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Floor Coatings Market Size Forecast to Reach $9.5 Billion by 2025

Floor Coatings Marke

iCrowdNewswire   Jan 25, 2021  6:00 AM ET

Floor Coatings Market size is forecast to reach $9.5 billion by 2025, after growing at a CAGR of 5.7% during 2020-2025. Floor coatings are applied on surfaces to impart slip resistance properties to them. Besides offering slip resistance, they also exhibit anti-vibration, anti-static, and waterproof properties. Rising construction industry and increasing use of coatings in commercial, industrial, and residential applications are factors favoring the market growth.

By Type – Segment Analysis

Epoxy segment held the largest revenue share of 51% in floor coatings market in 2019. Epoxy surface coatings are widely used on concrete floors in several industrial and commercial applications such as warehouses, commercial & retail stores, showrooms, garages, hospitals, manufacturing plants, airplane hangar, and others. These coatings provide decorative and high-gloss finish and are available in a variety of colors. For decoration purpose, epoxy floor coatings are applied on terrazzo flooring, chip flooring, and colored aggregate flooring. The coatings offer an easy to clean and chemically resistant flooring solution and can be directly applied over old and new concrete floors.

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By Flooring Material- Segment Analysis

Concrete segment accounted for the largest share of 69% in floor coatings market in 2019. Concrete floor coatings find application in various systems that are used to cover a bare concrete surface in order to enhance its appearance. There is a set of defined color codes and regulations for concrete floor coating applications in several industries. There are different types of coatings for different applications like a concrete sealer, which requires the least amount of work before applying the sealer. Sealers are used to protect concrete surface from food stains and chemical spillage as well as for the ease of cleaning.

By Application- Segment Analysis

Residential segment held the largest share in floor coatings market in 2019 growing at a CAGR of 5.8% during the forecast period. Epoxies create that glossy seamless finish that can make the living areas of a home such as the living room, bedrooms and the kitchen look very impressive. Epoxy floor coatings act as a microbial barrier that don’t hold bacteria. With proper cleaning and maintenance, these coatings provide an excellent surfacing option for a steam bath. Epoxy resin coatings can alleviate many of these problems. Epoxy seals the floor against moisture, preventing water from seeping into the flooring and causing damage. It also creates a barrier that is resistant to mildew. But epoxy floors in homes also come with various problems both during the installation and maintenance process.

Geography- Segment Analysis

Asia Pacific dominated the floor coatings market with a share of more than 35%, followed by North America and Europe. Increasing housing construction activities in the emerging economies of Asia-Pacific have hugely contributed to the growth of the market. Despite volatile growth in the real estate sector, significant development of rail and road infrastructure by the Chinese government has resulted in the robust growth of the Chinese construction industry, in the recent years. As the construction industry is dominated by state-owned and private enterprises, increased government and private expenditure in this regard is pushing the industry toward global primacy. In recent years, the entry of major construction players from the European Union, in China, has further boosted the growth of this industry. The construction sector in India has been growing rapidly, with increased investment by the government. The Indian government’s ‘Housing for All by 2022’ is also a major game changer for the industry. Such factors are, in turn, boosting the demand for floor coatings in the region.

Drivers – Floor Coatings Market

The rise in number of commercial and residential construction projects has led to the growth of floor coating market

Floor coatings are used in residential and commercial projects to increase the durability of concrete floors with epoxy coatings. Epoxy, polyurethane, and acrylic coating on concrete floors enable them to withstand a considerable amount of static and dynamic loads. Floor coatings also prevent wear and tear on the surface of these floors. As floor coatings are resistant to cleansers, oils, chlorides, water, snow, ice, hail, transmission fluids, and bleaches, they are increasingly being used to overlay the floors of parking spaces, garages, and car showrooms. Besides their applications in coating parking deck floor, they are also used in the residential construction projects to produce decorative seamless floors. They are used to enhance the aesthetics of floors in houses. These factors are influencing the market for floor coatings. According to Asian Development Bank, Asia is estimated to invest $8-9 trillion in infrastructure development between 2010 and 2020 to maintain its economy. The heavy investment in building & construction industry due to the global economic development and rise in population in both developed and developing countries is projected to fuel the floor coatings market.

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Challenges – Floor Coatings Market

Raw material prices

High cost of raw materials and implementation of stringent government regulations on usage of these coatings in the food industry are hampering the global industrial floor coating market. 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.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the floor coatings market. In 2019, the market of floor coatings has been consolidated by the top five players accounting for xx% of the share. Major players in the floor coatings market are BASF SE, Akzo Nobel NV, Tambour, The Dow Chemical Company, The Arkema Group, The Sherwin Williams Company Inc., Maris Polymers, Nora Systems Inc., Asian Paints PPG Pvt. Ltd., and RPM Internationals Inc. among others.

Product Launch/ Acquisition

In March 2018, PPG acquired ProCoatings which is a leading architectural paint and coatings wholesaler located in The Netherlands. This acquisition will provide PPG’s business with even greater opportunities to support the customers and strengthen the company’s presence in this market.

In January 2018, Pidilite have acquired 70% of their CIPY Polyurethanes Pvt. Ltd and expanded in the floor coatings and resin flooring market. They used the technologies of the CIPY so that they can strengthen their position in the market.

In January 2017, Innovative chemical products company have acquired Rock-Tred Corp and expanded their floor coating portfolio. This acquisition helped the company to provide best solutions to their contractor in North America and will allow them to produce floor coating product, flexible membranes, wall coatings and others

Key Takeaways

New product developments and increasing investments in research and development of floor coatings are expected to drive the growth of this market.

Among end users, industrial segment is projected to lead the floor coatings market during the forecast period.
Asia Pacific dominated the floor coatings market.

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