Construction Flooring Chemical Market revenue Report, published by Allied Market Research, forecasts that the global market was valued at $2,614 million in 2016, and is expected to reach $3,787 million by 2023, supported by a CAGR of 5.3% during the forecast period 2017 to 2023.
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Flooring construction chemical are used to give extra strength to the foundations of load-bearing structures. These have different chemistries, which depend on the applications. These compounds can be made to have special characteristics, such as fast setting, free flow, and on-shrink by adding different chemicals as per the end-user requirement.
Rapid growth of construction industry is due to change in lifestyle patterns in emerging countries such as China, India, Brazil, Middle East, and Africa, owing to the rapid economic development and increase in disposable income, which fueled the growth of construction flooring chemical market. Moreover, increase in home improvement activities and renovation projects further boost the market growth.
Demand for soft covering flooring, which includes carpets & rugs, was estimated to be the highest in the global flooring construction chemical market. It offers noise-reducing effect, dust-binding, warmth & comfort, and pleasing aesthetics.
Volatility raw material prices for flooring may hamper the market growth. In addition, increase in environmental impact, owing to the volatile organic compounds (VOCs) used in flooring material, is a restraint to the market. The increase in importance of flooring compounds to provide durability to the building foundation for sustainability is expected to provide growth opportunity to construction flooring chemical market.
Key findings of Construction Flooring Chemical Market:
- LAMEA is expected to continue to lead the market in terms of value during the forecast period, followed by Asia-Pacific.
- Soft covering segment was the highest revenue generating segment in 2016.
- Residential is the largest application segment in the market registering a CAGR of 5.0% during the forecast period.
- LAMEA accounted for over one-third share in the market in 2016.
- The flooring chemicals market in Asia-Pacific is anticipated to grow at the highest CAGR from 2017 to 2023.
Asia-Pacific and LAMEA collectively contributed for more than half of the share in the global construction flooring chemical market, by revenue, in 2016. The key players operating in the global construction flooring chemical market Armstrong World Industries, Inc. Forbo, Mohawk Industries, Inc., Shaw Industries, Congoleum Corporation, Gerflor, Interface Incorporation, James Halstead Plc., The Dixie Group, and Toli Corporation.