Concrete Floor Coatings Market is forecast to reach $1.6 billion by 2025, after growing at a CAGR of 6.5% during 2020-2025. The flourishing construction industry with escalating renovation and new infrastructural projects are expected to drive the concrete floor coatings market. Rise in awareness among consumers and builders regarding the benefits of using concrete floor coatings is fueling the growth of the market, as concrete floor coatings protect the floor from harsh climatic conditions. The report covers Concrete Floor Coatings Market size by product and applications, Concrete Floor Coatings Market share by top 5 companies and also the market share by start-ups during the forecast period.
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Product – Segment Analysis
Epoxy holds the largest share in the concrete floor coatings market in 2018. Epoxy resins have distinct advantages such as low shrink during cure, excellent moisture and chemical resistance, good electrical property, augmented mechanical and fatigue strength, no VOCs, long shelf life and more, which provide them an edge over the other thermoset or thermoplastic resins. The product owing to its superior resistance against abrasion, chemical and impact is widely used across manufacturing facilities, public infrastructure, and residential structures. In addition, low cost in comparison with other corresponding products further complements demand.
Application – Segment Analysis
The indoor application held the largest share in the concrete floor coatings market in 2018. Upcoming construction projects in both the residential and commercial sectors will boost product demand by 2025. In addition, consumer awareness of flooring solutions to improve floor life will further boost industry growth.
Geography – Segment Analysis
North America held the largest share in the concrete floor coatings market, in 2018 up to 35%. Increasing renovation and remodeling activities in the residential sector is a key factor leading to high demand for products in the region. In addition, robust end-user industries such as food & beverage, pharmaceuticals and automotive would boost product demand for flooring applications.
Drivers – Concrete Floor Coatings Market
Increasing government investment to enhance public infrastructure.
Safety and durability are two primary concerns for the flooring systems installed in plants, factories, and other industrial settings. Facilities used for manufacturing need flooring that is highly-durable, reliable, and abrasion resistant. The surface needs to be practical, easy to clean, and compliant with all worker safety guidelines and regulations. Epoxy, polyurethane, and other resinous floor coatings can provide a durable, safe, and hygienic flooring system when installed on correctly prepared concrete slabs. Increasing government investment to enhance their public infrastructure along with countless upcoming housing projects in driving the demand for concrete floor coating.
Challenges – Concrete Floor Coatings Market
The high prices of raw material can affect the floor coatings market.
The coating industry has been affected because of gradually increasing prices of raw materials. The commodities are very important for paint and coating manufacturers because more than 50% 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.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Concrete Floor Coatings Market. In 2019, the market of Concrete Floor Coatings has been consolidated by the top five players accounting for xx% of the share. Major players in the Concrete Floor Coatings Market are BASF SE, Royal DSM N.V., DAW SE, PPG Industries Inc., Nippon Paint Co. Ltd., RPM International Inc., Behr Process Corporation, The Sherwin-William Company, The Valspar Corporation, Sika Corporation, Henkel Corporation., among others.
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