Global industrial floor coating market Research Report, Insights, Opportunity Analysis, Market Shares and Forecast 2017 - 2023
Industrial floor coatings find application in enriching the performance of floorings in industries and commercial spaces by increasing the strength of concrete and other flooring material. Industrial floor coating impedes damages such as chemical attacks, thermal shocks, scratches and corrosion. Growing need to protect concrete floors in industries and commercial spaces and rapid industrialization in developing economies are the major factors propelling the global industrial floor coating market.
Rapid industrialization in emerging countries such as China, Malaysia, India and others is a major factor pulling the demand for industrial floor coating market. Increasing number of commercial spaces, industries and manufacturing facility is increasing the need of industrial floor coating material owing to keeping a hygienic environment in production facility and preventing the floors of industry from chemical attacks, scratches and corrosion. Oil & Gas, chemical & petrochemical and food & processing are some of the major end-user sector propelling the demand of the market. Government organizations and private investors both are investing large amount of capital in setting up new units and upgrading existing facilities in Oil & Gas and Chemical & Petrochemical sector. For instance, in 2017, as per company sources, Hanwha Total’s Petrochemical Ltd have invested $300 million to increase Polyethylene name plate capacity of its Daesan refinery and Petrochemical complex. Furthermore, Iran Deputy oil minister have announced 30 new petrochemicals projects to come online by 2018. In addition, an investment of $30 billion for 52 oil and gas projects under contract terms, including 29 oilfields and 23 gas development. Therefore, rapid industrialization and increasing number of industries across the world is expected to propel the demand of global floor coating market.
Asia-Pacific is expected to grow at highest rate owing to rapid industrialization in the region and rising need to protect concrete floors in different industries such as food and processing, chemical manufacturing facilities, refineries and commercial facilities. Furthermore, Indian Government is taking various initiatives to lift food processing industry of the country. For instance, government allowed 100% FDI in food processing sector to attract foreign giants. Also, The Food Safety and Standards Authority of India (FSSAI) planned to invest about $72.3 million in improving food testing infrastructure, by upgrading 59 labs and launching 62 new mobile labs.
3M Company (U.S.), A&I Coatings (AUSTRALIA), Akzo Nobel N.V. (NETHERLANDS), Asian Paints PPG Pvt Ltd. (INDIA), BASF SE (GERMANY), CPC Floor Coatings (U.S.), Florock Polymer Flooring Systems (U.S.), Koninklijke Dsm N.V. (NETHERLANDS), Milliken & Company (U.S), Plexi-Chemie, Inc. (U.S.), PPG Industries, Inc. (U.S.), RPM International Inc. (U.S.), The DOW Chemical Company (U.S.), The Lubrizol Corporation (U.S.), The Sherwin-Williams Company (U.S.) and others are some of the major players in global industrial floor coating market. Companies use various strategies such as merger & acquisition, collaboration, expansion, agreement, partnership, new product development and product launch to maintain their competitive position in the market. For Example: As per company sources, Akzo Nobel, a global leader in industrial floor coating market have make an investment of $10 million to expand its production capacity at U.S.
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