Parking Deck Coatings Market Size & Share to Surpass $342.6 Million by 2030 | Vantage Market Research

WASHINGTON, April 18, 2023 (GLOBE NEWSWIRE) -- 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 2023-2030.

Market Overview

Especially in metropolitan areas, the construction of parking structures is frequently a necessary addition to commercial constructions. An increase in commercial building activity, particularly in mixed-use buildings, has boosted requests for parking facilities for automobiles, which is anticipated to have a favourable effect on product demand throughout the projected period.

We forecast that the polyurethane in Parking Deck Coatings market sales will account for more than 42% of total sales by 2030. This is due to its superior qualities, including safety, a consistent finish, and solid performance in hot environments. These coatings suit garage floors and parking deck flooring applications due to their tenderness, flexibility, high shrinkage, and good skid resistance.

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Market Dynamics

Rising Usage of Epoxy Type in Coating to Support Market Expansion
Due to qualities including excellent dimensional stability, durability, and superior resistance to UV light, abrasion, and heat, epoxy-based coatings make up a sizeable portion of the market. The product's exceptional adhesion likely fuels demand for various substrate surfaces, including metal, glass, and fibre. Over the next eight years, the market is predicted to grow due to increased demand for VOC-free powder and fusion bonded epoxy coatings from industries such as resource development and home appliances because of its excellent sealing and corrosion protection capabilities.

Rising Initiatives in Construction Activities in the Parking Deck Coatings Industry drive the market growth.
The American government has enacted some efforts to upgrade the nation's parking network, including domestic self-parking structures, standalone buildings, and low-energy parking structure designs. The ease of travel for drivers and pedestrians, blending in with the avenues and structures around them, adaptability, and produce useful with various kinds of automobiles, aesthetics, and safety are some of these design factors. Office buildings in the United States are therefore expected to see an increase.

Top Players in the Global Parking Deck Coatings Market

• Sika AG (Switzerland)
• Tremco Inc. (U.S.)
• BASF SE (U.S.)
• MAPEI Inc (Italy)
• STONHARD (New Jersey, U.S.)
• Tennant Coatings (Minnesota, U.S.)
• Dur-A-Flex Inc. (East Hartford, 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.)
• BASE SE (Germany)
• Solvay S.A. (Belgium)
• Shalimar Paints (India)
  

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Top Trends in the Global Parking Deck Coatings Market

• One trend that Vantage Market Research (VMR) expects to see in the Parking Deck Coatings industry is the growing demand for duty parking decks. The market for Parking Deck Coatings is anticipated to grow in response to the increase in demand for parking structures. The market is projected that continual advancements in research and development in fiberglass resin products to broaden the application scope would also act as important variables encouraging the growth of Parking Deck Coatings. Tile flooring is becoming more popular in homes and businesses because of its features, such as water, stain, door, and antimicrobial adhesion.
• Another trend that VMR predicts will continue in the Parking Deck Coatings industry is its increasing trend of water-based coating. Because of improvements and innovations in coating technology, the water-based coating market has also been expanding quickly. Due to decreased levels of volatile organic compound (VOC) pollutants, these corrosion protection formulae are safer for the environment and those implementing the coatings. As a result, the market for water-based products is projected to rise throughout the projected period.

Top Report Findings

• Based on the Type, the Polyurethane category controls most of the Parking Deck Coatings market's revenue. Modern, adaptable, secure, and ecologically friendly consumer and commercial items are made from polyurethane, a polymeric polymer. In the presence of the proper catalysts and reinforcements, polyurethane is created by reacting a polyol with a diisocyanate or a polymeric isocyanate.
  
  
• Based on Technology, the Single Component category controls most of the Parking Deck Coatings market's revenue. This is explained by the product's outstanding adherence to concrete flooring. Single-component Parking Deck Coatings are typically used when pedestrian sections and ramps—like those in offices or existing residential decks are subject to lower traffic loads. They give the floor a semi-glossy look and are applied thinly.
  
  
• Based on Application, most of the Parking Deck Coatings market's revenue is controlled by the Heavy-Duty Parking Decks category. Parking Deck Coatings prevent floors from deterioration and provide high-temperature resistance to both indoor and outdoor spaces. These coatings provide resistance to various floor pollutants and high flexibility to handle the forces that cars put on a coating system.
  

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Single Component Technology Category from among the Technology Segment Expected to Generate over Half the total of Segment Revenue in the Forecast Period
For better understanding, based on the Technology, the Parking Deck Coatings market is divided into Single-Component, Double-Component and Triple-Component.

The Single-Component market was the largest market by application, and it is anticipated to continue to hold the top spot during the projected period. Because of their affordability, simplicity of use, and resistance, the market is expected to expand. Combustible compound-related safety and environmental risks significantly impact the product's manufacture. They are applied thinly, giving the floor a semi-glossy surface.

On the other hand, the Double-Component category is anticipated to grow significantly. The outstanding friction, chemical, and water resistance qualities are credited with the rise. Compared to single-component coatings, these coatings are put in thick layers and are more durable. They often accept discounted door and higher fibre 3formulation without using solvents. They also do not require moisture in the air to cure.

North America Region in Parking Deck Coatings Market to Expected Generate a Vast Chunk of the Global Revenue
The North American region is anticipated to dominate the market. The demand for parking spaces in office buildings, universities, schools, universities, and other public sites is expected to increase, increasing the demand for parking deck solutions that can withstand wear and tear, rust, and heat. Hence, it is anticipated that demand for Parking Deck Coatings will increase in the upcoming years. Because of the ongoing construction of new infrastructure, the residential construction sector in the United States has experienced tremendous expansion.

The Asia Pacific regional market is predicted to develop fastest in the Parking Deck Coatings market. This could be linked to the growth of the building and automotive industries in China, Japan, and India. Paints and coatings are in greater demand since they can be used in domestic and non-residential projects. The expansion of multinational industry participants, growth in developing countries, and technical improvements contribute to the region's continued success. The market for industrial coatings in the Asia Pacific region has grown further due to the simple availability of raw materials and expanding applicability in the industrial, aerospace & military sectors.

Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Parking Deck Coatings Market Forecast Report (2023-2030).   

Global Parking Deck Coatings Market Segmentation

By Type

• Polyurethane
• Epoxy
• Acrylic
• Polyprotic
• Methyl Methacrylate
• Other Types

By Technology

• Single-Component
• Double-Component
• Triple-Component
  

By Application

• Heavy-Duty Parking Decks
• Pedestrian & Light-Wheeled Traffic Area
• Other Applications
  

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:    

Key Questions Answered in the Parking Deck Coatings Market Report are:

• What is the current size of the parking deck coatings market, and how is it expected to grow in the coming years?
• What are the key drivers and restraints affecting the growth of the market?
• What are the different types of parking deck coatings available in the market, and how do they differ in terms of features and benefits?
• What are the key end-use industries for parking deck coatings, and which ones are expected to drive demand in the coming years?
• What are the major geographic regions for the parking deck coatings market, and which ones are expected to show the highest growth rates?
• Who are the leading players in the parking deck coatings market, and what are their market shares and strategies?
• What are the latest developments and innovations in parking deck coatings technology?
• What are the major challenges facing the parking deck coatings market, and how are industry players addressing them?
• What is the regulatory landscape for parking deck coatings, and how is it expected to evolve in the coming years?
• What are the major trends and opportunities in the parking deck coatings market, and how can companies capitalize on them?

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