The global construction flooring chemicals market is projected to reach approximately USD 6.15 billion by 2025, growing at a CAGR of 4.7% during forecast period, according to a new report published by Grand View Research, Inc. Increasing growth of millennials and nuclear families as well as rise in disposable income towards capability in purchasing of residential apartments in emerging markets is expected to promote the usage of flooring chemicals. Also, the growth of manufacturing facilities in developing nations is projected to increase the application of construction flooring chemicals over the forecast period.
Flooring chemicals demand in the commercial sector is expected to grow at a CAGR of 3.8% in terms of volume from 2016 to 2025. The lucrative manufacturing outlook in developing nations including China and India on account of easy availability of chemical feedstock and cheap labor is expected to result in establishment of new commercial spaces. Abovementioned favorable trend toward the formation of new strategic business units (SBUs) is expected to increase the application of flooring and thus in turn will have a positive impact on market.
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Further key findings from the report suggest:
Demand for construction flooring chemicals in North America will surge in accordance with growth in renovation and occupancy of building in prime locations such as San Francisco and New York. construction flooring chemicals market is expected to witness a CAGR of 2.3% in terms of revenue. Mature market such as U.S. have expanding client request, greater interest in terms of renovations, as well as implementation of designs.
MEA construction flooring chemicals market is expected to witness revenue growth at a CAGR of 4.9% from 2017 to 2025. This growth in attributed to the increasing penetration of corporate offices, retail outlets as well as luxury hotels in UAE and Saudi Arabia.
Epoxy resins is set to witness a CAGR of 4.5% from 2017 to 2025 in terms of revenue in MEA region, on account of its application in construction of luxury residences, hotels, resorts and urban corporate offices.
Key vendors include BASF, SABIC, DOW chemicals,Sinopec., ExxonMobil, DuPont, Ineos,LyondellBasell Industries, Mitsubishi Chemical Corporation, LG Chem, AkzoNobel, Mitsui Chemicals, Forbo Holding, Toray Industries., PPG Industries, Tremco Inc, RPM International Inc, Stonhard Inc, Huntsman Corp and Borealis.AG
In June 2016, Dow Chemical Company completed the strategic ownership of Dow Corning and its silicone business. The ownership is likely to improve new chemistry and enhance existing technology to Dow as well as extending its participation in Consumer, Infrastructure, transportation, packaging and electronics. Dow Corning will operate as a wholly owned subsidiary of Dow, and will be headquartered with Dow in Midland, Michigan.
Grand View Research has segmented the construction flooring chemicals market on the basis of product and application:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
Poly Methyl Methacrylate (PMMA)
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
Central & South America
Middle East & Africa (MEA)
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