In terms of revenue, the Global Industrial Floor Coating Market is expected to reach USD 7.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.3% from 2022 to 2028. The rising adoption of high-performing machinery & equipment in end-use industries is fuelling the market growth. The market has gained high demand from industrial components, which is expected to produce high demand for effective floor protective solutions. The manufacturing facilities & warehouses are serving the high-tech material handling equipment that needs enhanced mobility and has grown the necessity of smooth surface.
- Epoxy sub-segment under the product segment is anticipated to have higher market growth. The growth is due to wide application in the manufacturing plants, warehouses, and food processing facilities coupled with features like superior chemical, and heat resistance capacity & lower prices.
- The security & protection sub-segment in the application segment has held a greater market share in 2021. Owing to the significant demand for anti-corrosion products in several end-use floor coatings because of their corrosion resistance as well as excellent durability.
- Asia Pacific is the fastest growing regional segment. Shifting consumer preference for luxury as well as professional appearances coupled with a trend towards durable coatings for protecting floors from cracks is expected to support market growth.
Some of the key players in the Industrial Floor Coating Market include - Sherwin-Williams, Akzo Nobel, Sika AG, RPM International, Dow Chemical, PPG Industries, and Kansai Paints..
The growing demand for floor coatings in manufacturing facilities across the globe coupled with rapid industrialization in developing countries is about to propel the product demand. Market demand is high as products are easy to clean, non-porous, affordable, and can be installed through single and multiple coats on different types of floors like terrazzo, concrete, and mortar. Additionally, rules and regulations regarding safety & efficient industrial operations have made industries to offer higher quality maintenance, complementing the industrial floor coatings market growth.
Asia Pacific held the largest market share in 2021. This is due to the presence of manufacturing industries in the region, especially in Japan, China, and South Korea. The increasing manufacturing facilities like heavy machinery, warehouse, food processing, and chemical industries are stimulating the market growth for the industrial floor coatings market.