NEWARK, Del, July 04, 2023 (GLOBE NEWSWIRE) -- The global tile adhesive market is anticipated to attain a valuation of US$ 2.67 billion in 2023 and is expected to reach US$ 5.2 billion by 2033, exhibiting a CAGR of 6.9% during the forecast period.
The rising number of commercial and residential development and renovation projects worldwide is expected to drive the demand for flooring, consequently increasing the demand for tile and stone adhesives. Additionally, government initiatives aimed at promoting industrial expansion, tourism, and development are further expected to contribute to market growth. For instance,
- The government of India has committed to investing US$ 1.4 trillion in the National Infrastructure Pipeline (NIP) by 2030, with 16% allocated for urban infrastructure.
In the past decade, the demand for open spaces like outdoor hotels, cafes, play arenas, swimming pools, and lounges has surged. These spaces are designed to be visually appealing and captivating. Luxurious ceramic tiles, stones, and marble flooring are commonly used in their construction.
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The thriving tourism sector has led to significant growth in the hotel and accommodation industry. Also, the demand for tile adhesives is expected to be fueled by the increased demand for tiles in the development of such areas.
The urbanization trend in developing countries, driven by employment opportunities and a higher quality of life, leads to increased infrastructure construction. This, in turn, boosts the demand for tile and stone adhesives, specifically ceramic tile adhesives.
Various regions experience significant development in civic infrastructure. Governments of developing countries like India are actively promoting the construction industry, such as through schemes like 'Pradhan Mantri Awas Yojna', a subsidy program for first-time homebuyers. These initiatives stimulate residential construction demand and drive the market for ceramic tile and stone adhesives.
Key Takeaways from this report:
- The market in China is anticipated to expand with a CAGR of 8.1% during the forecast period.
- The demand for tile adhesives in the United States is projected to expand with a significant CAGR of 6.7% from 2023 to 2044.
- By end-use, the residential construction segment is expected to record a CAGR of 7.9% between 2023 and 2033.
- Germany is expected to create demand for tile adhesives with a CAGR of 6.4% during the forecast period.
“Increasing demand for luxury homes in urban areas and rising migration from rural areas to urban cities is expected to boost the demand for tile adhesives during the forecast period,” - comments an Analyst at FMI.
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Competitive Landscape:
The market for tile adhesives is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
Recent Developments in the Tile Adhesive Market
- On January 24, 2022, Sika AG introduced their revolutionary No-Slake tile adhesives. When combined with SikaTile's Dustless Technology, professional tile installers can significantly reduce installation time on every project.
- In March 2022, Bostik finalized a distribution agreement with DGE for Europe, the Middle East, and Africa. The agreement, effective since January 2022, covers the distribution of Born2BondTM engineering adhesives for precise bonding applications in industries like automotive, electronics, luxury packaging, medical devices, and MRO.
- In February 2022, Arkema successfully acquired Ashland's Performance Adhesives business, a leading provider of high-performance adhesives in the United States.
Key Companies Profiled:
- 3M Company
- Henkel AG
- Illinois Tool Works (ITW Plexus)
- Huntsman
- Ashland
- Sika
- H.B. Fuller
- Royal Adhesives
- Uniseal
- Ellsworth Adhesives
- Bickers Klebetechnik GmbH
- wedi GmbH
- 1a Bauchemie GmbH
- AB BECHCICKI Sp
- Akzo Nobel Deco GmbH
Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global tile adhesive market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the tile adhesive market, the market is segmented based on type, application, end-user, and region.
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Key Segmentation:
By Type:
- Cementitious
- Dispersion
- Reaction Resin
By Application:
- Wall
- Floor
- Ceiling
- Others
By End Use:
- Residential
- Commercial
- Industrial and Institutional
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and the Pacific
- East Asia
- The Middle East and Africa
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