Increasing usage of floor-protective material by various industries is driving the industrial floor coatings market growth
NEW YORK, June 28, 2021 /PRNewswire/ -- As per a study by Fact.MR, a market research and competitive intelligence provider, the global industrial floor coating market is forecast to reach a valuation of around US$ 7Bn by 2031, rising at a CAGR of approximately 3% during the assessment period 2021-2031.
Increasing industrialization in the developed economies is a key factor driving demand for industrial floor coatings.
Due to the outbreak of COVID-19 pandemic, the industrial floor coatings registered tepid growth, nonetheless the market's valuation stood at around US$ 5Bn in 2020. Thanks to the increasing incorporation of bio-based floor coatings, the market is poised to expand at a positive rate during the forecast period.
Rapid adoption of bio-based floor coatings can be attributable to increasing environmental concerns. Rising focus on sustainable solutions will emerge as a chief growth driver in the coming years.
The manufacturing sector is anticipated to garner high requisition for industrial floor coatings and is forecast to post a CAGR of over 5% CAGR based on volume over the assessment period. Increasing internalization and trade volumes have been encouraging manufacturing sector growth. This will in turn fuel scope for industrial coatings applications.
Epoxy coatings are widely used in the commercial and industrial sectors for coating concrete floors. Key properties of epoxy coatings such as impact resistance, abrasion resistance and chemical resistance are fueling their demand across various end- user sectors.
The demand for epoxy industrial floor coatings is poised to expand at a CAGR of approximately 4% and reach at a market valuation of US$ 4 Billion by the end of 2031.
"Companies operating in the market are swayed by the increasing demand on sustainable solutions by consumers. Consequently, there is high focus on manufacturing bio-based industrial coatings," said a lead analyst at Fact.MR
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Key Takeaways:
- China Industrial Floor Coatings Market is anticipated to grow at a CAGR of nearly 6% over the forecast period 2021-2031. The market will be driven by investing in quality infrastructure by leading manufacturers.
- Increasing demand for green buildings in countries such as India, Australia, China is expected to create lucrative opportunities for the market over the assessment period.
- The U.S. Industrial Floor Coatings Market is expected to emerge as a leading market, surpassing a valuation of US$ 1 Bn in 2020.
- Epoxy Industrial floor coatings are gaining traction owing to their increasing durability and ability to withstand heavy loads.
Prominent Drivers
- Increasing construction expenditure across the globe is driving growth of industrial floor coatings market
- Rising demand for bio-based industrial coatings will guarantee growth in the near future.
- Focus on safeguarding concrete floors in commercial and industrial facilities is propelling the market growth.
Key Restraints
- Rising prices of raw materials may hamper growth of the industrial floor coatings market.
- Rising competitions from alternatives, such as carpet, bamboo flooring, tiles is anticipated to restrict growth of the industry in the upcoming years.
Competitive Landscape
Some of the key players operating in the industrial floor coatings market profiled by Fact.MR are 3M Company, A&I Coatings, Akzo Nobel N.V, PPG Industries, BASF SE, Grand Polycoats, Florock Polymer Flooring, and Ardex Endura (India) Pvt. Ltd.
The leading players operating in the market are aiming at increasing their market share by adopting different strategies such as joint ventures, partnerships, new product launches .They are also engaging in forming strategic alliances, merger and acquisitions to broaden their global reach.
For instance,
- In May 2021, BASF Refinish Coatings partnered with its industry confederates across its value chain to jointly seek an optimal path to achieve the new VOC emission target, at its Annual Dealers Conference in China which will aid it produce more eco-friendly industrial floor coatings.
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More Valuable Insights on Industrial Floor Coating Market
Fact.MR, in its new report, offers an unbiased analysis of the global Industrial Coating Market, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on in industrial floor coating market on the basis of various criteria. These include:
- Binder Type
- Epoxy Industrial Floor Coatings
- Polyaspartic Industrial Floor Coatings
- End Use
- Industrial Floor Coatings for Manufacturing
- Industrial Floor Coatings for Aviation & Transportation
- Industrial Floor Coatings for Food Processing
- Industrial Floor Coatings for Other End Uses
- Region
- North America
- Europe
- East Asia
- South Asia
- Latin America
- Oceania
- Middle East & Africa
Key Questions Covered In The Report
- How will industrial floor coatings sales expand until 2031?
- Which is likely to be the most promising market for industrial floor coatings?
- Which region is the most prominent growth contributor for industrial floor coatings?
- Which floor coating product is expected to generate most revenue?
- What are the key restraints for floor coating market?
Explore Fact.MR's Coverage on the Chemical & Materials Domain -
Concrete Floor Coatings Market- Since the last decade, demand for concrete floor coatings has continuously increased due to the development of building, construction, and renovation projects. With an increase in demand for both indoor and outdoor applications, concrete floor coating producers have seen continuous growth in demand. While demand for epoxy-based coatings has risen, sales of concrete floor coatings have increased in recent years due to the expansion of the construction and building industry.
Coating Additives Market- Coating additives are becoming more and more essential to meet zero-VOC emission standards. Governments all around the world are upping the ante in their efforts to reduce carbon emissions from construction. The introduction of green coatings has ushered in a new era for the coating additives business. Green coatings are predicted to become more popular in the automobile industry in the coming years, which will aid the coating additives market's value-pool growth potential.
Coating Solvent Market- Coating solvents are additives that are utilised to provide coatings specific performance attributes and provide the needed consistency. Environmentally friendly, green, and sustainable trends have influenced regulatory changes in the coatings sector. As a result, the use of bio-based raw ingredients such as solvents in coating formulations has increased.
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