Concrete Floor Coatings Market to exceed $1.80 billion by 2027
Published Date: July 13, 2021 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights Inc., the Concrete Floor Coatings Market size is estimated to surpass USD 1.80 billion by 2027. Proliferating industrialization and a growing number of manufacturing units across the globe are expected to showcase considerable growth in the global market.
Concrete flooring is one of the most used materials in the building & construction sector. The applications of these coatings range from warehouses to chemical plants to hygienic facilities for pharmaceutical to food processing, among others. Furthermore, several factors including heavy traffic, harsh environmental conditions, and durability requirement of floors are among the key factors driving the concrete floor coating applications.
Development of new products and ongoing R&D activities are future trends
Ongoing R&D activities to develop advanced flooring solutions that enable the customization of coatings depending on the specific work environment will further support the concrete floor coatings market share. For instance, in September 2020, PPG launched a comprehensive line of coating systems with concrete epoxy primers and others, which are durable and easy to apply. Similarly, Sika AG developed an Electrostatic Dissipative (ESD) coating, Sikafloor-2350 ESD that offers protection to the work environment from electrostatic discharge. The new coating is highly useful in pharmaceutical and automotive factory floorings.
Browse key industry insights spread across 202 pages with 292 market data tables & 23 figures & charts from the report, “Concrete Floor Coatings Market By Products (Epoxy, Polyaspartic, Acrylic, Polyurethane), By Component (One Component, Two Component, Three Component, Four Component), By Application (Indoor, Outdoor), By End-use Sector (Residential, Commercial, Industrial), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The polyaspartic coatings is expected to showcase a CAGR of around 6.7% until 2027. Polyaspartic coatings possess excellent properties such as resistance to abrasion, chemical & UV, ultra-low VOC content, cleanability, and color stability. Polyaspartic coatings are easy to apply with low labor costs and the entire floor application can be completed in a lesser time. These coatings can be used in temperatures below 50° F and higher humidity environments. These features encourage customers to adopt polyaspartic floor coatings in commercial, residential, and industrial construction projects.
Two-component system dominates the market owing to ease of application and higher product efficiency
The two component system segment dominated the market with over 63% volumetric shares in 2020. It is a standard system used by many end-user industries as flooring solutions. Strong growth in the pharmaceutical, automotive, and food & beverage industries has stimulated product demand for two component flooring applications across the region.
A significant rise in product usage has been observed in renovation & remodeling projects across the commercial & residential sectors, driving the two component coatings market size. Additionally, the rising adoption of two component systems for household applications will increase demand in the coming years.
Outdoor application is expected to showcase a growth rate of 5.8% CAGR from 2021 to 2027. Growth in the segment is due to huge government funding in infrastructure development across Asia Pacific and the Middle East & Africa. Furthermore, several ongoing infrastructure development projects in North America and Europe will witness the concrete floor coatings consumption. The segment is further fueled by a rise in the construction activities of public infrastructure projects and pathways.
The commercial end-use sector segment generated around USD 382 million in revenue in 2020. The growing demand for commercial workspace from the private and public sectors along with development of new commercial projects across the globe will drive product consumption. The development of new commercial hub projects in emerging economies along with supportive government policies to establish IT hubs in Asia Pacific will support commercial development.
The Europe will witness a substantial demand and is expected to generate around USD 440 million in revenue by 2027. The proliferating food & beverages, electronics, and automotive sectors in Europe and the establishment of new production facilities in these sectors will drive coatings demand over the forecast timeframe. Furthermore, the presence of a wide range of manufacturers in the region along with a strong distribution network is supporting the concrete floor coatings market growth.
Some of the key players in the global concrete floor coatings industry are Royal DSM, PPG Industries, Inc., Nippon Paint Co., Ltd., Sika AG, Henkel Corporation, and others. Expansion of distribution networks, mergers & acquisitions, and strategic partnerships with several end-user industries for product development are among the key strategies adopted by players to enhance their competitiveness in the concert floor coatings market.