Construction flooring chemicals market size from residential applications may witness significant gains over the forecast timeframe. It provides dust-binding, noise-reducing effect, insulation, low-maintenance durable floor, waterproofing and pleasing aesthetics.
Construction flooring chemicals market size is likely to witness significant gains due to increasing growth of nuclear families and rise in per-capita disposable income on account of buying new residential apartments. Increasing importance towards the durability and impact resistant in manufacturing plants, metal industries, chemical laboratories to improve the safety, hygienic, and reducing the VOC emissions would promulgate the industry growth.
Flooring products are the most significant building construction materials with a diversified product portfolio, which includes soft covering, resilient such as wood, cork, rubber, asphalt, vinyl and linoleum and non-resilient which are extensively used for residential, commercial, and infrastructural applications. Global flooring market demand was over USD 265 billion in 2016. Water resistance, Improved comfort, ease of cleaning, floor durability are the key indicators fuelling the product demand. Thus, the construction flooring chemicals market size is projected to grow with a rapid pace due to strong outlook in commercial & industrial sectors accompanied with increasing projects in home improvement and renovations.
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Construction spending in residential accounted for over 32% of the total market share in 2016. Whereas, in infrastructure accounted for over 35% of the total market share in 2016. Rapid urbanization mainly in India, China, Thailand, and Malaysia may drive industry growth and further stimulate construction flooring chemicals market demand.
Soft covering in construction flooring chemicals market size may witness steady gains over the foreseeable period. It provides several benefits, which includes dust binding, noise-reducing effect, insulation provides warmth & comfort, and pleasing aesthetics. Global soft covering market size is poised to exceed USD 155 billion by the end of 2024, with gains at over 5.5% due to rapid industrialization coupled with change in consumer lifestyle.
Global non-resilient flooring market size may surpass USD 255.5 billion up to 2024. It encompasses clay, ceramic & concrete tiles, terrazzo stone, and brick, which are widely used for designing, wall fittings, and protection from rain and moisture. Rising urbanization and increasing new building demand is likely to drive the overall construction flooring chemicals market size.
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Construction flooring chemicals market size from commercial applications may witness steady gains due to increasing government spending in electronics and automotive industries. Companies are also focused towards R&D accompanied with construction spending in China and India should stimulate industry growth.
North America, led by Canada and the U.S. construction flooring chemicals market size may witness an uptrend owing to rising demand for residential and commercial construction which includes shopping complexes, corporate buildings, sports stadiums, airports, and hotels should drive regional industry growth.
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Europe construction flooring chemicals market size, led by UK, France, Italy and Germany market size will witness steady growth rate by 2024 due to various manufacturers in the region. BASF develop, manufacture and supply various polyurethane and epoxy flooring solutions which are preferably used in industrial and decorative applications.
Global construction flooring chemicals market share is competitive and moderately consolidated. Major players operating in the industry include BASF, SABIC, ExxonMobil, DOW chemicals, Sinopec, DuPont, Ineos, Mitsubishi Chemical Corporation, LG Chem, Forbo Holding,Toray Industries., PPG Industries, Tremco Inc, RPM International Inc, Huntsman Corp. Favorable trend towards forming new SBUs is likely to have a positive impact in the construction flooring chemicals market demand.
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