WASHINGTON, April 14, 2023 (GLOBE NEWSWIRE) -- Global Concrete Floor Coatings Market was 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 2023-2030.
Market Overview
The industry's expansion is mostly related to rising investments in green structures. Energy, water, and other resource efficiency are all improved and maintained in green buildings using eco-friendly, lightweight materials. The VOC-free and environmentally friendly Concrete Floor Coatings are built to last. Throughout the forecast period, this factor is anticipated to boost the market.
We forecast that the epoxy in Concrete Floor Coatings market sales will account for more than 40% of total sales by 2030. The classic epoxy coating method is used across many industries because of its low cost, ease of use, and superior outcomes. This results from the market's rapid industrialization and rising consumer electronics demand throughout the anticipated term. Since the liquid epoxy resin has excellent quality and great durability against corrosion-causing chemicals, heat, and other factors, it has been utilized for years.
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Market Dynamics
The Growing Adoption of Automotive Displays to Support Market Expansion
The market for concrete floor coverings has shown rapid growth in the auto sector. Several major automakers, including TATA Motors, Mahindra, Hyundai, Tesla, Ford, Audi, and others, are integrating automated systems, displays for automobiles, and human-machine interfaces into their high-end models. The garage is where concrete floor treatments are used most frequently. These coatings have a variety of qualities, including corrosion resistance, heat resistance, and anti-fingerprint. As a result, in the years to come, demand for Concrete Floor Coatings will be driven by the expansion of the automotive industry.
Growing Demand from Industrial Applications Industry Drives Market Growth
The industrial sector is dominant in terms of overall floor coatings market share. Some of the key industries that use floor coatings are those in the core sectors like chemistry, manufacturing, production, food and beverage, electrical and electronics, among others. The most important industry of the time is the chemical sector. Almost all modern products are made with the use of chemicals, either directly or indirectly. This suggests that the chemical sector is significant on a global scale. Appropriate high-performance flooring is crucial for research and development labs, manufacturing factories, and other facilities in this critical sector. Chemical resistance flooring, stringent hygiene standards, and safety procedures are essential in this industry for reducing the danger of property damage, accidents, and worker health issues.
Top Players in the Global Concrete Floor Coatings Market
- Trucrete Surfacing Systems (U.S.)
- The Sherwin-Williams Company (Cleveland, 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 (Valparaiso, U.S.)
- Stonhard (U.S.)
- BEHR Process Corp. (U.S.)
- EPMAR Corp. (California, U.S.)
- Pratt & Lambert (Cleveland, U.S.)
- PPG Pittsburgh Paints (U.S.)
- Key Resin Company (Ohio, U.S.)
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Top Trends in the Global Concrete Floor Coatings Market
- One trend that Vantage Market Research (VMR) expects to see in the Concrete Floor Coatings industry is the growing demand for functional food and beverage applications. As the population of people concerned about their health grows, so does the need for fortified foods and beverages. Consumers, mainly in developed and developing nations like the United States, India, China, and Germany, are increasingly turning to nutrient-based and other goods with functional components to prevent illnesses or treat existing health problems. Concrete Floor Coatings have been added to the products by corporations in response to consumer demand for fortified food and beverages.
- Another trend that VMR predicts will continue in the Concrete Floor Coatings industry is its increasing trend in the residential sector. To shield the building from UV rays, sunshine, corrosion, and other elements, Concrete Floor Coatings are regarded as a high-performance material frequently used in residential construction projects. In addition, the market for concrete floor coverings has experienced tremendous expansion due to the expanding global population, fast urbanization, and industrialization. It is widely used to preserve the aesthetic appeal of flooring and safeguard the floors from abrasion, grease, and stains. Over the forecast period, these factors are projected to boost the Concrete Floor Coatings market's potential sales.
Top Report Findings
- Based on the Product, the Epoxy category controls most of the Concrete Floor Coatings market's revenue. Epoxy concrete floor coverings are widely employed in various industries, including construction, transportation, computing, and healthcare. It provides a highly efficient, smooth, affordable, and long-lasting surface that can handle large loads and last many years. Also, it keeps cars in the automotive industry looking glossy, increasing the need for Epoxy-based concrete coatings.
- Based on Application, the Residential category controls most of the Concrete Floor Coatings market's revenue. Because of the popularity of indoor Concrete Floor Coating applications has increased due to the expanding global human population, the rise in building and construction demand, and the exponential growth of the residential and business markets. Because it is inexpensive and resistant to deterioration from heat, water, UV rays, and other factors, have increased the need for concrete flooring coating in indoor applications.
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Recent Developments in the Global Concrete Floor Coatings Market
- In November 2021, Hexoin Inc. declared that it had signed a binding contract with Westlake Chemical Corporation. Westlake Chemical Company was to purchase the global epoxy business of Hexion Inc. for USD 1.2 billion. Under the usual closing conditions, this deal will be completed in the first half of 2022.
- On April 1, 2021, the acquisition of the Resins & Functional Materials business (RFM) from the Netherlands firm Royal DSM by Covestro was completed. Covestro will be able to diversify its selection of eco-friendly coating resins thanks to the acquisition.
Epoxy Category of the Product Segment Expected to Generate a Considerable Revenue in Concrete Floor Coatings Market
For a better understanding, based on the product, the Concrete Floor Coatings market is divided into Epoxy, Polyurethanes, Polyaspartic and Other Products.
The Epoxy market was the largest by application and is anticipated to hold the top spot during the projected period. To increase the endurance of coatings for floor and metal applications, Epoxy resins are utilized as binding in coating applications. Epoxy resins aid in creating coatings' strength, durability, and chemical resistance, among other features. They are appropriate for protecting metals and other surfaces because of their quick drying time, sturdiness, high stiffness, rapid curing, abrasion resistance, and excellent water resistivity features.
On the other hand, the Polyurethane category is anticipated to grow significantly. Modern, adaptable, secure, and environmentally sustainable consumer and commercial items are made from polyurethane, a plastic polymer. With proper accelerators and chemicals, polyurethane is created by fusing a polyol (with a diisocyanate or a polymeric isocyanate).
Asia Pacific Region in Concrete Floor Coatings Market to Generate a Substantial Revenue
The Asia Pacific region is anticipated to grow at the highest rate over the coming year due to a substantial growth in the population of cities, which will greatly raise the need for Concrete Floor Coatings because they defend infrastructure from inclement weather. Also, it is used to shield the floor slab's surface from rain, moisture, UV rays, and other hazards. Rising house development activity in Asia-rising Pacific economies has also significantly fueled the market expansion. The residential and commercial sectors of the building industry in Asia-Pacific are predicted to develop at the fastest rates in the world.
The North American region is expected to grow the fastest in the Concrete Floor Coatings market. Increasing household, business, industrial, electrical, and other end-use enterprises, where Concrete Floor Coatings are utilized as protective agents and anti-corrosion materials, are important drivers of growth in the North American region.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Concrete Floor Coatings Market Forecast Report (2023-2030).
Global Concrete Floor Coatings Market Segmentation
By Product
- Epoxy
- Polyurethanes
- Polyaspartic
- Other Products
By Application
- Outdoor
- Indoor
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- 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 MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 4.9 Billion |
| Revenue Forecast by 2030 | USD 7.1 Billion |
| CAGR | 5.5% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Trucrete Surfacing Systems, The Sherwin-Williams Company, North American Coating Solution, BASF SE, Vanguard Concrete Coating, Tennant Coatings, Jotun, Axalta Coating Systems, Elite Crete Systems, Stonhard, BEHR Process Corp., EPMAR Corp., Pratt & Lambert, PPG Pittsburgh Paints, Key Resin Company |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/concrete-floor-coatings-market-2071/request-sample |
Key Questions Answered in the Concrete Floor Coatings Market Report are:
- What is the current size and growth rate of the concrete floor coatings market globally and in specific regions or countries?
- What are the key drivers and restraints affecting the growth of the concrete floor coatings market?
- What are the different types of concrete floor coatings available in the market, and what are their respective market shares and growth rates?
- What are the major application areas of concrete floor coatings, and what are the growth rates of each segment?
- What are the emerging trends and opportunities in the concrete floor coatings market, and how are they expected to impact the market?
- Who are the leading players in the concrete floor coatings market, and what are their market shares and strategies?
- What are the key challenges facing the concrete floor coatings market, and how are they being addressed by the industry players?
- What are the regulatory and environmental factors affecting the concrete floor coatings market, and how are they expected to influence the market growth?
- What are the pricing trends and dynamics in the concrete floor coatings market, and how are they impacting the market?
- What are the future prospects and growth opportunities for the concrete floor coatings market?
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