the middle-class housing segment, thereby increasing the use of flooring adhesives.
The highest growth is expected to be in the Asia-Pacific region, due to expanding housing construction markets in China and India. These two regions are expected to represent more than 43.3% of the global middle class by 2030. The Indian government has reduced GST on housing from 12% to 5%. This tax buyback may increase the market for middle-class housing construction.
Additionally, in October 2021, the Housing Union of the State of Sao Paulo (Secovi-SP) registered 5,555 new residential units sold in the city of Sao Paulo. This number is expected to increase further, due to rising consumer spending on residential housing. Moreover, the upward trend of single-family dwellings in Brazil is expected to support the residential construction industry in the coming period.
Mexico’s housing starts and inventory levels hit a 10-year low due to a sharp cut in the federal housing subsidy program and the pandemic that triggered a severe recession. The Programa de Vivienda Social, or social housing program, saw its budget increase by 179% to USD 200 million in 2021, supporting construction spending. Additionally, easy lending facilities and favorable mortgage regimes are expected to benefit residential construction in the country.
The low-cost housing segment is growing at a steady pace, mainly due to various government initiatives aimed at providing affordable housing to the poor in both urban and rural areas.
The consumption of flooring adhesives in the construction of low-cost houses is comparatively lower than that of other types of houses. Various countries around the world provide shelter for refugees from other countries. Therefore, countries provide low-cost housing to refugees, either temporarily or permanently.
Overall, owing to the above-mentioned factors, the growth in flooring adhesive consumption in the residential segment is expected to be high over the forecast period.
The Asia-Pacific region will dominate the market
The Asia-Pacific region led the global flooring adhesives market share. With increasing construction activities in countries such as China, India and ASEAN countries, the consumption of flooring adhesives is increasing in the region.
The Chinese government has rolled out massive construction plans, including planning to move 250 million people to its new megacities, over the next ten years, despite efforts to rebalance its economy towards a more service-oriented form.
According to China’s National Bureau of Statistics, the value of construction output in the country has increased from 9.6 trillion yuan in 2010 to 29.31 trillion yuan in 2021.
The country has the largest construction market in the world, encompassing 20% of all construction investment globally. China is expected to spend nearly $13 trillion on buildings by 2030. China is promoting and undergoing a process of continuous urbanization, with a target rate of 70% for 2030.
Furthermore, in India, according to the Ministry of Statistics and Program Implementation, the construction sector is expected to grow by double digits in FY22, rebounding from a sustained 8.6% contraction in 2020. by the base effect and a forecast growth of 9.2% of GDP. .
Due to the government’s increased focus on infrastructure projects and the expected rapid rebound in demand for the residential and commercial segments, the construction sector is expected to grow by 10.7% in FY22. Hence, the growing construction activities in the country are expected to increase the demand for flooring adhesives.
Various policies implemented by the Indian government such as Smart City projects, Housing for All by 2022, etc. are expected to provide the necessary impetus for the slowdown in the construction industry. Additionally, recent policy reforms, such as the Real Estate Act, GST and REITs, are expected to reduce approval times and strengthen the construction industry in the coming years.
Therefore, with the growth in construction activities, the demand for flooring adhesives is expected to increase rapidly over the forecast period.
The global flooring adhesives market is partially consolidated in nature with the few major players occupying a major share of the market. Among the major companies are Sika AG, MAPEI SpA, Arkema Group (Bostik SA), HB Fuller Company and Dow among the major key players.
The Market Estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06272904/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.