U.S. Parking Deck Coatings Market Rising With Growth In New Technology Trends Research By 2027
Posted by Mrudula Karmarkar on June 15th, 2022
The U.S. parking deck coatings market size is anticipated to reach USD 140.6 million by 2027, expanding at a CAGR of 7.5%, according to a new report by Grand View Research, Inc. Developments in the construction industry are likely to drive the demand for parking deck coatings. Increasing use of environment-friendly and energy saving products is also expected to influence the market positively.
The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.
The market is anticipated to be driven by rising construction activities in U.S. and the ascending demand for parking spaces in commercial buildings. The coating is used to offer high-temperature resistance to both indoor and outdoor areas as well as for protecting floors against wear and tear in parking decks. In addition, these coatings offer resistance to a broad range of contaminants found in parking and offer excellent flexible finish to withstand stresses that rubber tires impart onto the coat system.
Epoxy resins are made from a class of synthetic thermosetting polymers containing an epoxide group. The resins are widely used in parking structures owing to their excellent properties such as color stability, UV and weather-resistance, extreme temperature resistance, and waterproofing and blistering. All these properties help in minimizing installation labor costs and support parking garages to get back up and run in a short interval of time.
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Ongoing research and developments in urethane-based products to expand the application scope is likely to boost market growth as they offer excellent strength and wear resistance with lower thickness. Technological breakthroughs, innovations, and studies carried out for expanding the application scope of parking deck coatings are projected to foster market growth.
Further key findings from the repot suggest:
The market is anticipated to be driven by rising construction activities in the U.S. and the ascending demand for floor spaces in commercial buildings. Parking deck coatings are used to offer high-temperature resistance to both indoor and outdoor areas as well as for protecting floors against wear and tear. These coatings offer resistance to a broad range of contaminants found in the floor and offer excellent flexible finish to withstand stresses that rubber tires impart onto a coat system.
Parking deck coatings manufacturers are expanding in terms of production capacity and infrastructure with an aim to cater to the growing market requirements. Moreover, many of the parking deck coating manufacturing companies are using product development, acquisition and partnership strategies for procuring raw materials. Mergers and joint ventures are an integral part of this market and allow companies to expand their market position.
Research activities focused on new materials, which combine several properties, are projected to gain wide acceptance in this industry in the coming years. Some of the prominent companies manufacturing these products include Tennant Coatings; LATICRETE International, Inc.; Dur-A-Flex, Inc.; Sika AG; Tremco Incorporated; and Prime Resins Inc.
Grand View Research has segmented the U.S. parking deck coatings market on the basis of product and technology:
U.S. Parking Deck Coatings Product Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
U.S. Parking Deck Coatings Technology Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
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About the AuthorMrudula Karmarkar
Joined: March 30th, 2020
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