Floor Coatings Market Overview
Floor coatings are beneficial for application where slip resistance and chemical resistance properties are required for floors. Furthermore, floor coatings exhibit anti-vibration, anti-static, and waterproof properties, which have been escalating its demand. Floor coatings come in diverse options of colors and styles, providing an attractive finish to the floor and bare concrete. These characteristics make it widely popular for application in hotels, houses, warehouses, and offices. The global Floor Coatings market is expected to register a growth at the rate of 5.68% CAGR through the forecast period 2018—2023.
Floor Coatings Market Outlook
Epoxy segment holds a share of more than 50 percent in the floor coatings market and is expected to witness more than 5.84% CAGR up to 2023. Increasing demand for floor coatings in the manufacturing sector owing to excellent adhesion, high mechanical strength, and improved chemical resistance benefits majorly supports the product growth during the forecast period. Government’s stringent regulatory norms for food and beverage manufacturing companies mandating improved hygienic standards in the facilities across the regions strongly support market growth.
Floor Coatings Market Growth Drivers
The flourishing construction industry with escalating renovation and new infrastructural projects are expected to drive the floor coatings business. The construction business in APAC region is one of the factors driving the regional floor coating industry. In the past few years, regional economies such as India and China have experienced massive growth in infrastructural development, which has maximized the floor coatings demand in the region.
Floor Coatings Market Challenges
The Floor Coatings industry has been affected because of the gradually increasing prices 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 severely affects the market growth. The basic chemicals such as solvents, monomers, acrylic monomers, resins, and other raw materials have also been strongly affected.
Floor Coatings Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Floor Coatings market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of floor coatings, and their specific applications in different industries.
Floor Coatings Report: Industry Coverage
Floor Coatings Market by type: Epoxy, Acrylics, Polyurethane, PMMA.
Floor Coatings Market by formulation: Water-based and Solvent-based.
Floor Coatings Market by flooring material: Wood, Concrete, Mortar, Terrazzo.
Floor Coatings Market by application: Commercial buildings, Institutional buildings, Infrastructure, Residential and Industrial.
The Floor Coatings report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America : Brazil, Argentina, Chile, Colombia, Rest of South America
- Europe: The U.K., Germany, France, Russia, Italy, Spain, Rest of Europe
- APAC: China, Japan, South Korea, India, Rest of APAC
- Rest of the World: The Middle East and Africa
Floor Coatings Market Key Players Perspective
Sherwin-Williams, PPG, Akzo Nobel N.V., Sika AG, and BASF SE are the major players in this market.
Floor Coatings Market Trends
- Floor coating industry manufacturers are focusing on improving the supply chain, starting from the raw material suppliers to third-party distributors. BASF launched heavy duty anti-static industrial flooring system, Ucrete MF40AS, in the European market in the year 2016. This strategy was to enhance the product portfolio of chemical solutions for the construction industry. Epoxy layers are primarily the preferred technology in ground surface solutions owing to its long durability and quick adhesive property, increasing the industrial floor coatings market demand.