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Industrial Floor Coatings Market Size, Share and Industry Analysis Report by Product (Epoxy, Polyaspartic, Polyurethane, Acrylic, Epoxy Cementitious, Methyl Methacrylate), Component (Single Component, Double Component, Three Component, Four Component), Flooring Material (Concrete, Mortar, Terrazzo) and Application (Manufacturing, Food Processing, Aviation & Transportation, Warehousing), Regional Outlook, Application Growth Potential, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Jul 2021 |   |  Report ID: GMI1193  |  Authors: Kiran Pulidindi, Saurabh Bhalerao

Report Format: PDF  |  Pages: 420  |  Base Year: 2020




Industry Overview

Industrial floor coatings market size was registered at USD 4,544.00 million in 2020 and will surge at a CAGR of 7.2% from 2020 to 2027. Total market consumption will grow by 5.6% CAGR in terms of volume to reach 1,246.46 Kilo Tons by 2027 owing to the proliferating requirement for maintenance of the aesthetic appearance of industrial floors while offering a high-performance flooring environment.
 

Increasing demand for floor coatings in the manufacturing facilities across and rising industrialization in the developing countries is also likely to propel the product demand. Robust demand is expected as the products are non-porous, easy to clean, affordable, and can be installed through single or multiple coats on different types of floors such as concrete, terrazzo, and mortar. Moreover, stringent regulations of safety and efficient industrial operations allow industries to offer quality maintenance, supporting the industrial floor coatings market growth.
 

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Increasing adoption of high-performance machinery and equipment in many end-use industries will create a demand for effective floor protective solutions. Manufacturing facilities and warehouses, serving through high-tech material handling equipment, need enhanced mobility and have raised the necessity of smooth surface. In addition, the global industrial floor coatings industry is anticipated to grow considerably toward UV-cured floor coatings due to its instant curing while being exposed to high-density ultraviolet light, influencing the industrial floor coatings market share.
 

Rapid urbanization is influencing the industrial constructions specifically in developing nations owing to the adoption of bio-renewable materials for floor coatings. Furthermore, relaxation of FDI norms in the emerging countries, such as India and China, offers opportunities for many international manufacturing companies to establish their production facilities, creating a substantial product demand due to safety maintenance and hygiene standards. To mitigate environmental impacts, waterborne coating products are preferably used for many end-use industries due to their easy production and application.
 

The COVID-19 pandemic has adversely impacted the overall market and supply chain. Disruption of the supply & demand of raw materials due to lockdowns, closing of transport, and strict government regulations restricted production, thereby affecting manufacturing facilities worldwide. Countrywide lockdowns, lack of labor, and economic slowdown have squeezed opportunities for the construction sector, forcing many projects to shut their operations as an immediate impact of the pandemic.
 

Ongoing projects suffered due to the severe liquidity crisis that further delayed the projects. Despite the COVID-19 pandemic, the entire value chain is moderately impacted as market conditions are facing many other challenges including fluctuation of raw materials and stringent environmental norms during the study period. However, rapid vaccination programs and lifting of lockdowns are likely to help in restoring the growth path.
 

The increasing adoption of epoxy coatings will dominate the market

     

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The epoxy floor coatings segment is expected to reach 55% of the market share by 2027 owing to its wide application in manufacturing plants, food processing facilities, and warehouses. The segment registered the largest market share among all other products owing to its superior chemical, stain, spill, and heat resistance capacity along with lower prices.
 

Increasing consumer preference for luxury & professional appearances are the key driving forces for the industrial floor coating market segment. In addition, shifting trend towards highly durable coatings to protect floors from cracks will support the market growth. The product offers heavy impact and abrasion resistance properties, further propelling the product demand.
 

Flooring protection trend will boost double component coatings demand

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The double component product revenue is anticipated to reach over USD 3,105 million by 2027 owing to the significant demand for anti-corrosion products from various end-use industries. The market has witnessed notable demand from two component industrial floor coatings due to its high corrosion resistance and excellent durability. Polyurethane and epoxy are among the two key commercially available component industrial floor coatings. Superior resistance against chemicals including inorganic and organic alkali petroleum products & acids has enhanced the product scope across the industries.
 

Higher preference of concrete floors will keep its share high


 

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Concrete floors offered the largest revenue share of over 85% in 2020 due to its lower cost and superior suitability. Many manufacturing facilities prefer concrete flooring as it can be easily maintained and widely customized to get an excellent aesthetic look. Increasing manufacturing projects along with the rising demand for green technology will expand the concrete-based product portfolio of the floor coatings.
 

Growing manufacturing industry will drive product demand


 

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Manufacturing application segment was valued at over USD 1,740 million in 2020 and is expected to showcase considerable growth owing to its durable, easy to clean, and chemical & abrasion resistant properties. Higher adoption of effective floor coatings for efficient material handling and employee health safety are influencing necessary flooring solutions. Furthermore, high floor protection against extreme conditions including spillage of oil & chemicals, heavy congestion of machinery, and high traffic in plant area is fueling the industrial floor coatings market growth.
 

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

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Asia Pacific covered more than 40% revenue in the industrial floor coatings market in 2020 and is expected to increase at a CAGR of 8% during the projected period. The region will showcase considerable growth as leading manufacturing industries are heavily concentrated in the region, particularly in China, Japan, and South Korea. Rapidly increasing manufacturing facilities including heavy machinery, food processing, warehouse, and chemical industries are majorly stimulating the industrial floor coatings market share.
 

Acquisition is a key strategy

The global industrial floor coatings industry is moderately fragmented due to the wide presence of local and multinational market players. The market leaders are continuously invested in R&D to increase energy efficiency during the processes and achieve green certifications to get competitive advantages in the market share. Many companies are practicing M&A strategies to enhance their geographical presence. For instance, in June 2017, the Valspar Corporation was acquired by Sherwin-Williams, offering the company to expand its portfolio and strengthen its market position in more than 25 countries. Some of the key manufacturers are Sherwin-Williams, Akzo Nobel, Sika AG, RPM International, Dow Chemical, PPG Industries, and Kansai Paints.
 

The industrial floor coatings market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons & revenue in USD million from 2020 to 2027, 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) :

Global industrial floor coatings market is expected to achieve $7 billion by 2027 and will register around 7.2% CAGR over 2021-2027.
Some of the most used industrial floor coating products are epoxy coatings, polyurethane coatings, epoxy cementitious coatings and acrylic coatings.
Concrete floors segment held nearly 85% share in 2020 and will grow further due to benefits like higher stability and reduced cost as compared to other materials.
It is expected that epoxy coatings will hold around 55% of total market share by 2027 as it is used across various sectors like food processing plants, manufacturing units and warehouses.
Some of the major industrial floor coatings companies globally are Dow Chemical, Sika AG, Kansai Paints, PPG Industries and Akzo Nobel, among others. ?