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.