Floor Coatings Market is estimated to reach 11 million in 2030 registering CAGR of 7.2% during the forecasted period
Floor Coatings Market Overview:
Floor Coatings Market is expected to reach USD 11 billion by 2030 growing at a CAGR of 7.2% during the forecasted period. Floor coatings are generally known as protective layers majorly used for surfaces affects by corrosion, or stress, wear in the manufacturing firms, chemical plants, and warehouses. Several classifications of floor coatings like polyurethane and epoxy-type are broadly used for resurfacing purposes and also covering tough stains. The market growth in the field of construction and raised use of coatings in the sectors of commercial, industrial, and residential spreading are the essential factors that drive the market growth of floor coatings. Additionally, the increase in population and advancement in industrialization over the globe have enhanced the demand and necessity for floor coatings.
Furthermore, an upsurge in funding in the infrastructure and decoration sector combined with increasing demand for floor coatings market from the sector of the chemical industry provides opportunities to the product market players. Even though, organic solvents used in floor coating material could have a considerable environmental impression and could be harmful to human health, which hampers the growth of the international floor coatings market.
Additionally, the increase in demand for enhanced surface power of concrete surfaces has elevated the development of new products for the international producer of Floor coating. The major application of floor coatings for the surface of concretes has strengthened the evolution of the floor coatings market. Furthermore, fast growth in the sector of residential is anticipated to propel the floor coating market growth.
Study Objectives of Floor Coatings Market:
To study market overview of Floor Coatings.
To estimate market size by types, by application and region.
To provide insights about market drivers, restraints and opportunities floor Coatings market.
To provide geographical market analysis and outlook for North America, Europe, Asia, and rest of the world (ROW).
To analyze the global Floor Coatings market based on various factors like supply chain analysis, Porters Five Force analysis etc.
To provide strategic profiling of key players in the market, broadly analyzing their core competencies.
To evaluate competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the global Floor Coatings
According to coating component, floor coating is divided into 1K, 2K, 3K and others. 1K or single component contains low level of VOC and vaporizes when exposed to air. It does not require hardener, activator or catalyst. Thus, single component is eco-friendly is fastest growing segment owing to government policies regarding usage of eco-friendly products. 2K or “two components” is widely used with hardener, activator or catalyst to prevent it from chemicals, weather and UV rays. Water based 2K polyurethane systems provides curing and hardness which is top preferred choice in residential, commercial and industrial applications.
Based on end user, floor coatings in segmented into residential, commercial and industrial. The growing construction and infrastructure development in countries like china and India has boosted the demand for floor coatings in coming years. Increasing demand from multinational companies for decorative coatings is expected to boost the demand for floor coatings in near future. Innovation in floor coatings is major opportunity for many manufacturers to increase their production capacity.Recent Development
In the year 2018, Pidilite obtained about 70% of their firm called cipy polyurethanes private limited and extended in the resin flooring and floor coating market. Similar technologies were used by Pidilite to maintain their position as cipy does in the market.
In the same year, PPG obtained pro coatings which is a dominant wholesaler of architectural coating and paints who is located in the region of the Netherlands. These investments could provide business for PPG with wide opportunities to encourage customers and builds the firm’s occurrence in the floor coating market.
With innovation in floor coating, manufacturer in developed and developing regions are looking out for expansion in capacities. The key players of global Floor Coatings market are BASF SE (Germany), Sherwin Williams Company Inc (US), The Dow Chemical Company (US), Akzo Nobel NV (Netherlands), The Arkema Group(France), Asian Paints PPG Pvt. Ltd (India), Nora Systems Inc.(Germany), RPM Internationals Inc.(US), Maris Polymers (Europe), Tambour (Israel) and others.
Geographically, Asia-Pacific is largest consumer of floor coatings with more than 35% of market share in global floor coatings market. Huge investment in building and construction along with infrastructure development has fueled the demand for floor coatings in coming years. China is major revenue generating country due to growing construction activities which leads to decorative floor coating in various industries. Europe & North America accounts for second and third market share respectively.
The report for global Floor Coatings market by Market Research Future comprises of extensive primary research along with detail analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight of the market and industry performance. The report gives a clear picture of current market scenario which includes past and estimated future market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report also provides details information and strategies of the top key players in the industry along with giving detail about different market segments and regions.
|Market Size||2030 : Significant value|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Resin Types, By End User and By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), Sherwin Williams Company Inc (US), The Dow Chemical Company (US), Akzo Nobel NV (Netherlands), The Arkema Group(France), Asian Paints PPG Pvt. Ltd (India), Nora Systems Inc.(Germany), RPM Internationals Inc.(US), Maris Polymers (Europe), Tambour (Israel) and others|
|Key Market Opportunities||
|Key Market Drivers||
The floor coatings market is predicted to grow at a 7.2% CAGR between 2021-2030.
Notable players profiled in the floor coatings market include Tambour (Israel), Maris Polymers (Europe), RPM Internationals Inc (US), Nora Systems Inc. (Germany), Asian Paints PPG Pvt. Ltd (India), The Arkema Group (France), Akzo Nobel NV (Netherlands), The Dow Chemical Company (US), Sherwin Williams Company Inc (US), and BASF SE (Germany).
The APAC region is predicted to have the lions share in the market during the forecast period for infrastructure development and huge investments in building & construction.
Rapid industrialization, rapid economic growth, availability of different varieties, and various benefits such as ease of maintenance, long shelf life, and easy moving are adding to the growth of the floor coatings market.
Floor coatings are in great demand for the multiple benefits that it offers such as low maintenance, cost-effective, waterproofing, slip resistance, among others.