Industrial Floor Coatings Market is Expected to Grow with a CAGR of 4.3% from 2022 To 2028
The Global Industrial Floor Coatings Market accounted for USD 5.7 Billion in 2021.
Industrial floor coatings are protective tough layers that are used for flooring where corrosion or heavy surface wear is expected to occur frequently. These coatings also offer artistic appeal along with anti-skid and abrasion protection benefits. There are basically three prime industrial grade floor coatings that include epoxy resin flooring, polyurethane resin flooring, and polymethyl methacrylate resin flooring. Each of these coatings works, in the same way, is by pouring the resin on the floor or surface and then with the help of a protective layer sealing the present concrete below. There are solvent-free coatings as well which are environment-friendly and offer benefits like uniform finish, minimal drying time, no odor during application along unique film thickness.
The economic growth in developing economies along with rising industrial and commercial construction activities is anticipated to augment the growth of the Industrial Floor Coatings Market during the forecast period. This is attributable to the rapid industrialization in these economies. The factors that have influenced the industrialization of various economies include capital, natural resources, workers, transportation systems, technology, consumers, and a cooperative government. Furthermore, the increasing population has led governments of several economies to increase their spending on construction in order to accelerate infrastructural development. The economies that are majorly contributing and supporting the growth of the construction sector include India, China, the U.S., Indonesia, the U.K., Saudi Arabia, and the UAE. Hence, the growing construction expenditure from both government and consumers across the world is expected to create huge demand for floor coatings during the forecast period.
However, the high prices of raw materials and energy along with stringent environmental regulations enforced by governments are expected to hamper the growth of the Industrial Floor Coatings Market in the years to come. Moreover, the emergence of bio-based floor coatings is further anticipated to create more opportunities for the growth of industrial floor coatings within the estimated timeframe. Additionally, investments from various companies are also expected to support the growth of the market. For instance, in July 2019, AkzoNobel invested €3 million in the Changzhou powder coatings plant in China. This investment will support additional supplies of acrylic powder coatings, metallic powder coatings, and powder primers for the automotive sector, strengthening AkzoNobel’s ability to deliver more locally produced premium products.
Asia Pacific held the largest market share in Global Industrial Floor Coatings Market and is likely to continue the same trend during the forecast period. This is attributable to the increasing industrial and commercial construction industry, and automotive industries in emerging economies like India and China in the region. Additionally, the increasing population and industrialization is also expected to support the growth of the Industrial Floor Coatings Market in near future. North America also witnessed considerable growth due to the manufacturing capacities of major companies in the region.
Some of the prominent players operating in the Global Industrial Floor Coatings market include Sherwin-Williams, Akzo Nobel, Sika AG, RPM International, Dow Chemical, PPG Industries, and Kansai Paints..
Browse the full Report - Industrial floor coating Market by Resin (Epoxy, Polyurethane, Hybrid, Others (alkyd and acrylic)), by Flooring Material (Concrete, Mortar, Terrazzo, Others (asphalt and previously coated)), by Coating Component (One-component, Two-component, Three-component, Four-component), by End-Use (Manufacturing, Aviation & transportation, Food processing, Science & technology), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)