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

Asia-Pacific Flooring Resins Market Trends

Rising retail and office spaces in countries such as India to boost the Asia-Pacific commercial construction sector

• In 2022, Asia-Pacific witnessed a 3.23% decline in its commercial new floor area compared to the previous year. This setback was attributed to factors such as regulatory pressures, higher inflation, and a surge in mortgage rates. In 2023, the region rebounded, with commercial construction new floor area increasing by approximately 146 million sq. ft. This surge was primarily driven by a rise in foreign direct investment (FDI), which spurred the demand for new offices, warehouses, retail outlets, and other facilities. Notably, the Vietnamese construction sector attracted an FDI capital of USD 71.44 million in 2023.
• In 2020, the Asia-Pacific region experienced a significant setback in commercial new floor area, with a volume decline of 21.92% compared to 2019. This decline was primarily due to widespread government lockdowns, which disrupted project work and severely impacted supply chains, equipment, and labor. However, as restrictions eased, the region witnessed a remarkable rebound, with its commercial new floor area surging by 20.98% in 2021, reaching a volume of approximately 526 million sq. ft.
• Asia-Pacific's commercial new floor area is projected to witness substantial growth, with an estimated increase of 1.41 billion sq. ft by 2030 compared to 2023. This surge is fueled by a rising demand for shopping malls, office spaces, retail outlets, and more. The Asia-Pacific region is emerging as a global retail powerhouse, contributing to nearly three-quarters of the worldwide retail growth. For instance, the Indian Grade A office market in its top seven cities may to expand to 1 billion sq. ft by 2026 and further to 1.2 billion sq. ft. by 2030. Overall, the commercial new floor area in Asia-Pacific is projected to witness a volume CAGR of 5.16% during the forecast period.

Rising affordable housing units, such as India’s likely to reach 25 million by 2030, to augment the residential constructions in the region

• In 2022, the residential new floor area in the Asia-Pacific region saw a volume decline of approximately 5.39% from the previous year. This dip was a result of the sector normalizing after a surge in building activity during the COVID-19 pandemic. The region's residential sector is driven by a growing population, increasing wealth, and rapid urbanization. The residential new floor area in the region was expected to rise by 410 million sq. ft in 2023 compared to 2022.
• In 2020, the residential new floor area in Asia-Pacific declined in volume by around 5.06% compared to 2019. This was primarily due to government-imposed lockdowns, disruptions in the supply chain, labor shortages, reduced construction productivity, and low foreign investments. However, as restrictions eased, the region saw a significant rebound, with the residential new floor area surging by about 1.4 billion sq. ft in 2021, driven by the addition of new residential housing units. For instance, in 2021 alone, the Indian residential real estate market introduced approximately 163 thousand new residential units across its top seven cities.
• The residential new floor area in the Asia-Pacific region is projected to witness a CAGR of 3.98% during the forecast period. This growth can be attributed to the demand for housing, increased investments, and favorable government policies. The focus on constructing more affordable housing units is expected to rejuvenate the residential construction sector in the region, aiding its recovery. By 2030, it is estimated that over 40% of India's population will reside in urban areas, leading to a demand for an additional 25 million affordable housing units. This surge in demand is expected to push the Indian residential real estate market to reach 1.5 million units by 2030.

OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT

Segment Analysis: End Use Sector

Industrial and Institutional Segment in Asia-Pacific Flooring Resins Market

The industrial and institutional sector dominates the Asia-Pacific flooring resins market, commanding approximately 84% of the market share in 2024. This segment's prominence is attributed to the increasing consumption of epoxy flooring and other resinous flooring solutions in various applications, including warehouses, food processing facilities, electronics manufacturing, distilleries, and dairy industries. The sector's dominance is further strengthened by the rising demand from pharmaceutical facilities, chemical processing plants, and educational institutions across the region. The segment's growth is particularly notable in countries like China and India, where rapid industrialization and the establishment of new manufacturing facilities continue to drive demand. Additionally, the segment benefits from the superior properties of flooring resins, such as chemical resistance, durability, and the ability to withstand heavy machinery and frequent cleaning protocols, making them ideal for industrial applications.

Commercial Segment in Asia-Pacific Flooring Resins Market

The commercial segment is emerging as the fastest-growing sector in the Asia-Pacific flooring resins market, with projections indicating robust growth between 2024 and 2029. This exceptional growth is driven by several factors, including the surge in demand for shopping malls, offices, and other commercial spaces across the region. The segment's expansion is particularly evident in major economies where rapid urbanization is fueling construction activities. For instance, India is witnessing significant development with nearly 60 shopping malls planned across its top seven cities, while countries like Indonesia and Thailand are experiencing substantial growth in their commercial real estate sectors. The segment's growth is also supported by the increasing adoption of modern seamless flooring solutions in retail spaces, hotels, and corporate offices, where aesthetic appeal and durability are paramount considerations.

Remaining Segments in End Use Sector

The infrastructure and residential segments complete the market landscape for flooring resins in Asia-Pacific. The infrastructure segment plays a crucial role in the market, particularly in applications related to transportation facilities, public buildings, and utility structures. This segment's demand is closely tied to government investments in infrastructure development projects across the region. The residential segment, while smaller in market share, maintains steady demand driven by housing construction activities and renovation projects. Both segments benefit from the increasing awareness of high-performance flooring solutions and the growing preference for durable, aesthetically pleasing flooring options in their respective applications.

Segment Analysis: Sub Product

Epoxy Segment in Asia-Pacific Flooring Resins Market

Epoxy flooring resins continue to dominate the Asia-Pacific market, commanding approximately 49% market share in 2024. This segment's prominence can be attributed to its versatile applications spanning from concrete and wood to VCT and tile surfaces. The material's popularity in commercial and industrial settings stems from its ability to provide smooth, durable, and easy-to-maintain surfaces. Epoxy flooring finds extensive usage in industrial sites and warehouses due to its capability to maintain clean and safe conditions for workers, equipment, and inventory. The industrial and institutional sector stands as the primary consumer of epoxy flooring, with its exceptional chemical resistance and mechanical strength making it particularly suitable for diverse applications, including warehouses, food processing facilities, electronics manufacturing, and pharmaceutical industries. The material's high strength enables it to withstand extreme temperatures and heavy footfall, while its resistance to chemicals, oils, and fluids further enhances its appeal in industrial settings.

Acrylic Segment in Asia-Pacific Flooring Resins Market

The acrylic flooring segment is emerging as the most dynamic sector in the Asia-Pacific flooring resins market, projected to grow at approximately 8% during 2024-2029. This remarkable growth trajectory is driven by acrylic flooring's unique combination of durability, ease of application, affordability, and eco-friendly characteristics. The segment's expansion is particularly notable in outdoor applications, especially in sports facilities, where its easy maintenance and hygienic properties make it an ideal choice. Acrylic flooring's robust resistance to substances like oil, water, and lubricants has made it increasingly popular in various industrial applications, including food and beverage facilities, packaging plants, and pharmaceutical manufacturing units. The material's versatility extends to its applications in sports areas, garages, and driveways, where its durability and weather resistance properties provide significant advantages over traditional flooring solutions.

Remaining Segments in Sub Product Segmentation

The remaining segments in the Asia-Pacific flooring resins market include polyurethane flooring, polyaspartic, and other resin types, each serving distinct market needs. Polyurethane flooring stands out for its flexibility, durability, and resistance to chemicals and temperature fluctuations, making it particularly valuable in commercial and industrial applications. Polyaspartic flooring, while representing a smaller market share, offers significant advantages in terms of rapid hardening and enhanced concrete strength, finding applications in industrial, commercial, and garage settings. Other resin types, including vinyl ester and methyl methacrylate flooring (MMA flooring), contribute to the market's diversity by offering specialized solutions for specific applications such as chemical processing and wastewater treatment facilities, where unique properties like chemical resistance and rapid curing are essential.

Asia-Pacific Flooring Resins Market Geography Segment Analysis

Flooring Resins Market in China

China maintains its dominant position in the Asia-Pacific flooring resins market, commanding approximately 70% of the regional market share in 2024. The country's market leadership is underpinned by its robust industrial and institutional sector, which continues to drive significant demand for high-performance epoxy flooring solutions. The government's ambitious infrastructure development plans, including a trillion-dollar commitment to mega-projects, are creating substantial opportunities for flooring resin manufacturers. The commercial construction segment is experiencing particularly strong momentum, especially in metropolitan hubs like Beijing, Shanghai, Hong Kong, and Taipei, where Grade A office space construction is surging. The country's rapid urbanization and industrialization trends are further catalyzing market growth, while stringent quality standards and environmental regulations are pushing manufacturers to innovate and develop more sustainable flooring resins solutions. Additionally, the renovation and upgrading of existing industrial facilities into modern, energy-efficient smart factories is creating new avenues for market expansion.

Flooring Resins Market in India

India's flooring resins market is positioned for exceptional growth, projected to expand at approximately 8% CAGR from 2024 to 2029. The market's robust growth trajectory is being propelled by several transformative government initiatives, including the development of eleven industrial corridors and the ambitious Smart City Project. The country's construction sector is witnessing unprecedented activity, particularly in commercial spaces, with plans for numerous shopping malls across major cities. The e-commerce boom is driving demand for multi-story warehouses, creating additional opportunities for epoxy flooring applications. The government's focus on infrastructure development, including the redevelopment of railway stations and expansion of railway lines, is further amplifying market growth. The implementation of the Gati Shakti Master Plan and various other infrastructure projects is creating sustained demand for industrial-grade flooring resins solutions. Moreover, the surge in manufacturing facilities, driven by both domestic and international investments, is establishing India as a key market for specialized polyurethane flooring applications.

Flooring Resins Market in Japan

Japan's flooring resins market is experiencing significant transformation driven by changing demographic patterns and urban development initiatives. The country's focus on urban infrastructure renewal, exemplified by major projects in metropolitan areas, is creating substantial opportunities for flooring resin applications. The trend toward renovation of existing structures, rather than new construction, is particularly notable in the residential sector, as the country adapts to changing population dynamics. Japanese manufacturers are increasingly focusing on developing innovative, eco-friendly flooring solutions that align with the country's stringent environmental standards. The commercial sector is witnessing notable developments, particularly in cities like Chiba, where financial incentives are driving the construction of modern office buildings. The market is also benefiting from the country's emphasis on technological advancement, with many facilities being upgraded to incorporate smart technologies and sustainable materials. Additionally, the renovation of existing commercial spaces and the modernization of industrial facilities are creating steady demand for specialized chemical resistant flooring solutions.

Flooring Resins Market in South Korea

South Korea's flooring resins market is characterized by its strong focus on technological innovation and industrial modernization. The government's initiative to establish smart industrial zones and construct AI-powered smart factories is reshaping the industrial landscape and driving demand for advanced industrial floor coating solutions. The country's manufacturing sector is undergoing significant transformation, with factory owners being incentivized to upgrade their facilities with modern, energy-efficient technologies. Metropolitan areas, particularly Seoul, are witnessing increased demand for Grade A office spaces, driving growth in the commercial construction sector. The market is also benefiting from the country's push toward digitization and automation across various industries. South Korean manufacturers are at the forefront of developing specialized flooring solutions that meet the unique requirements of high-tech manufacturing facilities. The emphasis on workplace modernization is driving significant renovation activities in office spaces, while the industrial sector continues to demand high-performance flooring solutions for specialized applications.

Flooring Resins Market in Other Countries

The flooring resins market in other Asia-Pacific countries demonstrates diverse growth patterns influenced by unique regional factors. Countries like Thailand, Vietnam, and Malaysia are experiencing significant market development driven by increasing industrial activities and foreign direct investments. Indonesia's market is benefiting from substantial infrastructure development and the government's commitment to housing initiatives. Singapore's market is characterized by its focus on high-end commercial and industrial applications, particularly in specialized sectors like biomedical and technology parks. The Philippines is seeing growth in both commercial and industrial sectors, while emerging markets like Bangladesh are gradually expanding their flooring resin applications. These countries are collectively contributing to the region's market dynamics, each bringing unique opportunities and challenges shaped by their specific economic conditions, regulatory environments, and construction sector trends. The varying pace of urbanization and industrial development across these nations continues to create diverse opportunities for flooring resin manufacturers and suppliers.

Free With This Report

We provide a complimentary and exhaustive set of data points on global and regional metrics that present the fundamental structure of the industry. Presented in the form of 24+ free charts, the section covers rare data on newly built floor area, infrastructural spending, and existing construction floor area across residential, commercial, industrial and institutional sectors.