Over the upcoming year, the global carpet adhesive market is expected to expand at a healthy pace. The market’s entire ecosystem offers a compelling growth opportunity. Escalating demand from the construction industry has played a helping hand in increasing the overall sales.
Besides, with the increase in the use of water-based adhesive over solvent-based adhesives to minimize VOC emissions, replacement of mechanical fastening system with adhesives, and adhesives’ ability to bond dissimilar materials are some of the main factors which will cause the market to grow with a higher CAGR during the forecast period.
According to the latest research by Fact.MR, the carpet adhesive market is set to witness steady growth during 2021-2031.
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The market is characterized by a mix of small and large players which includes
Since the market is competitive, players engage in strategic initiatives such as looking for mergers to enhance the growth, as well as focuses on the product development which will be done with the help of R&D and also put a light on the acquisitions to increase their competitive share. Owing to the efforts being undertaken by the manufacturers, the sales for carpet adhesives is expected to remain steady during the forecast period.
The construction sector is the one of the major factors which will drive the sales as the construction sector in emerging economies is rising at a healthy pace, higher than in various developed countries. Over the next decade, the majority of these economies are expected to double in size.
Asia Pacific nations such as India and China, South America, the Middle East, Eastern Europe, and some African countries are the major growth drivers arising from commercial constructions activities being undertaken in these regions.
Because of the continuous population increase in developing economies, the demand for adorable housing is growing. In these nations, the government provides incentives and funding to first-time homes buyers. As a result of the increased residential construction activity, demand for carpet adhesive has been on the rise and is poised to remain steady during the forecast period.
As of 2019, the U.S. holds a good amount of share in carpet adhesives market, and this is projected to continue throughout the forecast period. The demand in this area is being fueled by an increase in the construction and renovation activities being undertaken, which is a key dominant factor for the carpet industry.
In terms of volume, the vinyl segment is expected to grow at the fastest rate from 2020 to 2031. Because of their fast setting capacity and low viscosity, these items are used in wood applications. Wood flooring is a term used to describe items made of wood that are intended for use on floors.
Owing to the above-mentioned factors, the US is supposed to maintain its market dominance in the coming forecast years.
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