According to Acumen Research and Consulting, the global floor coatings market size is estimated to reach around US$ 4.1 billion by 2026 and growing at striking CAGR around 6.5 % over the forecast time frame.
The floor is likely the region in houses where enormous quantity of wear is involved and thus more maintenance is required. Floor coatings provide safety, elevated level of abrasion, chemical safety, ornamental elements, resistance to impacts, low price, and easy use. Floor coatings are usually used as a defensive layer on the floor surface. There are distinct types of floor covering to be selected, and each sort of floor coating has distinct properties for a specific setting. The primary issue of the floor covering are the lengthy durability of the floor covering and the protection measures such as resistant to corrosion. Based on environmental and requirements, floor coatings are segmented. For example, businesses or businesses that will make their premises professionally and esthetically enjoyable to impress the customers that visit the site regularly. The ornamental floor coatings are appropriate for different external and internal settings in these circumstances.
The report provides analysis of global Floor Coatings market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The growing development and use of coatings in business, industrial and residential applications favors the development of the market. Coating protects the floors against moisture, stains, cracks and offers a high-efficiency, soft and durable, long-lasting surface that resists heavy loads. Floor-coated regions of application include warehouses, hospitals, production and industrial factories, showrooms, retail and commercial shops, garages, and aircraft sheds, etc. Globally, the development of building operations has contributed greatly to the demand for floor coverings.
The growing population, combined with the increasing industrialization, motivated governments in numerous nations to expand and accelerate building expenditures. Among the nations most contributing to the development of the worldwide construction industry are the United States, China, India, Indonesia, the United Kingdom, Saudi Arabia and the UAE. Therefore, the growing global building expenses are anticipated to generate enormous demand for floor coverings during the forecast era.
Due to growing infrastructure developments in the United States, building sector has seen positive development in latest years. Increased use for business and industrial applications of floor coatings is being found in the construction industry. In the United States, the US construction sector is anticipated to see positive development due to fresh import tariffs, the changes in trade agreements, a powerful economy, mega-projects spread, intelligent towns and family formation.
In the future, various other building projects are also expected to generate profitable growth possibilities for the industry of North America, including the JKF International Airport Restructuring and Expansion, the Atlanta Chattanooga High Speed rail transportations project and others. However, there will be a increasing risk to replacement products such as furniture, carpet or bamboo floors over the forecast period. In domestic and commercial applications, there has been a increasing demand for tile flooring because of its advantages such as water, stain, odors and bacterial resistance. Tiles are generally produced with raw materials like glass, sand and clay. Floor tiles in different residential areas like flats, apartments, homes and other single-families are preferred over floor coverings.
The single component was the biggest segment with a sales share of more than 48 percent in 2018. Growth within the housing industry is expected to boost demand for single component coatings, particularly with infrastructure growth, including indoor playgrounds, walkways and other areas. Floor coatings with a single element provide great adhesiveness to the surface of the concrete and are economic, simple to apply and unobtrusive. You give the surface a semi-brilliant finish. These characteristics allow the cover to be used in different spaces, including vehicle parks, industrial installations, warehouses, basements, aircraft hangers, etc.
The biggest application segment in 2018 was expected to be concrete. Beton floor coverings are used in multiple processes to cover a bare concrete surface to improve its appearance. There are a number of specified color codes and laws in various sectors for concrete floor coating applications. For different applications, different types of covering are available, such as a concrete sealant which requires the least amount of work before the sealer is applied. Sealers are used both to prevent stain and chemical spillage of food on concrete surfaces and to facilitate cleaning.
End User Stance
The main end user sections of the market are residential, commercial and industrial. The biggest segment was Industrial in 2018. In the same year, the company accounted for more than 40.0% of its revenues. The demand for floor coatings in the industrial sector is boosting in growing food, chemical processing and production sectors. Rapid industrialization and investment-boosting infrastructure and manufacturing sector development are expected to favorably affect the industrial ground surface layer market during the forecast period, whether by private as well as government industries.
Epoxy was the dominant product sector in 2018 and its dominance over the forecast period is expected to continue. Epoxy surface coaters in various industrial and commercial applications are commonly used for concrete floors such as commercial & retail shops, warehouses, showrooms, factories, garages, hospitals, aircraft hangars and more. These coatings provide high-gloss ornamental finishing and are accessible in a range of colours. Epoxy floor coverings are used for decoration on terrazzo floors, chip floors, and colored floors. The lacquers give a solution that is simple to wash and chemical resistant and can be straight applied to fresh and old floors. In addition, the advantages fueling product needs for industrial and commercial applications include characteristics such as oil resistance & water, great abrasion, low VOCs and less fragrance during the assembly process.
In 2018 Asia Pacific occupy more than 40,0% of the income share, followed by Europe, was the leading global sector. In light of the increased demand of products from residential, commercial and industrial industries, the region is expected to account for a substantial share of the global market over the forecast period. In Asia Pacific, China was the market leader in quantity and income. Green demand is anticipated to generate extensive growth possibilities on the market over the forecast period in nations such as Australia, India, China and New Zealand.
Global Floor Coatings Market, By Product
Global Floor Coatings Market, By Component
Global Floor Coatings Market, By Application
Global Floor Coatings Market, By End-User
Global Floor Coatings Market, By Geography
The market research study on “Floor Coatings Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Floor Coatings market segments with market dynamics and their impact. The report also covers basic technology development policies.
Key Players & Strategies
The market is characterized by the presence of various well-established players, such as Axalta Coating System; Akzo Nobel N.V.; BASF SE; Ltd.; RPM International, Inc.; PPG Industries, Inc.; Kansai Paint Co., and Sherwin-Williams Company. Competitive competition in the coming years is anticipated to stay high as major players continue to expand their product range and global geographical presence. Market companies compete according to the product and technology provided for the manufacture of floor coatings.
Major players compete with regional players on the grounds of application development capabilities in order to minimize the danger of extending to a different marketplace. Established players such as BASF SE invest in R&D operations to expand their business opportunities, enabling them to compete against other players. In October 2018, for example, BASF introduced the Dubai Science Park Research & Development center for building materials, which includes protective layers, tile fasteners, repair moths, waterproof membranes, sealants, ornamental flooring materials or covering parking facilities. The initiative was taken to promote product development operations of the company and to address the increasing building sector in GCC countries.
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