Carpet Adhesive Market Forecast and CAGR
Over the upcoming year, the global carpet adhesive market is expected to expand at a healthy pace. The market’s entire ecosystem offers a compelling growth opportunity. Escalating demand from the construction industry has played a helping hand in increasing the overall sales.
Besides, with the increase in the use of water-based adhesive over solvent-based adhesives to minimize VOC emissions, replacement of mechanical fastening system with adhesives, and adhesives’ ability to bond dissimilar materials are some of the main factors which will cause the market to grow with a higher CAGR during the forecast period.
According to the latest research by Fact.MR, the glue tape market is set to witness steady growth during 2021-2031.
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What is Driving Demand of Carpet Adhesive?
The market is being driven by rising demand for carpet adhesive from the residential, commercial, and industrial sectors. In addition, increasing demand for insulation, facades, panel lamenting, flooring, lamination, and coating from the health care, food, automotive, and other industries is expected to drive demand shortly.
Industry R&D initiatives to improve bio-based adhesives in response to customer preferences have been promoted by increasing stringent regulations by environmental bodies and other federal agencies. Bio-based products have a lower carbon footprint than synthetic equivalents, giving them significant competitive advantages.
Owing to the aforementioned factors, the demand is anticipated to remain consistent throughout the forecast period.
Which key Factors will Drive Sales of Carpet Adhesive?
The construction sector is the one of the major factors which will drive the sales as the construction sector in emerging economies is rising at a healthy pace, higher than in various developed countries. Over the next decade, the majority of these economies are expected to double in size.
Asia Pacific nations such as India and China, South America, the Middle East, Eastern Europe, and some African countries are the major growth drivers arising from commercial constructions activities being undertaken in these regions.
Because of the continuous population increase in developing economies, the demand for adorable housing is growing. In these nations, the government provides incentives and funding to first-time homes buyers. As a result of the increased residential construction activity, demand for carpet adhesive has been on the rise and is poised to remain steady during the forecast period.
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US Carpet Adhesive Market Outlook
As of 2019, the U.S. holds a good amount of share in carpet adhesives market, and this is projected to continue throughout the forecast period. The demand in this area is being fueled by an increase in the construction and renovation activities being undertaken, which is a key dominant factor for the carpet industry.
In terms of volume, the vinyl segment is expected to grow at the fastest rate from 2020 to 2031. Because of their fast setting capacity and low viscosity, these items are used in wood applications. Wood flooring is a term used to describe items made of wood that are intended for use on floors.
Owing to the above-mentioned factors, the US is supposed to maintain its market dominance in the coming forecast years.
Asia Pacific Regional Demand Outlook
Individuals market affecting factors and changes in regulation in the domestic market are discussed in the Asia Pacific region, which affects the market’s current and future trends. Some of the key indicators for the Asia Pacific region include demand rates, production sites, and volume, import-export analysis, price pattern analysis, cost of raw materials and supply chain analysis.
Shortly, Asia Pacific is projected to continue to be the world’s largest and fastest-growing market. Even though China’s economy is slowing, the country is expected to remain the region’s growth engine for the next five years. India is likely to become the region’s new demand nation as the government is investing in infrastructure development and large scale construction projects across the world.
Who are the key Suppliers/Manufacturers of Carpet Adhesive?
The market is characterized by a mix of small and large players which includes
- Mapei S.p.A
- Pidilite Industries Limited
- The Dow Chemical
- Sika AG
- Forbo Holdings
- LATICRETE International
- Wacker Chemie
- H.B. Fuller
- W.W. Henry Company
- W.F. Taylor
- ARDEX UK
- Roberts Consolidated
- J+J Flooring Group
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