(I-BusinessNews.Com, August 25, 2021 ) 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.
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 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.
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.
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.
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.
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.
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