Concrete Floor Coatings Market size will exceed $1.77 billion by 2026
Published Date: September 8, 2020 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Concrete Floor Coatings Market size will exceed USD 1.77 billion by 2026. Rising applications in manufacturing plants will drive market growth over the projected timeframe.
Growing construction industry will drive product demand
Favorable socioeconomic conditions fostering high investments in construction sectors worldwide will propel the concrete floor coatings market. Growing population and rising urbanization in emerging economies will drive construction market growth. Growth indicators in the construction industry, both commercial and residential, along with increasing government investments to improve its public infrastructure have substantially driven the overall market growth.
The product is widely used for providing a protective layer to concrete floors from abrasion, chemicals, and impact forces. Increasing commercial, residential, and office space construction projects will stimulate the concrete floor coatings market demand in the coming years. The industry participants are involved in R&D activities to develop bio-based products.
The growing construction industry across various regions is giving a significant boost to the concrete floor coatings market growth. North America, the Middle East, and APAC are the primary regions, which are witnessing a huge growth in construction activities, and this trend will further grow in these regions due to rapid urbanization and upcoming construction projects.
Concrete floor coatings will witness significant growth in emerging economies owing to the strong construction output. However, the market is expected to face changes from fluctuating raw material prices. Furthermore, stringent regulatory environment will also hinder market growth in coming years.
Browse key industry insights spread across 310 pages with 293 market data tables & 22 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 (Residential, Commercial, Industrial), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Concrete floor coatings are heavily used in commercial, residential, and industrial construction activities to enhance the characteristics of concrete floors. However, the construction industry is heavily tied with economic growth. Covid-19 has significantly reduced the global economic growth, affecting the construction industry around the world. Social distancing practices, country lockdowns, and disrupted supply chains have decreased the construction output.
Green nature of polyaspartic will drive its demand
Polyaspartic coatings have low or near to zero VOC content that provides higher performance when compared to traditional coatings such as epoxy and polyurethane. The product has quick curing time and is easy to install, which lowers the downtime for customers. Polyaspartic coatings are environment-friendly, increasing its demand from Europe. The polyaspartic segment in terms of revenue will grow at a highest CAGR of 6.6%.
Three component concrete floor coatings will grow with the fastest CAGR
The Three component concrete floor coatings segment’s volume is expected to grow at a CAGR of 6.1% over the projected period. This segment offers high durability, anti-slip properties, chemical resistance, and abrasion resistance. Production lines, such as processing plants, petrochemical plants, and fertilizer and automobile plants, have emerged as the segment’s major end users over the past few years.
Growing number of warehouses and distribution centers will drive product demand for indoor applications
The indoor applications segment will exceed revenue generation of USD 1 billion in 2026. The growth of the warehousing demand is attributed to rapid growth of omnichannel shopping along with strong emergence of e-commerce platforms. The demand for warehouses increases as more consumers are opting for shopping from the comfort of their homes. Strong growth in warehouses construction will propel the concrete floor coatings market share for indoor applications.
Strongly growing demand for office spaces will drive product demand from the commercial sector
The growing commercial construction activities due to rapid industrialization and urbanization to match the dynamic lifestyles of the people will drive the concrete floor coatings market demand. Moreover, the increasing demand for dynamic office spaces in Europe and Asia Pacific will increase product demand in the commercial construction sector. The commercial segment held over 20% of the total demand share in 2019.
North America will witness strong growth
North America held a prominent demand share in 2019 and will grow at a CAGR of 5.5% from 2020 to 2026. The region is mainly driven by increasing flooring applications in industry verticals such as construction, aerospace, and manufacturing. Moreover, the growing remodeling and renovation practices in this region are enhancing the need for concrete floor coatings, contributing significantly to the growth of the global concrete floor coatings market.
Furthermore, due to a huge drift in the retail industry, significant growth is observed in the construction of warehouses with proper flooring practices.
Acquisitions is among key strategies for industry players
In July 2017, Henkel Corporation announced the acquisition of Flexcrete Technologies Ltd. and Disa Technologies (Disatech). The acquisition enabled the expansion of the company’s business segment as well as strengthened its global reach. Other players engaged in the concrete floor coatings industry is The Sherwin-William Company, The Valspar Corporation, Sika Corporation, Nippon Paint Co. Ltd., Royal DSM N.V., BASF SE, etc.