Industrial Floor Coatings Market Size By Product (Epoxy, Polyaspartic, Polyurethane, Acrylic, Epoxy Cementitious, Methyl Methacrylate ), By Component (Single Component, Double Component, Three Component, Four Component), By Flooring Material (Concrete, Mortar, Terrazzo), By Application (Manufacturing, Food Processing, Aviation & Transportation, Warehousing), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Poland, Russia, China, India, Japan, South Korea, Indonesia, Thailand, Malaysia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, Qatar, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Published Date: Sep 2018 | 415 Pages | Report ID: GMI1193 | Authors: Vitika Verma Report Format: PDF
Global Industrial Floor Coatings Market size was worth over USD 4.1 billion in 2017 and will witness CAGR over 7.2% up to 2024.
North America Industrial Floor Coatings Market, By Application, 2017 & 2024 (USD Million)
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Shifting trend towards floor protection in manufacturing, transportation, chemical, and food-processing industries have stimulated the industrial floor coatings demand. Advancement in the production units to safeguard the diminishing of interior structure will enahnce the industrial floor coatings market growth.
An increasing need to certify the manufacturing plants due to rising awareness among end-users have influenced market growth. Rising adoption of heavy, high-performance machineries & equipment and automotive & aviation companies has enhanced necessity for efficient ground coatings strongly supporting product demand.
Rising industrialization in several countries owing to improved consumer demand encouraging key players to expand production capacities. Technological advancement in material handling equipment with enhanced mobility through wheels has influenced the rising need for smooth surfaces stimulating industrial floor coatings market share.
Prominent industries such as iron, steel, automotive, chemical, pharmaceutical, machinery, and food & beverage are majorly supporting global economic development. Industry growth including metallurgical, mining, oil & gas owing to the high requirement for tough ground in the usage of various chemicals, liquid, solvents, and elevated temperature. Excellent surface strength improved adhesion and high-performance chemical proof benefits mainly stimulating industrial floor coatings market size.
Increase infrastructue spending in manufacturing sector is among the key factor fueling industrial floor coatings market growth. In 2017, the U.S. Department of Commerce reported shipment of manufactured durable goods increased around USD 0.6 billion with 0.3% growth accounted USD 239.2 billion. Growth in manufacturing sector will directly influence the adoption of floor coating in manufacturing facilities.
The industry may face few setback. For instance, epoxy majorly used coating material, has lower flexibility along with applicability in the specific temperature range. Lower temperatures may reduce the effectiveness of the coating. On the other hand, the cost for epoxy alternative finishes varies significantly, which can hamper the market development. Certain organic acids used in food processing can harm the coating, thereby limiting the application scope.
Industrial Floor Coatings Market, By Product
Epoxy segment is holding strong dominance by capturing over 50% market demand and expected to witness more than 6% CAGR up to 2024. Growing product demand in manufacturing sector owing to excellent adhesion, high mechanical strength and improved chemical resistance benefits majorly supporting product landscape. Epoxy coatings has numerous applications including chemical, oil & gas, food processing, and heavy-duty industry, which will instigate industrial floor finishing market growth.
In terms of revenue, polyurethane market is projected to witness over 6.3% CAGR up to 2024. Growing demand for solvent-free layers in varied spaces owing to its rigid free advantages fostering product landscape. Major applications including logistics warehouse, manufacturing facilities, and electronics production sites owing to its superior abrasion resistance and dust free benefits.
Industrial Floor Coatings Market, By Components
Four components segment is likely to generate over USD 3 billion revenue by 2024. Surging adoption of self-levelling epoxy coverings owing to the smooth finish, non-porous and low maintenance properties are boosting industry share. Product availability in ample of colours and aesthetic appeals are influencing buyer’s choice. These provided options in buildings are projected to accelerate industrial floor coatings market growth during the forecast period.
Double components industrial floor covering reported more than USD 800 million revenue share in 2017. Growing demand for high durability layers owing to huge friction from heavy duty machinery driving product penetration. These components provide excellent reaction proof benefits against alkali, acids and petroleum products boosting industry share. Moreover, it also provides glossy finishing on the ground surface owing to enhanced performance properties instigating market size.
Industrial Floor Coatings Market, By Flooring Material
Concrete industrial floor covering market was estimated more than USD 3 billion revenue share in 2017 and likely to witness 7.5% CAGR up to 2024. Surging demand for high strength material owing to superior load bearing capacity stimulating product demand. Concrete offers improved resistance from wear & tear from heavy machinery and equipment on grounds. Increasing usage of machinery in numerous industries will stimulate industry demand in this segment.
Mortar is expected to observe over 6.5% CAGR up to 2024. Rising demand for joint free ground surface especially in storage rooms, warehouses, manufacturing sites are among key applications are instigating industrial floor coatings market demand. Additional texture and extra safety against slip and fall incidents in manufacturing sites of different industries. It provides improved protection from the movement of forklifts and loaded vehicles in commercial spaces.
Industrial Floor Coatings Market, By Application
Manufacturing industry captured over 25% revenue market share in 2017. Industrialization in emerging countries such as Brazil, Mexico, Thailand, Malaysia, and South Korea offering lucrative opportunities to increase production capacity. Rising consumer demand from international markets owing to improved trading practices globally influencing product landscape. Wide applications including oil & gas industry, automotive, heavy machinery, pharmaceuticals and healthcare industry are stimulating industrial floor coverings market size.
Food processing sector generated more than USD 1.5 billion revenue share in 2017. Surging demand for food & beverage products owing to the improved lifestyle in several countries propelling industrial floor coatings market growth. Meat processing, dairy, bakery, and confectionary are key sectors providing the wide scope for manufacturers to increase regional presence. Increasing population in different countries encouraging manufacturers to expand production sites in other markets to capture major share.
Industrial Floor Coatings Market, By Region
In 2017, North America industrial floor coatings market captured over 20% revenue share owing to increase production capacities of major companies in the region. Technological advancement in the manufacturing sector owing to higher automation for the material movement and good transportation are among key factors fuelling demand for surface finishing products. Government stringent regulatory norms for food and beverage manufacturing companies mandating improved hygienic standards in the facilities across the region strongly supporting market growth.
Asia Pacific industrial floor coating market is likely to observe over 8% revenue growth up to 2024 owing to the strong presence of manufacturing companies in the regions stimulating product demand. Varied application including food processing, heavy equipment & machinery, logistics & warehouse and chemical industries majorly boosting market share. China already accounts for the largest market share in the region followed by Japan, which is majorly influence by the existence of several heavy industry companies in the region.
Competitive Market Share
Industrial floor coatings market share is highly fragmented in nature owing to the large presence of small manufacturing companies offering product portfolio. Major companies including PPG Industries, Axalta, Sherwin-Williams, Kansai Paints, BASF, Akzo Nobel, 3M, Nora System, Roto Polymers, Florock Polymer, Tambour and Maris Polymers are key players in the market.
The industry manufacturers are focusing on improving the supply chain starting from raw material supplier to third-party distributors. Key companies are providing exclusive showrooms and specialized retail outlets in several countries along with focusing on strategic collaboration and acquisition strategies for small companies. Other notable companies are Dow Chemical, The Lubrizol Corporation, Grand Polycoats, Plexi-Chemie, Michelman, CPC, and ArmorPoxy.
Industrial Floor Coatings Industry Background
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Finishing technology market is among fastest growing segment among other coatings due to enhanced components usage in numerous industry applications. Epoxy layers are primarily prefered technology in ground surface solutions owing to long durability and quick adhesive property increasing industrial floor coatings market demand. Key product range including acrylic, polyaspartic and polymers are widley used in improving manufacturing grounds to support travelling vehicles and machineries on the grounds. Epoxy resin coverings which consist of high solids epoxy coats are highly used in ground surface of aircraft hangers to provide smooth finishing fuelling industry size. In 2016, BASF launched heavy duty anti-static industrial flooring system Ucrete MF40AS in the European market. This strategy was to enhance the product portfolio of chemical solutions for the construction industry.
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