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, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Dec 2020  |  Report ID: GMI1193  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 310   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Industrial Floor Coatings Market size was USD 5.24 billion in 2019 and will grow at a CAGR of 6.9% from 2020 to 2026. Increasing product demand from small-scale industries and rising investments in the manufacturing sector in the Asia Pacific and Middle East will drive market growth.
 

The manufacturing sector is witnessing strong growth in developing economies on account of cheap labor, rising investment, improving infrastructure, and supporting government policies. Moreover, the global manufacturers are shifting their production units to these economies owing to various cost benefits and opportunities. Industrial floor coatings market is anticipated to witness strong growth due to the rising trend of usage of floor-protective materials by end-user industries.
 

Industrial Floor Coatings Market Outlook
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Industrial floors are prone to various abuses including abrasion, wear & tear, impacts, corrosion, and exposure to chemicals. Industrial floor coatings offer a complete solution to all aforementioned problems with much lower cost; thus, more industries are now preferring industrial floor coatings compared to other options. Moreover, regulatory factors and certifications are also forcing industries to use the product.
 

As many end-user industries are incorporating technological advancement into production, the usage of high-performance machinery & equipment is expected to rise. This will create the need for efficient floor protective solutions among end users. The introduction of high-tech material handling equipment with enhanced mobility has increased the necessity of smooth floors. Growth in the number of production units and warehouses will drive the industrial floor coatings market share.
 

The global market has witnessed a shift in trend toward advanced curable floor coatings to ease the curing process. The rising demand for UV curable coatings due to their instant curing after drying will influence the industry trend. Increasing floor coatings adoption in car parking, warehouses, production areas, cold storage rooms, and showrooms will support the industrial floor coatings market growth.
 

Rapid industrialization is influencing growth in industrial constructions, particularly in emerging economies. The industrial floor coatings market trends also witnessed the increasing penetration of bio-based floor coatings owing to the growing environmental concern among end-users. The increasing adoption of bio-renewable materials in floor coating will influence the industry trend. The ease in coating installation and fast curing, allowing floor usage within a limited time after the coating process, are key benefits driving the bio-renewable coatings demand.
 

Industrial floor coating companies are focusing on potential small-scale entrepreneurial companies due to the rising number of manufacturing facilities. The industrial floor coatings market has also witnessed increasing emphasis on sustainable manufacturing practices mainly including environment-friendly coating materials. The companies are involved in heavy R&D investments to enhance energy-efficient processes and gain green certifications. In addition, increasing preference for waterborne coating products to minimize the environmental impacts with promoting sustainable trends driving market growth.
 

The Covid-19 pandemic has had a negative impact on the overall industry and supply chain. Lockdowns, social distancing, closing of factories, and new rules & regulations have become the new normal. The partial or complete lockdown across the globe created a tremendous challenge for industry stakeholders. Due to lockdowns, many manufacturers were forced to shut down their operations, limiting the growth opportunity for the industrial floor coating manufacturers.
 

As the manufacturing industry is impacted by the pandemic, the construction industry also suffered from credit crunch, labor shortage, and lockdowns. The supply chain of industrial floor coatings market is highly integrated with the presence of raw material suppliers, regulators, financers, construction companies (i.e. contractors), and various end-user industries. The emergence of pandemic and its growth heavily impacted each and every participant in the value chain. However, the introduction of vaccines and opening of economies around the world will help the industry to recover in the near future.
 

Covid-19 pandemic is becoming a market disruptive force, on which no one has control. The market conditions and recovery are at mercy of external factors that industry stakeholders cannot alter. Unlike Covid-19, there are inherent market challenges that may pose hindrances to industry growth. Fluctuating raw material prices and stringent regulatory environment may create challenges for the industrial floor coatings industry players.
 

Industrial Floor Coatings Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 5,248.07 Million (USD)
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 6.9% 2026 Value Projection: 7,010.67 Million (USD)
Pages: 310 Tables, Charts & Figures: 338
Geographies covered (23): U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, China, India, Japan, South Korea, Malaysia, Indonesia, Thailand, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa, Qatar
Segments covered: Product, Component, Flooring material, Application and Region
Companies covered (21): Sherwin Williams, PPG Industries, Axalta Coating System, Kansai Paints Asian Paints, Tambour, AkzoNobel, BASF SE, CPC Floor Coatings, Roto Polymers & Chemicals, Nora Systems, Sika AG, RPM International, Inc. ArmorPoxy, Dow Chemicals, Florock Polymer Flooring Systems, Grand Polycoats, Michelman, Inc., The Lubrizol Corporation, Plexi-Chemie, Inc., Koninklijke DSM
Growth Drivers:
  • Growing construction spending along with rising count of small-scale manufacturers.
  • Increasing FDI inflows accompanied by favorable government policies
  • Strong outlook in manufacturing and food processing industries along with technological advancements
  • Strong growth in warehouses
Pitfalls & Challenges:
  • Raw material price fluctuations
  • Limited operational constraints & high product prices

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Epoxy coatings will remain dominating product

 Industrial Floor Coatings Market by Product

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The epoxy industrial floor coatings segment held the largest share among all the product segments owing to its wide acceptance and lower cost. The segment’s demand share is expected to reach 53% by 2026 owing to high adoption by contactors and end-user industries. Epoxy floor coatings are extensively used in manufacturing facilities, food & beverage plants, and warehouses. They are self-leveling floor coatings that contribute to protection and fill hairline crack on floors. The product offers superior resistance against hot tire pickups, heavy impact, and abrasion resistance, which makes it ideal for use in areas with substantial traffic.
 

Flooring protection trend will drive double component coatings demand

 Industrial Floor Coatings Market by Component

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Double component revenue is expected to reach over USD 1.4 billion by 2026. Double component floor coatings are mainly used in environments that require corrosion protection. The product includes Polyaspartic, Epoxies, Polyurea, and Polyurethane. The chemical nature of the polymer used in the double component has a profound effect on the mechanical and chemical resistance offered by them; hence, the demand for double component products is rising across industries.
 

Higher preference of concrete floors will keep its share high

Industrial Floor Coatings Market by Flooring Material

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Concrete floors held the largest revenue share in 2019, accounting for more than 85% of overall flooring. The concrete flooring is highly preferred by manufacturing facilities across several industries due to its lower cost and superior suitability. Many of the product innovations happening in the industry are around concrete flooring. Concrete-based product portfolio expansions of the floor coating companies due to its high demand have stimulated the industrial floor coatings market scope.
 

Growing manufacturing industry will drive product demand

Industrial Floor Coatings Industry by Application

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Flooring in manufacturing facilities must endure serious abuse owing to heavy machinery and worker traffic, wear & tear, spilling of oil & chemicals, and abrasion. These factors necessitate flooring solutions that are durable, easy to clean, and chemical & abrasion-resistant. Industrial floor coatings market caters to such requirements, and they are able to prolong the lifespan of factory flooring and prevent hazardous reactions that occur when chemicals interact with flooring. Cleanup is also simplified as they prevent chemicals from permeating into the surface pores.
 

Industrial floor coating is witnessing a surge in demand across the world owing to rapid industrialization and an influx of new industrial facilities in emerging nations. The growing emphasis on health and safety of workers has widened the product scope in manufacturing facilities. The manufacturing segment will grow with more than 5% in terms of volume.
 

Growing presence of manufacturing facilities in Asia Pacific will augment product demand

Industrial Floor Coatings Industry by Region

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Asia Pacific is expected to register the highest CAGR of 7.4% by 2026 and is likely to witness strong growth owing to the huge presence of manufacturing companies in the region stimulating product demand. The increasing number of manufacturing facilities including food processing, heavy machinery, warehouse, and chemical industries are majorly boosting the industrial floor coatings market share.
 

Acquisition is a key strategy

The global industrial floor coating industry share is moderately fragmented with the presence of multinational as well as regional players; thus, to gain the market share, companies are practicing M&A strategy. For instance, in June 2017, Sherwin-Williams acquired The Valspar Corporation for USD 113 per share in cash. The acquisition helped the company to expand its portfolio and strengthen its market position. The major players in the industry are Dow Chemical, Akzo Nobel, Sika AG, PPG Industries, and Kansai Paints.
 

The industrial floor coatings market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2020 to 2026, for the following segments:

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

The above information is provided on a regional and country basis for the following:

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Poland
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Indonesia
    • Thailand
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • South Africa

 

Frequently Asked Questions (FAQ) :

In 2019, the industrial floor coatings market size was valued at USD 5.24 billion and is projected to expand at 6.9% CAGR through 2026.
Owing to the material’s wide acceptance and lower cost, the epoxy industrial floor coatings segment is estimated to account for 53% of market share by 2026.
The double component segment is anticipated to surpass USD 1.4 billion by 2026 owing to the substantial mechanical and chemical resistance provided.
The concrete floors segment held 85% market share in 2019 and will expand due to lower cost and superior suitability provided by the material.
Asia Pacific is estimated to grow at a 7.4% CAGR through 2026 due to the huge presence of manufacturing companies in the region.

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Premium Report Details

  • Published Date: Dec 2020
  • Pages: 310
  • Tables: 321
  • Charts / Figures: 17
  • Companies covered: 21
  • Countries covered: 23

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