NEW YORK, Aug. 26, 2021 /PRNewswire/ -- The Nordic floor paints market is estimated to progress at a CAGR of 2.7% and reach a value of 104 Mn by 2031.
Consumption of floor paints in the Nordic region is projected to be driven by rising construction spending in order to extend and expedite infrastructural development as a result of expanding urban habitats and industrialization. Furthermore, consumer demand for greater floor finishing, chemical resistance, and other key properties of floor paints is expected to boost demand for floor paints in the region.
Industrial demand for floor paints is being driven by sectors such as food, chemicals, automotive, and others. Further, growing demand for marking paints from warehouses, garages, and parking lots is also expected to benefit the consumption rate of floor paints across Nordic.
Floor paints see high demand in both, residential and commercial applications due to their several advantages such as long-term durability in harsh environments as well as abrasion resistance and strong adhesive properties.
Remodeling and repainting businesses are witnessing continuous growth in demand for floor paints. Marketing of floor paints and associated services through smartphone apps and websites is also something that market players can look to focus on.
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Key Takeaways from Market Study
- Epoxies account for a prominent share in the market and are a highly preferred resin type in floor paints.
- Sweden is anticipated to account for a key share of 35% in the Nordic market for floor paints.
- Growing population coupled with rising industrialization are expected to drive the sales outlook of floor paints over the coming years.
- Demand for floor paints for cement and mortar purposes is anticipated to expand at a CAGR of 2.7% over the next ten years.
- Growing food, chemical processing, and manufacturing industries are propelling demand for floor paints in the industrial segment.
"Key market players are focusing on acquisition and expansion to increase their presence in the Nordic region," says a Persistence Market Research analyst.
Competitive Landscape
The Nordic market for floor paints has been identified as a moderately consolidated space due to the dominance of some key market participants. Some of the leading players included in the report, such as PPG Industries, Sherwin Williams, Sika AG, Tikkurila Oyj, RPM International Inc., Jotun Group, AkzoNobel N.V., Hempel A/S, TEKNOS, Hagmans Nordic AB, Axalta Coating systems, Rust-Oleum, Nor-Maali, Fosroc Inc., and Technima Group, are anticipated to create tough a competitive environment in across Nordic countries.
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Conclusion
Over the forecast period, rapid industrialization as well as expansion of infrastructure and manufacturing sectors fueled by private and public sector investments are expected to have a favorable influence on the industry of floor paints.
The need for floor paints is driven by rise in demand to preserve concrete floors in industrial and commercial buildings. Furthermore, increasingly stringent environmental regulations have pushed the adoption of eco-friendly paint solutions and water-borne coatings that are less toxic, and at the same time offer excellent surface properties and also make excellent primers.
Several key players are further investing a significant portion of their revenue in research and development to develop new products and solutions for long-term sustainability.
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More Valuable Insights
Persistence Market Research, a research and consulting firm, has published a new market research report on the Nordic floor paints market that contains industry analysis of 2016-2020 and opportunity assessment for 2021-2031
The report provides in-depth analysis of the market through different segments, namely, resin, product type, floor type, end use, and country. The report also provides supply and demand trends along with an overview of the parent market.
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