Floor Tile Adhesive Market Forecast and CAGR
According to the latest research by Future Market Insights, the floor tile adhesive market is set to witness steady growth during 2021-2031. Demand for these tile adhesive will witness steady recovery in the short term, with an optimistic growth outlook in the long run.
Floor tiles have huge demand during the forecast period as the real estate sector is reviving fast after the economic slowdown due to the covid-19 pandemic. An increase in housing finance companies providing home loans at low-interest rates is booming these adhesive’s demand.
Besides, affordable housing schemes demand is increasing as nuclear families are increasing which leads to an increase in demand for floor tiles and their adhesives. The floor tile adhesive market is expected to grow at a CAGR of 4%.
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What is the Driving Demand for Floor Tile Adhesive?
Evolving end-user demand for floor tiles continues to drive the demand for such tile adhesives. Builders continue to be a lucrative avenue for such tile adhesives manufacturers. These minimize shrinkage cracks and increase strength. Increasing demand for floor tiles due to various premium features help the adhesive market to grow.
Sales of such adhesives go through a cyclical boom-and-bust, which has remained a longstanding challenge for manufacturers. The fluctuation has meant that many manufacturers are often caught off-guard with respect to capacity utilization and expansion. Raw materials demand is expected to be moderate throughout the forecast period. Owing to the above-mentioned factors, the market is poised to experience steady growth during the forecast period 2021-2031.
Construction Sector Recovery is likely to Drive the Growth for Floor Tile Adhesive.
The Construction sector is increasing rapidly as the demand for houses and commercial buildings are increasing rapidly. Floor tiles design and color change the ambiance of a building. The adhesive applied to the tiles helps the tiles to fix for the long term.
To plaster wide joints and restrict mould growth, such tile adhesives are used. Construction of corporate buildings also uses tile adhesives and various other products. Its demand will further increase in the majority of developing countries, owing to rapid urbanization in those countries.
Broken tiles adhesives are also increasing as their demands are increasing rapidly. The Construction sector was the worst hit due to the pandemic as a labor shortage in projects and raw materials shortage was very common. With the economy coming back to the track of various countries the demand is expected to rise and general expenditure of the public after vaccination would increase. These factors provide impetus to demand generation in the forecast period.
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The US and Canada Floor Tile Adhesive Market Outlook
The US is one of the largest markets for floor tile adhesive globally. Demand is likely to remain muted in the next few years, as a number of end-use industries make a gradual recovery.
Demand for these adhesive in the US and Canada will be led by growth in the construction sector. It has various applications like superior adhesion water-resistant and various other applications.
US and Canada have developed economies with huge land area the demand for houses is increasing as real estate is booming in Canada due to foreign investments in real estate. The sales would grow further as housing sector demand boosts.
Europe Demand Outlook for Floor Tile Adhesive?
Many countries in the EU have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. However, as is the case in the US and Canada, construction spending in the EU continues to drive demand for these tile adhesives.
Despite the COVID-19 challenges, most European countries have maintained a steady construction expenditure in 2020. Owing to this, the market is poised to experience steady demand from numerous end-use industries in the coming forecast years.
Who are the Key Manufacturers and Suppliers of Floor Tile Adhesive?
The market is highly consolidated in nature. Some of the leading manufacturers and suppliers include
- Asian paints
- tile master adhesives
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