Floor Coatings Market Size, Analysis - Segmented by Product Type (Epoxy, Polyaspartics, Acrylic, Polyurethane), Floor Material (Wood, Concrete), Coatings Component, End-User Industry and Geography - Growth, Trends, and Forecast (2018 - 2023)
The market for floor coatings is expected to register a significant growth during the forecast period, 2018 to 2023. This significant growth is primarily driven by the increasing awareness about the benefits of using floor coatings and ongoing industrialization especially in Asia-Pacific region. Asia-Pacific accounted the largest regional market share of the global floor coatings market in 2017.
Growing Awareness about the Advantages of Floor Coatings
Floor coatings are employed to guard the floor from the mechanical damage and also to enhance the appearance value of the floor. They act as protective coatings for the floors. These coatings can be applied on variety of substrates and in all applications including industrial, commercial and residential. Without floor coatings, surfaces are prone to accumulation of dust, cracks, surface porosity, microbial growth, weakening of surface and unappealing patches. In the recent times, there has been a considerable growth in the awareness about the advantages of floor coatings and is continuing to grow especially in residential applications, thus, driving the market for floor coatings across the globe.
Epoxy Segment to Contribute Significant Demand to the Floor Coatings Market
Epoxy coatings are generally used for industrial and commercial floorings. But, in recent times, the usage of epoxy coatings can also be seen in residential applications. Epoxy resins are difficult to recycle. Thus, they are burnt or landfilled after their service period. Some epoxy floors last as long as the structure where they are installed. Some of the main advantages of using epoxy coatings for flooring surfaces include increased brightness, glossy look on surface, ability to withstand heavy impacts and continuous traffics, etc. The overall market for epoxy-based floor coatings is expected to grow significantly especially in the Asia-Pacific region owing to the ongoing industrialization and growth in the construction industry.
Asia-Pacific to Dominate the Floor Coatings Market
Asia-Pacific represents the largest regional market for global floor coatings market in 2017. This immense demand for floor coatings is a consequence of the growing trends of construction industry and manufacturing sector in the region. In Asia-Pacific, China and India provides the major market for the floor coatings in the region. The other factors that uphold the market for floor coatings in Asia-Pacific include investments by government on infrastructure projects, increasing disposable incomes, change in consumer lifestyles and widespread awareness about the floor coating benefits. On the other hand, Europe was also found out to be another major market for floor coatings during the forecast period 2018-2023.
Key Developments in the Floor Coatings Market
- Mar 2018- BASF has announced to increase prices for epoxy-based products sold under the brand name of MasterSeal and MasterTop in European region.
- Aug 2017- Sherwin-Williams launched new water-based floor coatings with the benefit of lower VOCs than solvent-based formulations.
Major Players - Sika AG, The Sherwin Williams Company, Akzo Nobel N.V., PPG Industries, Inc., RPM International Inc. among others
Reasons to Purchase the Report
- Identify the current and future prospects of the global floor coatings market in the developed and emerging markets
- Analyze various perspectives of the market with the help of Porter’s five forces analysis
- Information about the growth of the various product segments that are expected to dominate the market
- Identify the region that is expected to dominate the market over the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in Excel)
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