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Asia-Pacific Flooring Resins Market Size

The Asia-Pacific Flooring Resins Market is experiencing significant growth, driven by increased demand from industrial, institutional, and commercial construction sectors. The market's expansion is fueled by rapid urbanization and industrialization, with the industrial and institutional sectors being the dominant consumers. The commercial sector is also poised for substantial growth, particularly due to the rising demand for shopping malls and office spaces. China leads the region in market share, while India is expected to see rapid growth supported by government initiatives.

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Market Size of asia-pacific flooring resins Industry

Asia-Pacific Flooring Resins Market Summary
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svg icon Study Period 2018 - 2030
svg icon Market Size (2024) USD 3.80 Billion
svg icon Market Size (2030) USD 5.42 Billion
svg icon Largest Share by End Use Sector Industrial and Institutional
svg icon CAGR (2024 - 2030) 6.10 %
svg icon Largest Share by Country China
svg icon Market Concentration Low

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Asia-Pacific Flooring Resins Market Analysis

The Asia-Pacific Flooring Resins Market size is estimated at 3.80 billion USD in 2024, and is expected to reach 5.42 billion USD by 2030, growing at a CAGR of 6.10% during the forecast period (2024-2030).

3.80 Billion

Market Size in 2024 (USD)

5.42 Billion

Market Size in 2030 (USD)

3.90 %

CAGR (2018-2023)

6.10 %

CAGR (2024-2030)

Largest Market by Sub Product

49.32 %

value share, Epoxy, 2023

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The epoxy segment holds the largest share due to its widespread use in commercial and industrial flooring for various applications in offices, restaurants, hotels, the tool industry, etc.

Largest Market by End Use Sector

83.83 %

value share, Industrial and Institutional, 2023

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The sector occupied the largest market share due to the increasing consumption of flooring resins due to their high resistance properties to oil, water, and lubricants from the chemical, pharmaceutical, food industries, etc.

Largest Market by Country

70.24 %

value share, China, 2023

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With the country's rapid growth in industrialization and urbanization, the demand for flooring resins in residential and commercial constructions has increased, and China has dominated the market.

Fastest Market by Country

7.46 %

Projected CAGR, India, 2024-2030

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Growing demand for commercial construction coupled with government plans for various institutional and residential projects is raising the demand for flooring resin; India is expected to witness the fastest growth in the coming years.

Leading Company

5.92 %

market share, Sika AG, 2022

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The company's broad range of high-quality products, well-established regional network, robust supply chain, and strategic expansions and acquisitions in the construction industry make it a major player in the market.

Rise in demand for shopping malls & centers and offices likely to drive the demand for flooring resins

  • In 2022, the consumption value of flooring resins in the Asia-Pacific grew by 0.23% compared to the previous year. This uptick was primarily driven by heightened demand from the industrial, institutional, and commercial construction sectors. In 2023, the region was poised to command a significant share, accounting for approximately 37.94% of the global flooring resins market.
  • The industrial and institutional sector emerged as the dominant consumer, capturing an 84% share in 2022. The sector's new floor area in the region is anticipated to surge by 1.16 billion sq. ft by 2030, a notable increase from 2023. This growth is attributed to heightened investments in industrial, educational, and healthcare construction. The region's flooring resins for this sector are expected to witness a substantial rise of USD 1.52 billion by 2030 compared to 2023. This growth is further bolstered by the region's rapid urbanization and industrialization trends.
  • The commercial sector in the region is set to be the frontrunner in flooring resin consumption, boasting a robust CAGR of 8.40% during the forecast period. Projections indicate a notable uptick, with the sector's new floor area expected to expand by 178 million sq. ft in 2025 compared to 2024. This surge is primarily driven by the rising demand for shopping malls, offices, and other commercial spaces. For instance, Indonesia alone has six shopping mall projects slated for completion by 2025, adding up to a cumulative area of 292 thousand sq. m. In line with these trends, the region's flooring resins for the commercial sector are anticipated to reach USD 405 million in 2030, a substantial leap from USD 230 million in 2023.
Asia-Pacific Flooring Resins Market

High-budget government propositions in India's construction sector projected to boost the demand for flooring resins in the country

  • Flooring resins, such as epoxy, polyurethane, and acrylic, are synthetic materials used to enhance the appearance, durability, and protection of floors. In 2022, the flooring resins market in Asia-Pacific saw a modest 0.23% increase in value compared to the previous year. Notably, Australia and Thailand stood out among the regional countries, with growth rates of 19.48% and 16.13%, respectively. The market was projected to grow by 4.53% in 2023 compared to 2022.
  • China dominated the Asia-Pacific flooring resins market in 2022, capturing a significant 70% share by value. The surge in industrial restoration and renovation activities led to a notable increase of 2.22 billion sq. ft in the floor area for industrial and institutional construction in 2022 compared to the previous year. Additionally, infrastructure construction witnessed a robust 5.89% growth in value, largely driven by a public expenditure of USD 165.6 billion on transport infrastructure in 2022, registering a rise over USD 157.6 billion in 2021.
  • India's flooring resins market is poised for rapid growth, with an estimated CAGR of 7.53% in value during the forecast period. This growth can be attributed to several government initiatives, including the construction of 11 industrial corridors, the redevelopment of 600 railway stations, and the expansion of railway lines. Notably, the Smart City Project, backed by a planned investment of USD 24.3 billion, and the Pradhan Mantri Awas Yojana are expected to fuel the demand for flooring resins in the country further.

Asia-Pacific Flooring Resins Industry Segmentation

Commercial, Industrial and Institutional, Infrastructure, Residential are covered as segments by End Use Sector. Acrylic, Epoxy, Polyaspartic, Polyurethane are covered as segments by Sub Product. Australia, China, India, Indonesia, Japan, Malaysia, South Korea, Thailand, Vietnam are covered as segments by Country.

  • In 2022, the consumption value of flooring resins in the Asia-Pacific grew by 0.23% compared to the previous year. This uptick was primarily driven by heightened demand from the industrial, institutional, and commercial construction sectors. In 2023, the region was poised to command a significant share, accounting for approximately 37.94% of the global flooring resins market.
  • The industrial and institutional sector emerged as the dominant consumer, capturing an 84% share in 2022. The sector's new floor area in the region is anticipated to surge by 1.16 billion sq. ft by 2030, a notable increase from 2023. This growth is attributed to heightened investments in industrial, educational, and healthcare construction. The region's flooring resins for this sector are expected to witness a substantial rise of USD 1.52 billion by 2030 compared to 2023. This growth is further bolstered by the region's rapid urbanization and industrialization trends.
  • The commercial sector in the region is set to be the frontrunner in flooring resin consumption, boasting a robust CAGR of 8.40% during the forecast period. Projections indicate a notable uptick, with the sector's new floor area expected to expand by 178 million sq. ft in 2025 compared to 2024. This surge is primarily driven by the rising demand for shopping malls, offices, and other commercial spaces. For instance, Indonesia alone has six shopping mall projects slated for completion by 2025, adding up to a cumulative area of 292 thousand sq. m. In line with these trends, the region's flooring resins for the commercial sector are anticipated to reach USD 405 million in 2030, a substantial leap from USD 230 million in 2023.
End Use Sector
Commercial
Industrial and Institutional
Infrastructure
Residential
Sub Product
Acrylic
Epoxy
Polyaspartic
Polyurethane
Other Resin Types
Country
Australia
China
India
Indonesia
Japan
Malaysia
South Korea
Thailand
Vietnam
Rest of Asia-Pacific
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Asia-Pacific Flooring Resins Market Size Summary

The Asia-Pacific flooring resins market is experiencing significant growth, driven by increasing demand from industrial, institutional, and commercial construction sectors. The market is characterized by the use of synthetic materials like epoxy, polyurethane, and acrylic, which enhance the durability and appearance of floors. The region's rapid urbanization and industrialization trends are further propelling this growth, with substantial investments in infrastructure and commercial spaces. The industrial and institutional sectors dominate the market, with a significant share of consumption, while the commercial sector is expected to lead in terms of growth rate. Countries like China and India are key players in this market, with China holding a substantial share and India poised for rapid expansion due to government initiatives and urban development projects.

The market landscape is fragmented, with major companies like Kansai Paint Co., Ltd., KCC Corporation, Sika AG, SK KAKEN Co., Ltd., and The Sherwin-Williams Company playing pivotal roles. Recent strategic moves, such as Sika's acquisition of the MBCC Group and The Sherwin-Williams Company's introduction of new flooring solutions, highlight the competitive dynamics and innovation within the market. The region's flooring resins market is set to witness robust growth, supported by the increasing demand for commercial spaces, infrastructure development, and residential housing, particularly in urban areas. This growth trajectory is expected to continue, with the market reaching significant milestones by the end of the forecast period.

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Asia-Pacific Flooring Resins Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size, forecasts up to 2030 and analysis of growth prospects.)

    1. 1.1 End Use Sector

      1. 1.1.1 Commercial

      2. 1.1.2 Industrial and Institutional

      3. 1.1.3 Infrastructure

      4. 1.1.4 Residential

    2. 1.2 Sub Product

      1. 1.2.1 Acrylic

      2. 1.2.2 Epoxy

      3. 1.2.3 Polyaspartic

      4. 1.2.4 Polyurethane

      5. 1.2.5 Other Resin Types

    3. 1.3 Country

      1. 1.3.1 Australia

      2. 1.3.2 China

      3. 1.3.3 India

      4. 1.3.4 Indonesia

      5. 1.3.5 Japan

      6. 1.3.6 Malaysia

      7. 1.3.7 South Korea

      8. 1.3.8 Thailand

      9. 1.3.9 Vietnam

      10. 1.3.10 Rest of Asia-Pacific

Asia-Pacific Flooring Resins Market Size FAQs

The Asia-Pacific Flooring Resins Market size is expected to reach USD 3.80 billion in 2024 and grow at a CAGR of 6.10% to reach USD 5.42 billion by 2030.

In 2024, the Asia-Pacific Flooring Resins Market size is expected to reach USD 3.80 billion.

Asia-Pacific Flooring Resins Market Report Snapshots

Asia-Pacific Flooring Resins Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030