Report Predicts Growth in Industrial Floor Coatings Market
SHELBYVILLE, DE — According to a new research report by Global Market Insights Inc., the market for industrial floor coatings is estimated to exceed $7 billion by 2024, growing at a compound annual growth rate of 7.2%.
Favorable macroeconomic conditions coupled with rising industrialization in emerging nations will drive the industry share. According to the Asia Development Bank, Asian countries are expected to invest $9 trillion for infrastructure development between 2010 and 2020 to augment industrialization and urbanization. This will create a surge in the number of manufacturing facilities, thereby fueling industrial floor coatings demand.
Industrial floor coatings are widely used in food and beverage processing facilities to maintain quality, purity and hygiene. Rising urbanization has influenced consumption patterns; increased disposable income will make processed foods affordable for a larger share of the population. This will foster growth in the food processing industry and create opportunities for the product.
Epoxy dominated the market, generating over $600 million in revenue in 2017. Epoxy is used as surface coatings in manufacturing facilities, the food and beverage industry, and warehousing, owing to its superior resistance against hot tire pickups, abrasion and heavy impact. Easy installation, durability and low maintenance are key factors luring consumers towards epoxy-based surfaces.
Double-component products held over 50% of the volume share in 2017. The high degree of tolerance against friction is driving popularity in the manufacturing sector. These products are ideal for facilities with both heavy vehicle and pedestrian traffic. The product provides easy clean up as well as resistance against mechanical, chemical and bacterial elements.
Concrete-based surface coatings contributed over 85% of the overall industry share in the industrial coatings market in 2017. Growing awareness among consumers of the limitations of concrete floors, such as dust accumulation, difficulty in cleaning, cracking, microbial growth and weakening of reinforcement, has fueled demand for concrete-based surface coatings solutions.
Application in the warehousing segment will witness steady growth over the forecast period. Strong demand for high mechanical resistant surfaces along with an emphasis on safety will drive the product demand.
The industrial floor coatings market in the Asia-Pacific region is estimated to reach $2.9 billion by 2024. Favorable foreign-direct-investment norms coupled with government investments to expand the manufacturing sector will drive growth in this region. The availability of low-cost raw materials and labor will enhance the region’s appeal as a manufacturing hub, which in turn, positively influences the industrial floor coatings market growth.
The industrial floor coatings market in Europe is characterized by the presence of key industrial floor coatings manufacturers such as BASF, Dow Chemical and AkzoNobel. Strong demand from both domestic and international markets for major industrial output such as automotive, chemical and food will create lucrative opportunities for the market in the region.
Global industry share is moderately fragmented with the presence of both multinational and regional players. Akzo Nobel, Dow Chemical, Sika AG, Kansai Paints and PPG Industries are among the major industry players. Other notable participants include BASF, Asian Paints, DSM and Sherwin-Williams. Mergers and acquisitions, product portfolio expansion, and supply agreements are key strategies adopted by major industry players to gain market share.
For additional information about the report, visit https://www.gminsights.com/industry-analysis/industrial-floor-coating-market.