Concrete Floor Coatings Market Size

Concrete Floor Coatings Market Size

Concrete Floor Coatings Market size was valued at USD 1.23 billion in 2020 and will showcase a growth rate of around 6% CAGR from 2021 to 2027 owing to the growing usage of coating materials in industrial flooring applications along with proliferating commercial space development across the globe. Continuous R&D investments and the development of new products will further support the product demand over the study timeframe.

Concrete coating is a covering, mainly in semi-liquid and liquid forms, applied to cure concretes to enhance the durability and aesthetics of the floors. Concrete floors are porous and allow soluble contaminants & water to penetrate the structure, leading to early degradation. The degradation of concrete flooring can be easily observed through laitance, efflorescence, and physical defects including spalling & cracking of the flooring. Floor coatings protect the structure from degradation by providing stain, abrasion, chemicals, and freeze/thaw protection.

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Concrete floor coatings are widely used in indoor and outdoor applications. The major driving forces of the industry are rapid industrialization and urbanization mainly in Asia Pacific owing to substantial government investments in major industrial & commercial projects. For instance, as per the Asian Development Bank (ADB) report published in February 2017, Asia Pacific requires an investment of approximately USD 26 trillion in infrastructure development from 2016 to 2030, which is likely to have a positive impact on the concrete floor coatings market share.
 

Additionally, major manufacturers of floor coatings in the region are forming strategic alliances with small & medium players with a presence in Asia Pacific to widen their product portfolio and gain an edge over competitors. For instance, in July 2017, AkzoNobel acquired Flexcrete Technologies Ltd. and Disa Technologies to expand its industrial coating segment by offering a wide range of products for commercial infrastructure projects.
 

A positive outlook for the construction industry in North America and Europe will further support the concrete floor coatings market growth. A rapid growth in commercial development projects in various regions along with the establishment of new warehousing projects owing to the proliferating e-commerce sector is supporting the concrete floor coating solutions demand.
 

According to the Commercial Real Estate Development Organization, the U.S. commercial real estate development contributed around USD 1.14 trillion to the economy in 2018. Strong e-commerce activities have showcased higher warehousing demand and warehousing construction in the U.S. grew by around 12.6% in 2019 compared to 2018.
 

The ongoing COVID-19 pandemic has adversely impacted global industries and economic growth. Key geographic markets including the U.S. and several European economies have been hit the hardest by the pandemic. Furthermore, to counter the spread of the coronavirus, almost all countries around the world have instituted trade blockades and quarantines, which have adversely impacted the concrete floor coatings market in 2020.
 

Concrete floor coatings manufacturers are witnessing a large setback in sales due to the ongoing COVID-19 pandemic. For instance, in the 2020 annual report, Sika AG reported that its global business recorded an 11.4% decline in sales in FY2020 compared to FY2019. Furthermore, the leasing demand for office spaces in Europe declined by around 40% during the first three quarters of 2020.