Global Floor Coatings Market
Posted by Onkar Nimbalkar on August 9th, 2019
Global Floor Coatings Market was valued US$ 4.9Bn in 2017 and is expected to reach US$ 10.3Bn by 2026, at CAGR of 9.73% during forecast period.
The rapidly increasing construction industry, particularly in the BRICS nations will positively boost the global floor coatings market. Increased globalization and rapid industrialization are key factors in restructuring the floor coating industry. Floor coatings are seen in rapid economic growth on account of changes in industry trends.
Floor coatings are applied on concrete, tiles, wooden floors etc. so that it acts as a defensive layer to prevent moisture damage, corrosion resistant, thermal shocks and chemical attacks this help to raise the demand for Floor Coatings. The main feature of floor coatings is the long shelf life of the floor coatings along with providing decorative aspects, protection, cost effective and low maintenance.
According to different varieties of floor coatings available in the market, each type possesses various characteristics and are used for different purposes across the industry. One of the major factors driving the market studied is the number of increasing housing construction activities in the emerging economies of Asia-Pacific. There are strict regulations on VOCs released for floor coatings. Also, the demand for floor coatings from industrial coatings dominated the market in 2017 and is expected to continue this growth during the forecast period, owing to the increasing demand from the chemical industry.
The promising performance of polyaspartic coatings is likely to act as an opportunity in the future. Moreover, increasing government investments on corporate and commercial infrastructures is expected to potentially drive demand for floor coatings. Furthermore, easy of FDI norms in emerging economies such as India and China has led to an increasing influx of multinational companies in the region. Major companies lay high emphasis on maintaining the aesthetic appeal of their commercial buildings, especially those that directly engage with clients. This rising demand for high-quality floor coatings, among other things in order to ensure high aesthetic appeal without compromising on functionality. At the same time, the floor coatings industry has been affected because of the gradually increasing cost of raw materials. The commodities are very important for paint and coating manufacturers as more than fifty percent of operating costs are allotted to raw materials.
The rise in commodity prices increases the cost of finished products, which hamper the market growth. The basic chemicals such as solvents, monomers, acrylic monomers, resins, and other raw materials have also been strongly affected. Based on end-user, the food processing sector is expected to grow at a higher CAGR during the forecast period. The growth can be attributed to the increase in concerns for quality and purity maintenance of food products and to ensure a hygienic environment inside the production facility. Furthermore, characteristics such as easy application, chemical resistance, and abrasion resistance have made it essential to apply industrial floor coating in the processing facilities.
Among the regions, North America contributed to nearly half of the total market share in 2017, and it is expected to continue during the forecast period. North America industrial floor coatings market captured over 20% revenue share due to increase production capacities of major companies in the region. Technological advancement in the manufacturing sector on account of higher automation for the material movement and good transportation are among key factors fuelling demand for surface finishing products. Government stringent regulatory norms for food and beverage manufacturing companies mandating improved hygienic standards in the facilities across the region strongly supporting market growth.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding the global floor coatings market dynamics, structure by identifying and analysing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global floor coatings market.
Scope of Global Floor Coatings Market:
Global Floor Coatings Market, By Product:
• Epoxy • Polyaspartics • Others
Global Floor Coatings Market, By Flooring Material:
• Concrete • Mortar • Terrazzo
Global Floor Coatings Market, By Coating Component:
• One-Component • Two-Component • Three-Component • Four-Component • Five-Component
Global Floor Coatings Market, By Application:
• Outdoor • Indoor
Global Floor Coatings Market, By End-Use:
• Manufacturing • Aviation & Transportation • Food Processing • Science & Technology • Others
Global Floor Coatings Market, By Region:
• North America • Europe • Asia-Pacific • South America • Middle East & Africa
Key Players Operated in Market Include:
• PPG Industries, Inc. • The Sherwin-Williams Company • Akzo Nobel N.V. • BASF SE • RPM International Inc. • 3M Company • The Dow Chemical Company • Koninklijke DSM N.V. • The Lubrizol Corporation • Asian Paints PPG Pvt. Limited • Florock Polymer Flooring Systems • Nora System, Inc. • Maris Polymers SA • Plexi-Chemie, Inc. • Grand Polycoats • Ardex Endure • A&I Coatings • Milliken & Company • Michelman, Inc. • Roto Polymers and Chemicals • CPC Floor Coatings • Tambour • Apurva India Private Limited • ArmorPoxy • Pro Maintenance, Inc.
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About the AuthorOnkar Nimbalkar
Joined: May 28th, 2019
Articles Posted: 20
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