Construction Flooring Chemicals Market Assessment, By Product Type [Epoxy, Polyurethane, Methyl Methacrylate, Acrylic, Others], By Construction Type [New Construction Projects, Repair and Renovation Construction Projects], By Application [Wood Flooring, C

Construction Flooring Chemicals Market Assessment, By Product Type [Epoxy, Polyurethane, Methyl Methacrylate, Acrylic, Others], By Construction Type [New Construction Projects, Repair and Renovation Construction Projects], By Application [Wood Flooring, Ceramic Flooring, Laminate Flooring, Stone Flooring, Others], By End-user [Residential, Commercial, Industrial], By Region, Opportunities and Forecast, 2016-2030F

Global construction flooring chemicals market size was valued at USD 1.64 billion in 2022, which is expected to grow to USD 2.21 billion in 2030, with a CAGR of 3.8% during the forecast period between 2023 and 2030.

The increasing commercial construction activities coupled with the surging adoption of epoxy in construction flooring applications to achieve the benefit of highest strength composition are the prime elements fostering the growth of the construction flooring chemicals market. Moreover, the recent technological advancements to enhance properties associated with the construction flooring chemicals products will augment traction for the market growth during the forecast period.

The key trends contributing to the commercial construction activities growth are rising investment in airport projects, entry of internationally established players in developing economies, and surging development of new shopping malls. In addition, the beneficial properties of epoxy, including superior durability, efficient chemical resistance, and crack protection, make it an ideal choice for construction flooring. Therefore, the rise in commercial project development and increasing deployment of epoxy in construction flooring are boosting the demand for construction flooring chemicals to enhance protection against various external factors, thereby favoring market growth. However, several environmental implications associated with construction flooring chemicals are posing a roadblock to market growth.

The revenue advancement of the building and construction industry is the major factor boosting the growth of the construction flooring chemicals market. For instance, according to the Construction Products Association, in 2022, the global construction industry registered a year-on-year growth rate of 2.8%.

The recent innovations in the laminate flooring range will augment the market growth in the upcoming years. For instance, in September 2023, Cali, a flooring manufacturer in the United States, launched Cali Laminate Shorebreak, a new range of laminate flooring.

Increasing Deployment of Epoxy-Based Products in Construction Flooring is Proliferating Market

The key technical properties of epoxy include tensile strength in the range of 5,000 to 6,000 psi, heat resistance at 1500°F, and compressive strength at under 10,000 psi. Thus, epoxy-based products such as adhesives and sealants, and coatings are ideal for construction flooring applications to ensure superior product durability. The increasing demand for epoxy in flooring applications is prompting manufacturers to develop a new range of products to increase their product offerings in the global market.

For instance, in May 2023, Dudick, an industrial flooring solutions provider in the United States, launched Steri-Flor UV, a new range of epoxy coating for application in flooring. Hence, the adoption of epoxy-based products is increasing in the flooring application as the companies are targeting to develop a new range of chemicals, which is accelerating the market growth.

Rapid Growth in Commercial Construction Activities is Augmenting the Growth of the Market

The key functional properties of construction flooring chemicals include enhanced strength, superior adhesion, and increased aesthetic appeal. Hence, construction flooring chemicals are ideal in commercial projects, including shopping malls, airports, office buildings, and railway stations. The increasing demand for larger commercial spaces, rising investments in parks, and the ongoing development of mixed-use commercial buildings are the prominent aspects amplifying the commercial construction industry.

For instance, in Q2 of 2023, construction of various commercial projects commenced at the global level, including Wadala GST Office Building in India (project completion year 2026), The Great Park Framework Green Space Community in the United States (project completion year 2030), and Forma Mixed-Use Development in Canada (project completion year 2028). Hence, the bolstering commercial project development is spurring the demand for construction flooring chemicals to ensure superior moisture resistance, which, in turn, is propelling the market growth.

Significant Share of Asia-Pacific is Influencing the Market Growth

The construction industry in the Asia-Pacific is a major sector contributing to the overall economic growth of Asia-Pacific. The growth of construction activities in Asia-Pacific region is attributed to determinants, including the increasing development of high-rise residential buildings, surging public-private partnerships for infrastructure development projects, and the construction of new educational institutes.

For instance, as of November 2023, construction projects such as the Yamaguchi City Government Building in Japan (project completion year 2025) and Don Mueang–Suvarnabhumi–U-Tapao High-Speed Railway in Thailand (project completion year 2029) are under the development stage. As a result, the flourishing construction activities in Asia-Pacific are augmenting the demand for construction flooring chemicals, which in turn, is driving the market growth.

Future Market Scenario

The recent partnerships between manufacturers and distributors of construction flooring chemicals will boost the supply of products in untapped markets, thereby creating a favorable potential for market growth in the forecast years. For instance, in June 2023, Fosroc, a manufacturer of construction flooring chemicals, partnered with Mannai Trading Co. WLL to distribute the construction chemical products in Qatar.

The ongoing technological advancements for the development of a new range of epoxy chemicals for flooring applications will create a lucrative opportunity for market growth in the forecast period. For instance, in October 2023, Bossong, an Italy-based manufacturer of epoxy chemicals launched E-Plus, an earthquake-resistant epoxy chemical ideal for construction applications, including flooring.

The anticipated growth of the construction industry will create a prosperous growth outlook for the construction flooring chemicals market in the upcoming years. For instance, according to the Construction Products Association (CPA), the global construction industry will register a growth rate of 0.6% in 2024.

Key Players Landscape and Outlook

The leading conglomerates functioning in the construction flooring chemicals industry include BASF SE, Dow, LyondellBasell Industries Holdings B.V., and Huntsman International LLC. The market players are expanding their market share with the adoption of strategies, including acquisition, product launch, and new facility development.

In January 2023, Compagnie de Saint-Gobain S.A., a global player in the construction industry, acquired construction chemical products manufacturers, named IDP Chemicals in Egypt and MATCHEM in Brazil. The IDP Chemicals and MATCHEM are involved in manufacturing the flooring chemicals. The prime focus of the acquisition was to strengthen Compagnie de Saint-Gobain S.A.'s market position in the construction flooring chemicals market.