Industrial Floor Coating Market is valued at USD 5610.3 Million in 2021 and is expected to reachUSD 7691.3 Million by 2028 with aCAGR of 4.61% over the forecast.
Global Industrial Floor Coating Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028- Rapid industrialization and growing manufacturing industry around the world are some of the major factors driving the growth of Global Industrial Floor Coatings Market.
Floor coatings are strong, protective coatings used for industrial or commercial flooring when rust or excessive wear is expected. These floor coverings are used for concealment, among other things, for convenience, direct traffic, and concealing colored concrete. Floor coatings are used in slip resistance applications. They are anti-static, anti-vibration, and waterproof and give an attractive finish to flooring and bare concrete. However, industrial floor coating offers maintenance, repair, and protection measures for a wide range of flooring requirements in the commercial and industrial sectors. A thin layer coating on the floor structure is defined as protecting the floor from exposure and a variety of harmful chemicals and others. Industrial floor coatings offer sustainable solutions to improve floor performance in commercial and industrial buildings, increasing the durability of concrete and a variety of other flooring materials. Industrial floor coatings offer advantages such as ease of maintenance, easy movement, and good finishing. Industrial floor coatings are mainly used in food and beverage processing to maintain the purity, quality, and hygiene.
The novel Coronavirus spread rapidly in various countries and regions, with a profound effect on the lives of people and the community. Emerging as a crisis for human health, it now poses a significant threat to world trade, economy, and finance. The impact of the lockdown is largely due to Covid-19, and the economic recovery of industrial floor coating manufacturers is entirely dependent on their cash reserves. According to a recent update by the International Monetary Fund (IMF), the recession is expected to be as severe as the global financial crisis of 2008 or even worse in 2020. Also, the IMF had warned that the global economy would lose a total of USD 9 trillion between 2020 and 2021. The extent of the economic losses is still largely in Europe, the US, and other major economies.
The global industrial floor coating market is segmented based on resin type, flooring material, component, end-user industry and geography. Based on resin type, the market is segmented into epoxy, Polyaspartic, polyurethane, and others. Based on flooring material, the market is segmented into concrete, mortar, and terrazzo. Based on components, the market is segmented into one component, two-component, three components, and others. Based on the end-user industry, the market is segmented into chemical, food, and beverages, healthcare, transportation and aviation, and others.
The regions covered in the global industrial floor coating market report are North America, Europe, Asia-Pacific, Latin America, and the Rest of the World. Based on a country level, the market of global industrial floor coating market is subdivided into the U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, Southeast Asia, Middle East Asia, GCC, Africa, etc.
Industrial floor coating is designed to meet the highest industry standards in chemical and corrosion resistance. These coatings are used in chemical plants, warehouses, and manufacturing floors. For instance; Asian countries are expected to invest $9 trillion in infrastructure development of industrialization and urbanization. So, growing industrialization will drive the industrial floor coating market. Currently, Japan remains far ahead of China in terms of infrastructure investment in Southeast Asia. In 2018, Japan’s investments totaled 367 billion, compared to $ 255 billion from China. Japan is also ahead in terms of the number of infrastructure projects, with engagement in 240 projects, versus 210 by China. Vietnam is, by far, the largest recipient of Japan’s infrastructure investment in the region, with pending projects worth $ 209 billion, including a $ 58.7 billion high-speed rail line connecting Hanoi and Ho Chi Minh City. China, meanwhile, has poured $ 93 billion of its infrastructure investments into Southeast Asia, or 36% of the total, into Indonesia.
In addition, companies are expanding their business, focusing on new product launches, and acquiring other manufacturers to improve their product portfolio in the market which are also supplementing the market growth. For example; in 2021 RPM International acquired some companies, Dudic Inc. and Bison Innovative products, including adjustable polypropylene pedestals that support the tile with an architectural finish and also provide high-performance lining and secondary containment coatings, which provide corrosion resistance and chemical floor coatings. In December 2019, AkzoNobel acquired Mauvilac Industries Limited (Africa), a paint and coating manufacturer. The initiative includes the acquisition of Mauvilac Industries' local manufacturing facility, four concept stores, and a strong distribution network. This strategic initiative strengthens AkzoNobel's footprint in sub-Saharan African markets
However, variable raw material prices may hamper the market growth within the forecast period. In spite of that, growing advancements in the technology to produce more innovative products in this field may create more opportunities for the further growth of the market.
Asia Pacific is expected to witness a fastest growth in the global floor coatings market owing to the rising industrial infrastructure development activities by market players activity in emerging Asia-Pacific countries. Despite the volatile growth in the real estate sector, the Chinese government has seen significant growth in railway and road infrastructure, leading to strong growth in the Chinese private & government industrial construction industry in recent years. As of April 2021, there were approximately 200 unicorns (startups valued at $ 1 billion or more) in the Asia Pacific. Accelerated industrialization and the establishment of manufacturing and processing projects in Japan, China, India, and South Korea are increasing the demand for floor coatings in the pharmaceuticals, food and beverage, and automotive assembly industries.
North America is expected to show a significant growth in the global industrial floor coating market owing to the increasing government investment in infrastructure development in this region. For example; in October 2020, the Mexican government announced that it invested USD 14.2 billion in 29 projects as part of the Acuerdo para la Recuperación Económica (Economic Recovery Agreement) in collaboration with private sector companies. The announcement reflects the interest between private companies and the government in developing Mexico's infrastructure.
On December 12th, 2019; BASF launched the next generation, MasterTop XTC, a high-performance flooring system for the construction industry. Designed with innovative XolutecTM technology, an inorganic modified high-density cross-linking resin polymer, MasterTop XTC provides smooth-clean seamless floor surfaces with exceptional resistance to friction and impact. With features such as odorless ness, self-smoothing, and quick return to service, MasterTop XTC is an environmentally friendly and user-friendly flooring solution that greatly improves the overall installation process.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 5610.3 Million|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 7691.3 Million|
|Tables, Charts & Figures:||175|
|Industrial Floor Coating Companies||BASF SE, Cipy Polyurethanes Pvt. Ltd., Cornerstone Flooring, Don Construction Products Ltd., Fosroc, Inc., MAPEI S.p.A., RPM International Inc., Sika AG, Twintec Group Limited, and VIACOR Polymer GmbH and others.|
|Segments Covered||By Resin Type, By Flooring Material, By Component, By End-User Industry|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|