Study Sees Growth in Concrete Floor Coatings Market
DOVER, DE – According to market research firm Global Market Insights Inc., the concrete floor coatings market is projected to record a 7% compound annual growth rate (CAGR) over 2016 to 2024 and exceed a market valuation of $1.5 billion by 2024. The market is poised to witness a major upswing with the soaring construction industry worldwide. On the global level, total construction spending crossed a mark of $7 trillion and is expected to record $13 trillion by 2024. Flooring is an integral part of the construction industry, and it finds wide application in the residential and commercial sectors. Concrete floor coatings are mainly used in flooring applications to provide resistance against harsh climatic conditions and abrasion.
The overall construction industry in the countries of Brazil, Russia, India, China and South America (BRICS) has shows promising growth prospects and is expected to grow at an annual rate of 11% over 2016 to 2024. The growth of the concrete floor coatings market is dependent on two factors: growth in the construction industry and the simultaneous expansion of the flooring industry. Escalating renovation and new infrastructure projects are expected to enlarge the scope of the business.
The flourishing construction business across Asia-Pacific has been a crucial factor driving the regional concrete floor coatings industry share. The emerging economies of the region, including India and China, are experiencing robust growth potential in infrastructure development and manufacturing facilities, heightening product demand in the region. Moreover, rising population and changing consumer lifestyles have also positively led to the development of the regional market. The concrete floor coatings industry in Asia-Pacific is anticipated to attain a CAGR of 8% over the period of 2016 to 2024. China, in 2015, accounted for more than half of the total construction industry revenue generated by BRICS nations and is expected to observe the highest growth in the concrete flooring market over the coming years.
After the economic turmoil of 2008, North America experienced a surge in the construction sector and has a strong pipeline of numerous construction projects. Strong growth in the pharmaceutical, automotive, and food and beverage industry has stimulated product demand for flooring applications across the region. A significant rise has been observed in remodeling and renovation projects across the residential sector, which has driven the concrete floor coatings market size. Accounting for more than 30% of the overall industry share, North America led the worldwide concrete floor coatings industry share in 2015.
Concrete floor coatings also find significant applications in indoor and outdoor sectors. Concrete floor coatings market revenue from outdoor applications is anticipated to grow at a CAGR of 6.5% during 2016 to 2024. High government funding for infrastructural growth has spurred product usage in outdoor applications such as driveways, pathways, garages and walkways. Indoor applications, which dominated the application landscape in 2015, are expected to contribute notably towards concrete floor coatings market share over the years ahead. The growth can be attributed to the high product preference across residential and commercial construction. The growing need for improving sports infrastructure will further drive product demand.
Polyurethane, epoxy and polyaspartics are the major concrete floor coatings products. The thriving polyurethane sector, which is projected to surpass a revenue of $75 billion by 2023, will boost concrete floor coatings industry trends. Development of biobased polyurethanes for various coatings applications will further push industry revenue.
Epoxy concrete floor coatings market value, which was estimated at over $400 million 2015, is expected to grow remarkably over the years ahead. Prominent product applications in railways, hospitals, airways, schools and colleges, pharmaceuticals, and electrical and electronic sectors are expected to favorably influence demand. The epoxy surface coatings sector will further boost industry revenue.
The polyaspartics concrete floor coatings industry is forecast to register a CAGR of over 7% from 2016 to 2024, driven by increasing product use in outdoor applications as a result of its exceptional UV radiation resistance.
For additional information about the report, visit https://www.gminsights.com/industry-analysis/concrete-floor-coatings-market.