Industrial Floor Coatings Market size will exceed $7.01 billion by 2026
Published Date: December 21, 2020 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Industrial Floor Coatings Market size will exceed USD 7.01 billion by 2026. A strong outlook for manufacturing and food processing industries will drive market growth.
Certification trend along with a rising need for floor protection will drive market growth
The growing trend of quality certifications for manufacturing plants, ensuring employee safety efficiency, and material handling has stimulated market growth across regions. High adoption among manufacturing industries has driven the global market volume. The rising number of manufacturing facilities, particularly in developing countries, are among the major drivers of the industrial floor coatings market growth. High chemical resistance and floor protection from extreme conditions are the key properties fueling industry demand.
The global market has witnessed a high growth rate from food processing applications in recent years. The high adoption of floor coatings to ensure effective operations in food processing plants will support the industrial floor coatings market growth. In addition, measures taken to ensure optimum hygiene and safety in processing plants will augment product penetration in food processing applications. Rapid pace of industrialization is one of the key factors driving industrial floor coatings demand. The rising awareness of the product’s benefits including high mechanical strength and superior chemical resistance is likely to propel product application scope across various sectors.
Favorable macroeconomic conditions are fostering high investments in the global manufacturing sector, propelling the industrial floor coatings market. However, product manufacturers are vulnerable to raw material price fluctuations along with economic slowdown. The ongoing COVID-19 pandemic is expected to hinder market growth during the foreseeable future.
Browse key industry insights spread across 310 pages with 321 market data tables & 17 figures & charts from the report, “Industrial Floor Coatings Market 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” in detail along with the table of contents:
The COVID-19 has significantly impacted industry growth in 2020 owing to a decrease in product demand and global economic slowdown. Supply chain disruption and credit crunch caused by the pandemic have lowered the industrial floor coatings market revenue growth.
Cost-effectiveness will drive the epoxy cementitious market growth
Epoxy cementitious coating offers excellent adhesion with hardened concrete. The product is highly durable, chemical-resistant, and can absorb heavy impacts. The high mechanical, chemical, and impact resistance makes it well suited for warehouses and manufacturing plants. Moreover, its cost-effectiveness compared to Polyurethane and Polyaspartic floor systems will augment its usage over the projected timeframe. The epoxy cementitious segment revenue will register at over 7% CAGR during forecast period.
Growth is processing plants and the chemical industry will drive three component product demand
Three component floor coatings offer chemical resistance, anti-slip properties, high durability, and abrasion resistance. Growth in the number of production units, processing plants, petrochemicals refineries, and small-scale industries over the past years have increased product demand. Quick-drying, excellent adhesion to metal & concretes substrates, and easy applicability are key characteristics driving product growth. Moreover, their usage as an overlay to existing floors will augment the industrial floor coatings market demand. The three-component segment will reach approximately USD 1.5 billion by 2026.
Heavy industrial operations will drive mortar flooring
Mortar flooring systems are extensively used in heavy industrial operations and areas exposed to heavy traffic. The product also provides a seamless finishing that caters to the aesthetic demand of the consumers. In addition, their growing use to resurface weakened concrete floor surfaces will fuel product demand. Demand share of the mortar segment will be over 5% by 2026.
Protection against corrosion will fuel product demand in the food processing industry
Corrosion prevention is a significant issue plaguing the food processing industry. The extensive use of high-pressure water streams in combination with corrosive agents, such as oxidizers, reducing chemicals, and alkaline, is a leading cause of the issue. Therefore, choosing an ideal floor coating is crucial for the industrial floor coatings industry. Moreover, the right coating enables quick turnaround time, improved surface tolerance, low odor, low VOCs, and prevents contamination & corrosion. The food processing segment held more than 30% demand share in 2019.
The North America market will be driven by expanding warehouses
North America is the second-largest geographical market for industrial floor coatings, in terms of revenue. The region has witnessed strong growth in the number of warehouses owing to the rising regional e-commerce industry. Most manufacturing companies focus on expanding storage capabilities owing to improved export activities in several countries, fueling product demand. The North America industrial floorings industry is projected to capture a strong market share owing to increasing production capacities of major companies in the region. In terms of revenue, North America held more than 20% share in 2019.
Introduction of new products will keep market competition high
In December 2016, BASF launched its new heavy-duty antistatic Uncrete MF40AS industrial flooring system in the Europe market that is based on polyurethane cement technology. Companies around the world are increasing product innovation to widen their product portfolio.