Industrial Flooring Market CAGR Is Catching Up The Momentum – Forecast Analysis
Posted by Pradnya on May 18th, 2021
The global industrial flooring market value reached ~ US$ 7 Bn in 2018, as disclosed in a recent report on the industrial flooring market by Persistence Market Research (PMR). According to the research, the industrial flooring market is anticipated to grow at ~ 4% CAGR during the forecast period. The industrial flooring market is experiencing significant traction owing to the increasing demand from several verticals, such as food & beverages, chemicals, and automotive.
According to the study, noteworthy demand for industrial flooring is mainly the result of various regulatory amendments related to workplace hygiene and safety, which have caused the evolution of the industrial flooring market. Moreover, industrial flooring offers several benefits over traditional flooring, comprising of unique characteristic properties and other similar provisions for repair and maintenance. This factor will continue to contribute towards the shift of consumer preferences towards industrial flooring, rather traditional flooring, during the forecast period.
In addition to this, there is an increase in the number of consolidations and expansion activities in the industrial flooring market over the past few years. This is primarily attributed to efforts among companies toward meeting the rising demand for industrial flooring and gaining access to high-growth markets of Asia Pacific as well as to strengthen their footholds in regions such as Europe and North America. The global industrial flooring market is projected to create a total value of ~US$ 8 Bn in 2019.
Chemical Industry Regulations to Fuel the Demand for Industrial Flooring
The industrial flooring market is a consolidated market owing to the presence of number of local and international market players. The chemical industry uses organic and strong acids for manufacturing products. When these acidic compounds come in contact with concrete, which is alkaline in nature, they damage the floor, which not only leads to contamination of products, but also several accidents. Therefore, stringent regulations regarding the maintenance of hygiene and safe environment as well as industrial requirements like high thermal stability, corrosive resistance, acid resistance, low VOC emission/ VOC absorption, etc., are expected to increase the demand for industrial flooring over the forecast period.
As per PMR’s deep dive analysis, key players in the industrial flooring market are offering customized industrial flooring owing to increasing demand from food & beverage, chemical, and healthcare industries, which will result in heavy upsurge in the industrial flooring market growth during the forecast period.
For instance, in December 2016, BASF SE launched “Ucrete MF40AS”, antistatic flooring system, which is based on a polyurethane cement technology for heavy duty applications.
Europe Continues to Capture Prominent Market Shares
Owing to factors such as stable governmental regulations, and constant political backdrop for industrial flooring in the region, Germany and the UK are likely to hold significant market shares in the industrial flooring market in 2019-2029. Existing market players in the countries and entrants in activities such as mergers & acquisitions, are pushing the industrial flooring market growth in the region.
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