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Flooring products are one of the most important construction materials. Flooring chemicals are used for floor lamination and protection from various external factors that may reduce the life expectancy of modern era floors. These chemicals are generally epoxy, vinyl, PMMC, polyurethane and others. It provides noise-reduction effect, waterproofing, insulation, dust-binding, durability and pleasing aesthetics to the floor. Shifting preferences of consumers towards products with durability and aesthetic features is expected to drive the market.
Rise in the disposable incomes is leading consumers to spend more on lifestyle and house decor. Moreover, increasing number of public and private infrastructure that include shopping complexes, railway stations, airports, corporate offices, and others is driving the market for flooring chemicals.
However, fluctuation in crude oil prices which is the raw material for flooring chemicals is likely to hinder the market growth.
Key Market Driver -
Increasing awareness toward durability and good aesthetic features.
Key Market Restraint -
Fluctuations in the crude oil prices.
Based on product, the market is segmented into epoxy, polyurethane, vinyl, and poly methyl methacrylate and others. Based on the type, the market is segmented into soft-covering, resilient, non-resililient, and others. Based on application, the market is segmented into residential and commercial.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global market share is fairly fragmented and competitive with a number of global & regional players operating. Some of the key players in the flooring chemicals market includes BASF, DOW Chemicals, ExxonMobil, DuPont, Ineos, Sinopec., LyondellBasell Industries, Mitsubishi Chemical Corporation, LG Chem, SABIC, AkzoNobel, Mitsui Chemicals, Forbo Holding., PPG Industries, TremcoInc, RPM International Inc, Toray Industries, Huntsman Corp, Borealis AG, and Others.
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The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific was dominant region in 2018 owing to manufacturing facilities as well as government policies for affordable housings in China and India are expected to be key market growth driving factors in the region. North America is expected to contribute significantly attributed to the high implementation rate of flooring chemicals in both the residential and commercial sector that includes corporate buildings, shopping malls, airports, and stadiums. Europe is expected to show significant growth due to the developing infrastructure industry. is projected to record considerable growth due to the rise in construction industry. The Latin America Middle East and Africa are set to witness a sluggish growth by the end of forecast period, attributed to the introduction of government policies towards infrastructural expansion.
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