27-Nov-2019: The global floor coatings market size is
expected to reach USD 3,901.5 million by 2025, exhibiting a CAGR of 6.6% over
the forecast period, according to a new report by Grand View Research, Inc. The
market is anticipated to be driven by rising demand for green buildings
globally.
Green buildings are
gaining popularity over the conventional ones in the recent years. Efficient
use of energy & water, use of renewable energy, reduced operating costs,
improved air quality, and reduced overall load on metal structures as compared
to conventional buildings are fueling the demand for green buildings.Floor
coating manufacturers are designing VOC-free and environment-friendly products
to cater to the increasing demand in green buildings. These factors are
projected to significantly fuel the market growth over the forecast period.
Based on product
segment, polyurethane is anticipated to ascend at the highest growth rate over
the forecast period. Polyurethane offers abrasion, corrosion, and wear
resistance along with high flexibility. These benefits make the product
suitable for use as flooring solutions in residential, commercial, and
industrial structures. Epoxy coatings are applied on various surfaces including
terrazzo, chip, and colored aggregate flooring to enhance the aesthetic appeal.
Double component
segment is expected to witness substantial growth over the forecast period.
Double component surface coatings are suitable for areas such as parking &
bridge decks, warehouses, industrial spaces, service stations, chemical &
metal treatment plants, and machinery service area. They have excellent
chemical, abrasion, and water resistance properties. With rapid
industrialization and increase in infrastructure development, double component
coatings are expected to witness growth in demand, especially in developing
countries such as China, India, and Brazil.
Wood is one of the
prominent application segments.Surface coatings are used on wood floors to
enhance wood grain and to protect the surface. Consumers can select one between
matte finish and glossy finish depending on their requirement for covering
wooden floors. Types of products that are used to impart a clear finish to
traditional hardwood floors include water-based polyurethane, solvent-based
polyurethane, and others.
Commercial end-user
segment is projected to witness significant growth owing to the increasing
spending on construction activities including shopping malls, commercial
stores, hospitals, restaurants, warehouses, institutions, and similar other
projects with the rise in purchasing power parity across regions such as Asia
Pacific, North America, and Europe. Surface coatings with anti-slip property
and glossy appearance are useful in heavy traffic areas such as commercial
centers that witness high footfall along with movement of machines such as
forklifts.
Various strategic
initiatives were recorded in the past few years to boost the market growth. For
instance, in January 2019, LATICRETE International, Inc. displayed its product
line at 2019 World of Concrete show. The product line included various flooring
systems, coatings, and construction materials marketed under SPARTACOTE,
LATICRETE SUPERCAP, and NXT brands.
In
depth research report on Floor Coatings Market
Further key findings from the report suggest:
·
Asia Pacific dominated the market during the forecast period
from 2019 to 2025
·
China is the fastest growing country in Asia Pacific region
on account of the growing industrialization
·
Polyurethane segment is fueling the floor coating market
growth owing to its rising demand in various applications
·
Market players are adopting various strategies such as
showcasing their floor coating product lines in commercial expos to create
awareness among the end users and boost product sales.
Grand View Research
has segmented the global floor coating market on the basis of product,
component, application, end-user, and region:
Floor Coating Product Outlook (Volume, Kilotons; Revenue, USD
Million, 2014 - 2025)
·
Epoxy
·
Polyaspartic
·
Polyurethane
·
Acrylic
·
Methyl Methacrylate
Floor Coating Component Outlook (Volume, Kilotons; Revenue,
USD Million, 2014 - 2025)
·
Single Component
·
Double Component
·
Triple Component
·
Others
Floor Coating Application Outlook (Volume, Kilotons; Revenue,
USD Million, 2014 - 2025)
·
Concrete
·
Wood
·
Terrazzo
·
Others
Floor Coating End-User Outlook (Volume, Kilotons; Revenue,
USD Million, 2014 - 2025)
·
Residential
·
Industrial
·
Commercial
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About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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