Dubai, UAE, Sept. 07, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Extrapolate, the Global Floor Coatings Market is projected to reach USD 5.7 billion by 2030 from USD 3.5 billion in 2021, exhibiting a CAGR of 6.3% during the forecast period. Key factors driving market growth are the growth of the construction industry and the increasing application of coating materials in industrial, commercial, and residential applications.
Floor coatings are the primary protective layers applied to surfaces that experience corrosion, wear, or stress, such as those found in chemical plants, warehouses, and manufacturing facilities. The need for floor coatings has further increased due to global population growth and the boom in industrialization. Additionally, rising investment in the infrastructure sector and the change in demand for floor coatings from the chemical industry present potential for market participants.
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Competitive Landscape
Leading market players are using a variety of corporate growth methods, including joint ventures, partnerships, mergers and acquisitions, and product innovations, to fortify their market presence. Through investments in R&D efforts, the construction of new manufacturing facilities, and the optimization of supply chains, these strategies seek to broaden their product portfolios and market shares in several areas.
Prominent manufacturers in the global floor coatings market include:
- Akzo Nobel N.V.
- Ardex Endura
- ArmorPoxy
- BASF SE
- Jotun
- Kansai Paint
- LATICRETE International, Inc.
- Mapei
- Maris Polymers
- Michelman, Inc.
- Milliken & Company
- PPG Industries, Inc.
- Sika AG
- Sto Ltd.
- Teknos Group
- The Sherwin-Williams Company
- Tikkurila
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Market Segmentation
By Product Type
- Epoxy
- Polyaspartic
- Acrylic
- Polyurethane
- Others
Presence of Favorable Characteristics of Epoxy to Bolster Product Demand
The epoxy segment has dominated the market share of the global floor coatings market in 2020 due to its physical characteristics. Epoxy is a solid and durable flooring product that is placed over an underlying concrete slab in many industrial applications or anywhere that the concrete slab is severely eroded. The increasing application of epoxy in construction purposes fuels segmental growth. Some of the most common and efficient uses for epoxy mortar in industrial buildings include covering flooring surfaces, restoring damage from wear and tear, and constructing slopes.
By End-User Industry
- Residential
- Commercial
- Industrial
Rapid Industrialization to Foster the Floor Coatings Market Progress
The industrial segment held the lion's share in the market in 2021 due to the global increase in industrialization and urbanization. Notably, the chemical industry held a larger portion of the market share compared to other industries. This is attributed to the extensive use of chemicals in almost every product, whether directly or indirectly. This underscores the worldwide importance of the chemical sector. Given its paramount significance, the demand for high-performance flooring remains crucial for various industrial facilities like research labs, manufacturing plants, and other industrial structures.
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Increasing Global Urbanization to Drive Floor Coatings Market Progress
The floor coating industry is witnessing strong growth due to rapid industrialization and globalization. The market has grown quickly as a result of shifting market patterns. Floor coatings are administered onto various surfaces, such as concrete, tiles, and wooden floors, among others, to safeguard against chemical attacks, moisture infiltration, corrosion, thermal stress, and other potential dangers,
The key characteristics of floor coatings are their extended shelf life, as well as their aesthetic appeal, level of protection, affordability, and ease of upkeep. Floor coatings available in the market have diverse features and are used across the industry for various purposes.
Technological Advancements in North America to Support Market Development
The North America floor coatings market is anticipated to experience the highest growth rate during the forecast period. The regional growth is attributable to the ongoing technological advancements in floor coatings, significant government investments in green building development, and infrastructure advancements in the automotive and pharmaceutical industries. Additionally, several other upcoming building projects, such as the expansion and restoration of JFK International Airport, the Atlanta Chattanooga High-Speed Rail Ground Transportation project, and others, are foreseen to offer profitable growth opportunities for the North American industry.
Prominent Infrastructural Development in APAC to Bolster Market Expansion
Asia Pacific is dominating the global floor coatings market due to the growing population and major urbanization activities. With increased commercial and residential development activities in the region, the demand for floor coatings has risen significantly. Recent years have witnessed market expansion fueled by population growth and higher disposable income in emerging nations. Moreover, the consumption of floor coatings has seen an uptick in countries like India and China, where the building industry has experienced rapid growth, largely due to increased government investments.
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Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data Product Type
2.3.1. Secondary Product Type
2.3.1.1. Preliminary data mining
2.3.2. Primary Product Type
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Surging Construction of Commercial and Industrial Buildings
3.3. Market drivers
3.3.1. Increasing Urbanization Across the World
3.3.2. Increasing Demand of Customization from Different End Users
3.4. Market restraints
3.4.1. Concerns Pertaining to Substitutes May Hamper the Growth
3.5. Market opportunities
3.5.1. Increasing Focus on Green City Projects
3.6. Market Challenges
3.6.1. Fluctuation of Raw Material Prices
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Floor Material of Suppliers
3.7.2. Bargaining Floor Material of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact On Floor Coatings Market
Chapter 5. Global Floor Coatings Market Overview, By Product Type, 2017 - 2030(USD Million)
Chapter 6. Global Floor Coatings Market Overview, By Floor Material, 2017 - 2030(USD Million)
Chapter 7. Global Floor Coatings Market Overview, By End-User Industry, 2017 - 2030(USD Million)
Chapter 8. Global Floor Coatings Market Overview, By Geography, 2017 - 2030(USD Million)
...
Chapter 14. Competitive Landscape
14.1. Competitive environment, 2021
14.2. Strategic framework
14.2.1. PartnersOthers/agreement
14.2.2. Expansion
14.2.3. Mergers & Acquisitions
14.2.4. New Size development
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
16.1. Floor Coatings Market Industrial Chain Analysis
16.2. Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
17.1. Marketing Channel
17.1.1. Direct Marketing
17.1.2. Indirect Marketing
17.1.3. Marketing Channel Development Trend
17.2. Market Positioning
17.2.1. Pricing Strategy
17.2.2. Brand Strategy
17.2.3. Target Client
17.3. Distributors/Traders List
Chapter 18. Market Effect Factors Analysis
18.1. Floor Material Progress/Risk
18.1.1. Substitutes Threat
18.1.2. Floor Material Progress in Related Size
18.2. Consumer Needs/Customer Preference Change
18.3. Economic/Political Environmental Change
Chapter 19. Future Outlook of the Market
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