According to a new report published by Allied Market Research, titled, “Industrial Floor Coating Market by Resin Type, Flooring Material, Component, and End-User Industry: Global Opportunity Analysis and Industry Forecast, 2021–2028,”
The global industrial floor coating market size was valued at $5.8 billion in 2020, and is projected to reach $9.4 billion by 2030, registering a CAGR of 4.8% from 2021 to 2030. On the basis of resin type, the epoxy segment is expected to witness a growth rate of 5.2% from 2021 to 2030 and reach $4,441.8 million in 2030. Based on flooring material, the concrete segment was the highest contributor to the market, with $3,016.4 million in 2020, and is estimated to reach $4,960.3 million by 2030. The key players in the market are offering industrial floor coating solutions as per the strict regulations set forth by authorities such as the U.S. EPA (U.S. Environment Protection Agency) and the U.S. FDA (U.S. Food and Drug Administration). For instance, BASF SE based in Germany offers polyaspartic flooring systems that are low odor and VOC compliant as per the U.S. FDA standards. These factors are expected to propel the industrial floor coating market growth during the forecast period.
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Growth of the construction sector in residential and commercial sectors has led to a favorable market for industrial floor coating goods to fulfill the need for long-lasting industrial floors from a fast-increasing population. Furthermore, epoxy type floor coating prevents water from leaking into the flooring and causing damage by sealing it against moisture. In addition, it provides a mildew-resistant barrier. However, there are a number of issues with epoxy floors in houses, both during the installation and maintenance processes. Thus, key players in this market have expanded businesses to improve the production rate of epoxy type floor coating. For instance, in June 2021, Lubrizol Corporation moved its production unit to its new plant in Carlton, UK. This will allow the company to serve new and future customers who require epoxy floor coating.
Region-wise, the industrial floor coating market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor in 2020, which is expected to exhibit the highest CAGR from 2021 to 2030. This is attributed to the fact that emerging economies, such as India, China, Bangladesh, and others, in the region are witnessing increase in industrial development projects.
Moreover, rapid economic recovery significantly drives the industrial floor coating growth in this region.
The players operating in the global industrial floor coating have adopted product launch as their key developmental strategy to strengthen their foothold in the global market. For instance, in March 2020, Sika AG, a Swiss multinational specialty chemical company launched ComfortFloor Marble FX, a resin flooring system, which is available in different colors and artistic design. Similarly, in September 2020, the U.S.-based PPG Industries, Inc., a global supplier of paints, coatings, and specialty material, developed PPG flooring coatings, which is a coating system that include base coats, prime coats, & topcoats and offers optimum performance based on the specific work environment.
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The outbreak of COVID-19 has negatively impacted the industrial floor coating market, which is expected to hamper the growth of the market throughout the year. This has further affected the demand for epoxy and other flooring materials from developing countries, including India and China, thereby halting the production activities. In addition, disruption of supply chains is causing hindrance in production of industrial floor coating materials around the globe. All these factors together are anticipated to negatively impact the market growth.
Key companies profiled in the industrial floor coating report include BASF SE, Cipy Polyurethanes Pvt. Ltd., Cornerstone Flooring, Don Construction Products Ltd., Fosroc, Inc., MAPEI S.p.A., RPM International Inc., Sika AG, Twintec Group Limited, and VIACOR Polymer GmbH..
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging industrial floor coating market trends and dynamics.
- Depending on resin type, the epoxy segment dominated the industrial floor coating market, in terms of revenue in 2020.
- By end-user industry, the others sector registered the highest revenue in 2020.
- Asia-Pacific is projected to register the highest growth rate in the coming years.
- The report provides an extensive analysis of the current trends and emerging industrial floor coating market opportunities.
- In-depth industrial floor coating market analysis is conducted by constructing estimations for the key segments between 2020 and 2030.
- The key players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand competitive outlook of the industrial floor coating industry.
