The tile and stone adhesives market size was $2.37 billion in 2015 and is projected to grow at a compound annual growth rate (CAGR) of 9.4%, reaching $4.1 billion by 2021, according to a recent report from Markets and Markets.
There are increasing applications of tile adhesives in the housing, commercial, and infrastructure sectors in Asia-Pacific and the Middle East and Africa as a result of increased awareness about its benefits. In addition to this, the demand for ceramic and porcelain tiles are growing globally due to their low cost and maintenance, which is driving the market for tile and stone adhesives.
The Asia-Pacific region is the fastest-growing segment of the tile adhesive market. This growth is mainly attributed to high economic growth rate, followed by growing demand for ceramic tiles in the residential and commercial applications and rising demand for infrastructure development, maintenance, and renovation, which is eventually driving the tile and stone adhesives market. The Asia-Pacific and RoW markets are estimated to witness significant growth in the next five years with the allied industries expected to stabilize the overall business requirement in the respective regions.
New construction is the largest segment of the tile and stone adhesives market, as huge residential projects are planned by the developing regions in countries such as Saudi Arabia, Qatar, Mexico, Malaysia, and Vietnam. Moreover, the government of each country has substantially increased the investment patterns to enhance the living standards of people.
The cementitious segment of the market is expected to witness the highest growth during the forecast period. It is a preferred choice, as polymer-modified cementitious chemistry bonds a wide range of ceramic and porcelain tiles to concrete substrates. The price of these adhesives is the lowest, as cement is available abundantly. In addition to this, cementitious adhesives are being modified with new chemistries to replace costly epoxy and polyurethane chemistries.
For more information, visit www.marketsandmarkets.com.