The global Concrete Floor Coatings Market is valued at USD 4.9 Billion in 2022 and is projected to reach a value of USD 7.1 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.5% over the forecast period.
Concrete Floor Coatings are a form of coating applied to the surface of a wall for decorative and functional applications. The coating application on the surface is usually referred to as a substrate. The global Concrete Floor Coatings market is expected to grow significantly during the forecast period due to driving factors such as rising investments in green building combined with increasing spending on infrastructure developments. Additionally, the rising number of business firms, educational institutions, and public entertainment centers is expected to add value to the growth of the global market. Rising usage of coatings in industrial, commercial, and residential applications, along with an expanding construction industry, is expected to increase the footprint of the global Concrete Floor Coatings market during the forecast in an incremental manner.
Many economies across the globe are focusing on renovating their older infrastructure and modernizing their appearance to improve functionality. This is expected to prove beneficial for the growth of the global Concrete Floor Coatings market during the forecast period. Research and development among the prominent players are increasing the utilization of powder-based coatings. These coatings are being developed to be environmentally friendly and do not produce volatile organic compounds, which contribute highly to air pollution. Additionally, powder coatings are gaining popularity since they have numerous advantages over conventional coatings. A recent string of regulations regarding emissions is expected to support strong market growth.
Rising applications of Concrete Floor Coatings within the building and construction sector are increasing the market's footprint. There is an increasing presence of manufacturers operating in the market. These players are growing their investments toward creating a diverse product portfolio that can cater to numerous consumers' requirements. Coatings for the floor add strength to the base structure and prevent them from further wear and tear. Rapid urbanization within developing economies is expected to add value to the growth of the global Concrete Floor Coatings market creating significant opportunities. The rising uptake of various projects within the construction sector and the ability of reinforced floors to protect floors from chemical attacks in chemical manufacturing plants is expected to widen its use case for the market.
Concrete Floor Coatings Market Size, 2022 To 2030 (USD Billion)
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1. Offering Extreme Protection Against Dangerous Elements: The global Concrete Floor Coatings market is expected to grow significantly during the forecast period owing to its ability to protect its occupants from unwanted elements. Concrete floors are used in industrial and residential structures to protect the feet from spills, heavy gear, and traffic. Within rich business settings, a constant flow of traffic can be expected. It also improves the appearance of some settings with intricate designs imprinted on them. The latest generation of Concrete Floor Coatings can also prevent stains from forming as they contain stain-free properties.
2. Expanding Importance of Construction within a Country’ GDP: Construction is essential to a country's GDP. Additionally, it is one of the industries wherein excellent growth and revenue can be generated. For instance, following the post-pandemic development, the construction sector in the U.K. increased its value by over 1.1% as it entered January 2022. Additionally, according to some studies conducted by the National Bureau of Statistics, the value of building output accounted for 25.7% of China's GDP in 2021, a growth of more than 11.0% from 2020. These statistics are expected to pave the way for a fruitful and lucrative pathway for the global Concrete Floor Coatings market to expand.
3. Integration of 3D Coatings: An ongoing trend of 3D coatings within the Concrete Floor Coatings market is expected to create further significant opportunities for the global market to capitalize. 3D flooring is catching the attention of the general public and various designers. They are heavily utilized in bathrooms, living rooms, bedrooms, swimming pools, and Jacuzzis. They are gaining popularity around the globe due to their distinctiveness and an overall "WOW" factor. Additionally, due to their functionality and design uniqueness, they are being utilized in home care settings.
The global Concrete Floor Coatings market can be categorized on the following: Product, Application, and Regions. Based on product, the market can be categorized into epoxy, polyurethanes, polyaspartic, and others. By reactor type, the market can be segmented across outdoor and indoor. By Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Product
Epoxy To Lead Market Owing to a Greater Heat Resistance and Good Electrical Insulation
The global Concrete Floor Coatings market is expected to dominate the epoxy segment during the forecast period owing to revenue and share. Factors like epoxy's good thermal resistance and excellent heat and electrical insulation are expected to widen epoxy's footprint. Additionally, epoxy provides good adhesion and has a cheap working cost compared to its counterparts. Also, epoxy is widely available, has good environmental friendliness, and is highly economical compared to other coating solutions. A wide range of colours and ornamental alternatives are available. These factors add to the segmental value, leading to growth in the global Concrete Floor Coatings market. The polyaspartic segment is expected to grow with the fastest-growing CAGR during the forecast period owing to fast curing and higher UV stability. Additionally, they are more abrasion resistant and flexible.
Based on Application
Indoor Segment to Dominate Market Owing to Rising Penetration within the Sporting Industry
The indoor segment is expected to account for the largest market share during the forecast period in volume. Factors such as the rising penetration of sports stadiums in developed economies such as the U.S., Germany, and Italy, combined with the rising popularity of sports such as football, rugby, and ice hockey, are expected to propel the value of indoor applications. Additionally, the increasing prevalence of flooring solutions within home interiors and rising disposable income among the general population are expected to widen the segmental growth. A significant shift in urban living conditions combined with growing awareness about safety in working offices is expected to increase the footprint for indoor solutions. Indoor spaces include garages, basements, and commercial and residential buildings. The outdoor segment will grow with the fastest growing CAGR during the forecast period owing to rising spending on infrastructure by various government bodies and a rising number of private-public partnerships.
Based on Region
Asia Pacific to Lead Global Market Owing to Rising Construction Activities Across the Globe
The global Concrete Floor Coatings market is expected to be dominated by the region of Asia Pacific in terms of revenue and share. Factors such as rising spending on various construction projects enabled by active government participation are expected to increase the footprint of the regional market. The availability of raw materials in the region and a skilled workforce are expected to widen the scope of the Asia Pacific Concrete Floor Coatings market. Construction is a significant part of many economies. For instance, the Japanese economy is highly propped up by various construction activities and contributed around 5.3% of the country's economy in 2019. This is expected to create lucrative opportunities for the regional market in Asia Pacific to grow at an incremental pace.
North America is expected to grow with the fastest growing CAGR during the forecast period owing to the rising manufacturing sector and increased commercial and infrastructure development spending. Additionally, a rising focus on living conditions and an increasing per-capita income among the general population is prompting increased spending on home modifications, paving the way for higher market growth.
The global Concrete Floor Coatings market is highly fragmented due to the presence of numerous players. These players command a strong presence, with a handful attesting to an international company. The market leaders focus on developing various strategies such as mergers and acquisitions, strategic agreements, and developing a more comprehensive product portfolio to retain their market position.
The key players in the global Concrete Floor Coatings market include - Trucrete Surfacing Systems (U.S.), The Sherwin-Williams Company (U.S.), North American Coating Solution (U.S.), BASF SE (U.S.), Vanguard Concrete Coating (U.S.), Tennant Coatings (U.S.), Jotun (Norway), Axalta Coating Systems (U.S.), Elite Crete Systems (U.S.), Stonhard (U.S.), BEHR Process Corp. (U.S.), EPMAR Corp. (U.S.), Pratt & Lambert (U.S.), PPG Pittsburgh Paints (U.S.), Key Resin Company (U.S.) among others.
Recent Market Developments:
· May 2022: TSR Concrete Coatings announced they were merging with Ninja Coatings and PolyPro Concrete Coatings. TSR has a product portfolio of Bertman Capital and produces residential concrete solutions. ReVamp is a platform for the top home improvement companies in the country specializing in residential concrete coatings and other services that improve the look and feel of clients' homes.
· June 2022: Next Level Concrete Coatings LLC announced that ReVamp Companies were acquiring them. Together with their rapidly growing operations in Tampa, Florida, Next Level's founders, Mat Giovanello and Pat Foley, are establishing themselves as the market leader in the metropolitan areas. The company's founders are expected to see expanding operations in the future.
Segmentation of the Global Concrete Floor Coatings Market
- Product (Epoxy, Polyurethanes, Polyaspartic, Other Products)
- Application (Outdoor, Indoor)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Trucrete Surfacing Systems (U.S.)
- The Sherwin-Williams Company (U.S.)
- North American Coating Solution (U.S.)
- BASF SE (U.S.)
- Vanguard Concrete Coating (U.S.)
- Tennant Coatings (U.S.)
- Jotun (Norway)
- Axalta Coating Systems (U.S.)
- Elite Crete Systems (U.S.)
- Stonhard (U.S.)
- BEHR Process Corp. (U.S.)
- EPMAR Corp. (U.S.)
- Pratt & Lambert (U.S.)
- PPG Pittsburgh Paints (U.S.)
- Key Resin Company (U.S.)
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