Industrial Floor Coatings Market Size By Product (Epoxy, Polyaspartic, Polyurethane, Acrylic, Epoxy Cementitious, Methyl Methacrylate ), By Component (Single Component, Double Component, Three Component, Four Component), By Flooring Material (Concrete, Mortar, Terrazzo), By Application (Manufacturing, Food Processing, Aviation & Transportation, Warehousing), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Poland, Russia, China, India, Japan, South Korea, Indonesia, Thailand, Malaysia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, Qatar, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024
Industrial floor coatings market is expanding owing to the rapid pace of industrialization worldwide. Rising awareness about the benefits of flooring depicts a surge in demand across various manufacturing sectors. Improved focus on reducing maintenance costs amidst harsh working conditions, such as heavy machinery, excessive heat, and chemical spills, will boost product penetration.
According to the Asian Development Bank, Asian countries are expected to invest USD 9 trillion in infrastructure development between 2010 and 2020. A major share of these investments expected to be allocated in manufacturing industries to support the needs of the growing population, fueling the business growth over the forecast period.
Several companies-initiated renovations incorporating floor coatings to achieve a reduction in wear and tear from heavy equipment. The product is generally used as a protective outer layer and it is applied to the ground surface. Growing need for high mechanical resistance to withstand wheels traffic in the plant will attract industries to adopt industrial floor coatings products.
Lower temperature reduces product performance of floor coatings due to the presence of organic chemicals while coating production. This limited performance at certain temperature is likely to restrict industrial floor coatings market growth during the forecast period.
Epoxy market was accounted over USD 1.6 billion in 2017. The product is extensively used on flooring surfaces of manufacturing facilities, food & beverage plants and warehouses. The self-leveling layers that contribute to the protection and filling hairline crack on floors augmenting product demand. Superior properties, such as exceptional adhesion, high resistance to chemicals & solvents, and flexibility, are among the major factors propelling product profile.
Double component market is projected to observe over 7.2% CAGR from 2018 to 2024. The products are mainly used in the environment that require corrosion protection in the various industry. The high durability and mechanical resistance from friction is a key factor driving product demand. It offers ease of application and major benefits such as chemical resistance, abrasion resistance, prevention of bacterial growth, easy cleanup fostering industry share.
Concrete segment generated more than USD 3 billion revenue share in 2017. Growing awareness on minimizing the maintenance cost has led to wider acceptance of concrete ground layering products in the market. Manufacturing ground endures constant abuse from mechanical, chemical and weather elements need superior protection. Major factor such as durability, high tensile strength, and lower cost when compared to other materials will augment industrial floor coatings industry growth.
Food processing segment is anticipated to experience over 7.6% CAGR from 2018 to 2024. Higher adoption of coatings to ensure effective operations in the food processing plants is projected to boost the industry growth. In addition, measures are taken to ensure optimum hygiene and safety in processing plants strong supporting product landscape. Increasing investments in the food industry to tackle issues relating to food shortage and food wastage will augment the industrial floor coatings market demand.
Asia Pacific market captured more than 38% revenue share in 2017 and likely to observe over 8% CAGR up to 2024. Global manufacturing industry is mainly concentrated in Asian countries, particularly in China, Japan & South Korea. Regional growth was credited to China and Japan together contributed for over 30% of the global manufacturing output. For instance, in 2017, the Government of India announced the allocation of INR 6,000 crores for the establishment of 42 mega food parks to reduce food wastage, offering lucrative opportunities to the industrial floor coatings players in the region.
Industrial floors coatings market is highly fragmented in nature due to the huge presence of small manufacturing companies. Key companies include BASF, Sherwin-Williams, Roto Polymers, PPG Industries, Akzo Nobel, 3M, Kansai Paints, Axalta, Maris Polymer, and Florock Polymer. These companies are focusing on strategic collaboration with small companies to enhance position in the market.
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