Growth Projected for Floor Coatings Market
DUBLIN — According to a new study from Research and Markets, the market for floor coatings is expected to grow at a compound annual growth rate of 6.15% during the forecast period of 2019–2024. According to the report, one of the major factors driving the market is the number of increasing housing construction activities in the emerging economies of Asia-Pacific. There are strict regulations on VOCs released for floor coatings.
The demand for floor coatings from industrial coatings dominated the market in 2017 and is expected to grow during the forecast period, owing to the increasing demand from the chemical industry. The promising performance of polyaspartic coatings is likely to act as an opportunity in the future. Asia-Pacific dominated the market across the globe, with the largest consumption from China and India.
Demand for Concrete Floor Coatings to Boost the Market
Concrete has become one of the viable materials for flooring in modern houses. Presently, concrete flooring can be easily found in houses in the polished, stained or etched form. Concrete flooring in homes finds application almost everywhere, including in the kitchen, bathroom, basement, entry, foyer, mudroom, bathroom and garage.
Apart from residential applications, concrete is also widely used in commercial areas. For instance, in retail stores, offices, restaurants and bars, schools, churches, medical institutions, and industrial buildings.
Concrete flooring has certain benefits, such as unlimited designs and patterns, extreme durability, very low maintenance demand, and stain resistance. Floor coatings serve as a sealer on the concrete. The application of coatings helps avoid seepage, staining and cracking of concrete. Additionally, it reduces allergens by avoiding the growth of microorganisms, which may develop on the floor due to seepage or spillage.
Asia-Pacific to Dominate the Market
The study reports that Asia-Pacific dominated the global market share in 2017. Increasing housing construction activities in the emerging economies of Asia-Pacific have also contributed to the growth of the market. Despite volatile growth in the real estate sector, significant development of rail and road infrastructure by the Chinese government, in order to withstand demand from the growing industrial and service sectors, has resulted in the robust growth of the Chinese construction industry in the recent years. As the construction industry is dominated by state-owned and private enterprises, increased government and private expenditure in this regard is pushing the industry toward global primacy. In recent years, the entry into China of major construction players from the European Union has further boosted the growth of this industry.
The construction sector in India has been growing rapidly, with increased investment by the government. The Indian government's ‘Housing for All by 2022’ is also a major game changer for the industry. A cumulative total of $24.67 billion in foreign direct investment was made toward construction activities (including townships, built-up infrastructure and construction-development projects) in the country between April 2000 and December 2017. Such factors are, in turn, boosting the demand for floor coatings in the region.
According to the report, the global floor coatings market is fragmented, with the top 10 players accounting for around one-third of the revenue share. The top companies in the market include Sika AG, Sherwin-Williams Co., PPG and AkzoNobel.
For additional information about the report, visit https://www.researchandmarkets.com/publication/mlncc4r/4622257.