According to a new research report by Global Market Insights Inc., Industrial Floor Coatings Market size is forecast to exceed USD 7 billion by 2027 owing to high adoption of effective floor coatings for smooth and safe operations in production plants and warehouses. Expansion of manufacturing and food processing facilities across the globe will facilitate market growth.
Rising demand for floor protection coupled with certification will drive market growth
Industrial floor coatings are specifically applied for the protection of surfaces where heavy-traffic or corrosive agents are commonly accounted. The coatings can improve floor performance by increasing the stability of flooring materials. Rising utilization of heavy and high-performance machineries & equipment, particularly among automotive & aviation companies, has enhanced the necessity for efficient industrial floors.
Technological developments in the field of material handling equipment with improved mobility through wheels has augmented the need for smooth flooring surfaces. The growing manufacturing units in the developing region will increase the need for safekeeping the plant area from any hazards and accidents and will drive the industrial floor coatings market share in the coming years.
An increasing need to certify the manufacturing plants due to rising awareness among end users have propelled the market growth. Rapid growth of industrialization in the emerging countries coupled with shifting trends toward high impact and chemical-resistant products will augment the industrial floor coatings market growth across various sectors in the coming years.
Infrastructure expansion of the major manufacturing sectors is expected to support the product growth in the near future. Many macroeconomic conditions are influencing the construction sector and ongoing megaprojects along with high investments, propelling the industrial floor coatings market. However, fluctuating prices of raw materials have adversely impacted the market size in the recent years. The ongoing COVID-19 pandemic has severely affected the market growth owing to financial crisis and a decrease in product demand.
Browse key industry insights spread across 420 pages with 321 market data tables & 39 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, 2021 – 2027” in detail along with the table of contents:
Increasing demand of epoxy cementitious coatings will drive the market share
The epoxy cementitious segment has registered a significant market share and is projected to grow over a 6.5% CAGR through 2027 owing to increasing adoption due to the rising high-performance floor coatings demand. Higher adhesion for cementitious as well as smooth surfaces provides a positive outlook for the product demand. Moreover, cost-effectiveness and long-lasting ability as compared to polyurethane and polyaspartic floor systems will stimulate the industrial floor coatings market growth in the coming years.
Rising application in manufacturing and chemical industry will foster the three-component product demand
Three component floor coatings segment generated considerable revenue in 2020 and is anticipated to reach over USD 2,100 million by 2027. The product offers excellent chemical & abrasion resistance, high durability, and glossy finish. Rapid industrialization increased the number of manufacturing plants, refineries, chemical and food processing plants, and small-scale industries over the past years. High durability and easy applicability on metal or concrete substrates are the key characteristics influencing product growth. Moreover, resurfacing to improve light reflectance will augment the industrial floor coatings industry.
Strong growth in heavy industrial operations will drive mortar flooring
Mortar flooring systems accounted for a demand share of over 5% in 2020. It can be extensively used for high traffic areas such as heavy industrial operation floors. The product also offers smooth finish, augmenting the demand due to its aesthetic appearance. Furthermore, the restoring of weakened floors will augment the product demand in near future.
Effective operations in food processing plants will support industry growth
The high adoption of floor coatings in the food processing industry to ensure optimum hygiene and safety in processing plants will augment product penetration. Corrosion inhibition is a significant issue which can be addressed effectively through coating solutions. Food processing plants are dealing with many corrosive agents such as oxidizers, abrasive chemicals, and alkali, which in combination with high-pressure vapor can cause the issue. Therefore, effective floor coating solutions are needed to minimize turnaround time, lower odors and VOCs, improve surface strength, and prevent contamination & corrosion. The food processing segment held more than 25% demand share in 2020.
North America to exhibit a steady growth with massive expansion of warehouses
In 2020, the North America industrial floor coating market held more than 20% of the revenue share and is projected to grow at a CAGR of 7% during the assessment period. The region has showcased considerable growth in warehouse expansion to support its booming e-commerce industry. Giant manufacturers are focusing on expanding storage capabilities to strengthen export activities in several countries, fueling the product demand. In addition, the region is mainly driven by its robust food processing and manufacturing industry. The U.S. alone accounts for over 18% of the global manufacturing output. Inclination toward efficient manufacturing and material handling trends among the end-use manufacturers will propel the market share.
Product innovations will rise due to highly competitive environment
Companies around the world are investing in process improvisations and product innovations to gain competitive advantages. In December 2016, BASF launched the polyurethane cement technology-based Uncrete MF40AS industrial flooring system in the Europe market for heavy-duty operations. Some of the top players in the industrial floor coating industry include Sherwin-Williams, Akzo Nobel, Sika AG, RPM International, Dow Chemical, PPG Industries, and Kansai Paints.