Parking Deck Coatings Market

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The global Parking Deck Coatings Market is valued at USD 210.6 Million in 2022 and is projected to reach a value of USD 342.6 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 7.2% over the forecast period.

Parking Deck Coatings are coatings applied to the surface of parking infrastructure to provide additional grip to the vehicle and protect the surface from wear and tear. Additionally, it increases the life of the such structure by imparting chemical resistance. The global Parking Deck Coatings market is expected to increase in growth during the forecast period owing to a rising number of commercial projects on a global scale along with improving parking structure conditions. The general population prefers a private vehicle to cover a shorter distance. Additionally, over the past years, the automotive industry has witnessed a sales boom. Rising per-capita income among the working class and increasing disposable income among the millennial generation is anticipated to expand the growth of the automobile sector, fuelling the development of the Parking Deck Coatings market.

The construction of parking structures is often considered essential for developing a nation. This trend is being recognized, and the number of public parking infrastructures is expected to skyrocket during the forecast period. This will lead to incrementally widening the global Parking Deck Coatings market. Various government and automotive governing bodies are promoting the advantages of parking structures to support the market's sustainable growth. Public parking structures accommodate many vehicles. Placing these structures in highly populated and popular places can increase consumer flow, contributing to the country's GDP. Studies are indicating that less parking space in the tourism industry is lowering the growth potential to a certain extent.

The rising number of mixed-development schemes and increasing focus on infrastructure by various government agencies is boosting the global Parking Deck Coatings market growth. Government bodies are passing numerous initiatives to improve the number of parking structures within their regional and local government areas. These standalone structures have low-energy parking levels and self-parking structures. These factors are expected to increase the appeal of such a structure and increase traffic. Additionally, studies reveal that these structures often ease the travel burden on nearby users and pedestrians. Factors such as easy integration with nearby buildings and systems are expected to increase the footprint of the global Parking Deck Coatings market during the forecast period.

Economic Insights

The global economy was returning from the pandemic shock when rising inflation prices sent the economic condition into turmoil. According to numerous studies, the IMF issued warnings in late October that more than a third of the world's economies are expected to collapse with more than a 25% probability of a recession in 2023. Additionally, the global GDP is expected to increase by more than 2%, increasing the chances of the economy wading towards a recessive condition. An extended period of increasing instability and insecurity was prosecuted when Russia unleashed an unofficial declaration of moving in on Ukraine. This was the most significant war-like conflict in Europe after the second world war was finished. This further marks the most severe risk of nuclear escalation since the Cuban missile crisis.

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1. Improved Aesthetics: Cleverly designed parking structures can accommodate many vehicles by taking a compact space. Additionally, these designs include compatibility with the nearby system and decreasing road decongestion. There has been an increase in the number of roadside accidents and fatalities. Parking Deck Coatings provide aesthetics to the structure and improve clean-ability, which is expected to widen the market scope.

2. Rising Benefits: The primary purpose of Parking Deck Coatings is to protect users from unwarranted threats. A well-layered coat can prevent water seepage to the downward structure. Water seepage often leads to cracks in the foundation, which, if left unattended, can lead to further destruction. Rising demand for flooring and tile flooring applications from the commercial sector is expected to widen the scope of the global Parking Deck Coatings market. Additionally, increasing demand from the residential parking structure is expected to contribute marginally to the market growth.

3. Environmental Coating: The global Parking Deck Coatings market is expected to flourish during the forecast period owing to the introduction of ecological coatings. Rising consumer awareness among the general population leads to manufacturers increasing their research and development budgets to produce coatings that do not emit VOCs. Studies indicate that consumers are willing to pay more for an organic layer of coat that imparts the same benefits as a conventional coat.

Market Segmentation

The global Parking Deck Coatings market can be categorized on the following: Type, Technology, Application, and Regions. Based on type, the market can be categorized into polyurethane, epoxy, acrylic, polyaspartics, methyl methacrylate, and others. By technology, the market can be segmented across single-component, double-component, and triple-component. Based on application, the market can be split between heavy-duty parking decks, pedestrian and light-wheeled traffic area, and others. By Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Type

Polyurethane to Dominate Largest Market Share Owing to Excellent Finish and High-Performance Properties

The global Parking Deck Coatings market is expected to be dominated by the segmental growth of polyurethane coatings. Factors such as an excellent finish and the ability to deliver high performance in high temperatures are expected to add value to the segmental growth. Polyurethane coatings offer numerous advantages, such as improved safety ratings and a consistent finish to their end products. Also, a softness-like texture allows improved flexibility combined with low permeability to the surface. Polyurethane also provides good skid resistance, making it incredibly suitable for garage floorings and parking deck flooring. These factors are expected to add value to the segmental growth, fuelling the development of the Parking Deck Coatings market. The epoxy segment is expected to grow with the fastest-growing CAGR during the forecast period owing to increased colour visibility, UV and weather stability, and waterproofing.

Based on Technology

Single-Component to Lead Market Share Owing to Excellent Adhesion to Concrete Floors

Single-component is expected to account for the largest market share during the forecast period in revenue and share. Single-component offers excellent adhesion to concrete floors. Additionally, they are heavily utilized in pedestrian areas and ramps, subject to lower traffic volumes. Also, they are utilized in offices or residential parking decks. Single-component technology is also used to impart a thin layer that imparts a semi-glossy finish to the floor. These factors are expected to increase the footprint of the single component, fuelling the growth of the global Parking Deck Coatings market. Double-component is expected to grow with the fastest growing CAGR during the forecast period owing to numerous advantages such as excellent abrasion, chemical, and water resistance properties.

Based on Region

Asia Pacific to Fuel Largest Market Share Owing to Rising Spending on Construction Infrastructures

The global Parking Deck Coatings market is expected to be dominated by the region of Asia Pacific in terms of growth and revenue. These coatings have an excellent list of properties, such as chemical and water resistance combined with skid resistance. These make them highly valuable in regions where most people travel in private vehicles. Emerging economies such as China, India, and Japan face parking issues, as consumers need more space to park their cars. This leads to increased investments towards public parking infrastructure, fuelling the growth of the Asia Pacific Parking Deck Coatings market. Rising consumer awareness is expected to contribute value to regional development. Rapid urbanization and industrialization within the region are expected to increase the market scope.

North America is expected to grow with the fastest growing CAGR during the forecast period owing to increased spending on improving infrastructure and rising government support to modify existing structures. Additionally, introducing stringent regulations and laws to avoid accidents and decrease fatalities is expected to contribute to the North American Parking Deck Coatings market.

Competitive Landscape

The global Parking Deck Coatings market is expected to be fragmented due to the presence of numerous players. However, a handful of players reside in the medium and large-scale companies that command most of the market due to their diversified product range and broader consumer base. The companies in the market are focused on improving their offerings and increasing their technological advances, due to which the time for completing a project is lessened. The established players are incorporating strategies such as merging and acquiring smaller players to leverage their competitive insights further.

The key players in the global Parking Deck Coatings market include - Sika AG (Switzerland), Tremco Inc. (U.S.), BASE SE (Germany), MAPEI Inc (Italy), STONHARD (U.S.), Tennant Coatings (U.S.), Dur-A-Flex Inc. (U.S.), RPM International Inc. (U.S.), PPG Industries (U.S.), Jotun (Norway), Nippon Paint Holdings Co. Ltd. (Japan), The Sherwin-Williams Company (U.S.), Asian Paints (India), RPM International INC (U.S.), KANSAI Paint Co. Ltd. (Japan), Axapta Coating Systems Ltd. (U.S.), Solvay S.A. (Belgium), Shalimar Paints (India) among others.

Segmentation of the Global Parking Deck Coatings Market