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Construction Flooring Chemical Market - Forecast(2024 - 2030)
Construction Flooring Chemical Market Overview
Construction Flooring Chemical Market size is forecast to reach $53.60 billion by 2026, after growing at a CAGR of 6% during 2021-2026. With rise in construction industry, the construction flooring chemicals market is witnessing an increase in market growth, as construction chemicals have always been playing important roles in all sorts of construction projects. Poly methyl methacrylate (PMMA), helps majorly in flooring solution for rapid installations in low temperature environments.
Furthermore, ceramic
tile adhesives for bonding ceramic, porcelain and stone tiles to porous and
non-porous surfaces in commercial and domestic applications provides high
strength and flexibility for difficult and commercial applications. However, growing
public demand for residential construction will further enhance the overall
market demand for construction flooring chemical during the forecast period.
COVID-19 Impact
The wide outbreak of coronavirus
has had a major impact on global construction flooring chemical industry as,
major economies of the world were in completely lockdown mode. Global crisis for
all sectors including building and construction has declined the demand for construction
flooring chemical. For instance, according to the American Road &
Transportation Builders Association, almost 16 provinces/states have postponed projects worth about $5 billion. So, owing to this, the construction
flooring chemical market has declined.
Construction Flooring Chemical Market Report Coverage
The report: “Construction Flooring Chemical Market – Forecast (2021-2026)”, by IndustryARC,
covers an in-depth analysis of the following segments of the construction
flooring chemical market.
By Product Type – Concrete Curing Compound
(Waxes, Natural resin, Synthetic Resin (Epoxy, Polyurethane,
Methacrylate, Acrylic, Others), Solvents), Mould
releasing agents, Surface retarders, Bond-aid for plastering, Others.
By Application - Industrial flooring, Waterproofing, Protective
Coatings, Structural Repairs, Anti-skid & Anti-slip flooring, Others.
By End Use Industry – Residential (Independent Houses, Apartments, Row
Houses), Commercial (Office Buildings, Hospitals, Retail Buildings, Hotels/
Hospitality, Restaurants, Educational Institutions, Others), Infrastructure (Airports,
Highways, Flyovers, Others), Industrial.
By Geography – North
America (U.S., Canada, and Mexico), Europe (U.K., Germany, Italy, France,
Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China,
Japan, India, South Korea, ANZ, Indonesia, Taiwan, Malaysia, and Rest of Asia
Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South
America) and RoW (Middle East and Africa).
Key Takeaways
- Asia-Pacific has dominated the Construction Flooring Chemical market owing to increasing demand from construction industry.
- The growing construction industry, is likely to aid in the market growth of construction flooring chemical.
- Growing public demand for residential construction will further enhance the overall market demand for construction flooring chemical during the forecast period, this will increase the market demand for construction flooring chemical in the near future.
- Increase in drying shrinkage will create hurdles for the construction flooring chemical market.
Figure: APAC Construction Flooring Chemical Market Revenue, 2020-2026 (US$ Million/Billion)
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Construction Flooring Chemical Market Segment Analysis – By Product Type
Concrete Curing segment holds the
largest share in the construction flooring chemical market in the year 2020 and
is expected to grow at a CAGR of 5.6% during the forecast period. Concrete
curing compound mainly consists of waxes, natural & synthetic resins,
and solvents of high volatility at atmospheric temperatures. These compound
forms a moisture retentive film shortly after being applied on a fresh concrete
surface. White or gray pigments are often incorporated to provide heat
reflectance, and to make the compound visible on the structure for inspection
purposes. While, curing compound should not be used on surfaces receives
additional concrete, paint, or tile which require a positive bond. In addition,
while before installing ceramic tiles, the curing compounds need to be removed.
So, with the increasing demand for concrete curing, the construction flooring
chemical market is expected to grow.
Construction Flooring Chemical Market Segment Analysis – By Application
Industrial flooring has a
significant growth for the construction flooring chemical market in the year
2020 and is expected to grow at a CAGR of 6.2% during the forecast period. Industrial flooring systems offer highly
resilient and durable workhorse surfaces, perfectly suited for the challenging
operating conditions of the industrial sector. Synthetic resin flooring is available in a
wide range of thicknesses, from thin floor sealers to heavy-duty industrial
protection. The flooring can provide a seamless surface with greatly enhanced
performance compared to the concrete base on which it is typically applied.
Construction Flooring Chemical Market Segment Analysis – By End Use Industry
Commercial sector has been the primary market for construction flooring chemical in the year 2020 and is expected to grow at a CAGR of 6.4% during the forecast period. Construction chemical is the chemical formulation used with cement, concrete or other construction materials at the time of construction to hold the construction material. Construction chemicals have become one of the important components of chemical industry playing an important role in global infrastructure development.
Whereas the growing investment in major countries like
IT corporates or for industrial purposes are increasing the market growth for
construction flooring chemical market. According to the Census Bureau of United
States, the non-residential construction has increased by 10.4% from the year
2016 to 2020. Hence with the increase in growing spending towards the
non-residential construction, the construction flooring chemical market will
drive.
Construction Flooring Chemical Market Segment Analysis – By Geography
APAC has dominated the construction flooring chemical market in the year 2020 and is expected to grow at a CAGR of 6.1% during the forecast period. China is expected to maintain its dominance owing to increasing domestic demand for residential and commercial buildings. Increasing demand for public, commercial and residential buildings is driving the global construction chemical market. Additionally, the increasing income of individuals has created a demand for better-quality residential buildings, acting as a growth driver for the global construction chemical market.
Demand for building, roads, bridges, tunnels and clams is the further driving the construction flooring chemical. According to the “Indian Brand Equity Foundation”, India will require investments worth of US $777.73 billion across infrastructure by 2022. So, owing to the investments like these, the construction flooring chemical market will drive.
Construction Flooring Chemical Market Drivers
Reduction of Abrasives & Increases bond strength
The construction flooring chemical substances facilitates, the reduction of abrasions and increase in bond strength, thus, increasing the life of buildings. It adds value to the structures by making them dust-proof and augment the look and feel of the structure. Furthermore, buildings that are older or built using sub-standard construction materials face the danger of collapse. So, in order to maintain the flooring for longer period of time the demand for construction flooring chemicals market will grow.
Cost Saving
There is no better substitute for
construction chemicals which saves a lot of money during the construction
process. Not just it helps to save material cost, but it also saves the
renovation cost as well. There are certain chemicals which can completely
protect from leakage and seepage, from the result of it, paint and concrete
would be in tip-top shape. Therefore, being cost efficient has driven the
market growth for construction flooring chemical.
Construction Flooring Chemical Market Challenges
Increase in Drying Shrinkage
Drying shrinkage is contracting of a
hardened construction flooring chemical due to the loss of capillary water.
This may cause an increase in tensile stress, which will eventually lead
to cracking, internal warping and external deflection. Additionally,
all the waterproofing admixtures reduces the surface absorption
and water permeability of the concrete by acting on
the capillary structure of the cement paste, hence this led to a
drying shrinkage of the concrete. So, in the upcoming time drying shrinkage may
become a matter of concern for the growth of construction flooring chemicals
globally.
Construction Flooring Chemical Market Landscape
Technology launches, acquisitions and R&D
activities are key strategies adopted by players in the construction flooring
chemical market. Major players in the construction flooring chemical market are
Akzonobel, Basf, Borealis Ag, Dow Chemical, Dupont, Exxon Mobil, Forbo Holding,
Huntsman Corp, Ineos, Lg Chemical, Lyondellbasell Industry among others.
Acquisitions/Technology Launches
- In March 2021, Akzo Nobel N.V. has completed the acquisition of 100% of the shares of Industrias Titan S.A.U. (Titan Paints), strengthening its paints business and footprint in Spain to become one of the market references in the region.
- In December 2020, Armstrong World Industries, Inc. has completed its acquisition of Arktura, LLC, an award-winning designer and fabricator of ceilings, walls, partitions and facades based in Los Angeles, California.
Relevant Reports
Report Code: CMR 83199
Flooring Market - Forecast(2021 - 2026)
Report Code: CMR 1245
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