Floor Coatings Market Size, Share, and COVID-19 Impact Analysis, by Product Type (Epoxy, Polyaspartic, Acrylic, Polyurethane, Others), by Floor Material (Wood, Concrete, Terrazzo, Mortar, Others), by End-User Industry (Residential, Commercial, Industrial), and by Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) Analysis and Forecast 2022-2030
Market Perspective
The global Floor Coatings Market was valued at USD 3.5 billion in 2021 and is projected to reach USD 5.7 billion by 2030, at a CAGR of 6.3%. Floor coatings are protective layers applied to surfaces that are subjected to corrosion, wear, or stress, such as those found in manufacturing plants, warehouses, and chemical plants. Various types of floor coatings, such as polyurethane and epoxy-based coatings, are commonly used in resurfacing and stain removal.
The growth of the construction industry, as well as the rising use of coatings in industrial, commercial, and residential applications, are driving the floor coatings market. Furthermore, the demand for floor coatings has been boosted by global population growth and increased industrialization. Furthermore, the market players might benefit from an increase in infrastructure investment as well as increased demand for floor coatings from the chemical industry.
COVID-19 ANALYSIS
The outbreak of COVID-19 impacted severely on the growth of the global floor coatings market. Lockdowns and stringent government laws disrupted the supply and demand for raw materials, limiting manufacturing and significantly hurting production facilities around the world. Due to a scarcity of workers, nationwide lockdowns, and a slowing economy, ongoing building projects have suffered.
The most widely reported impact of COVID-19, according to Lexology, is a severe labor shortage. For example, China's construction industry is heavily reliant on rural migrant workers, with 54 million rural migrant workers employed in the industry, according to China's National Bureau of Statistics. After the shutdown in 2020, migrant employees who had returned home for the Lunar New Year break were unable to return to work. The floor is projected to rise due to vaccination efforts and the easing of lockdowns.
LATEST TREND
Surging Construction of Commercial and Industrial Buildings
The increasing demand for real estate construction across developing nations is likely to propel the growth of the global floor coatings market. The surging multinational companies is also playing a crucial role in favoring the floor coatings market growth. In the coming years, rising building and infrastructure development in nations like China and India would enhance demand for floor coatings. Increasing demand for ornamental coatings from international corporations is projected to drive demand for floor coatings in the near future. Many firms witnessed floor coating innovation as a big opportunity to expand their manufacturing capacity.
DRIVING FACTORS
Increasing Urbanization Across the World
The floor coating sector is being restructured as a result of increased globalization and fast industrialization. Because of changing market trends, the floor coatings business has seen fast expansion. Floor coatings are placed on concrete, tiles, and wooden floors, among other surfaces, to act as a protective barrier against moisture, corrosion, thermal shocks, and chemical attacks.
The fundamental feature of floor coatings is their long shelf life, as well as their decorative qualities, protection, cost-effectiveness, and low maintenance. The numerous types of floor coatings available on the market have varied features and are utilized for different reasons across the business.
Increasing Demand for Customization from Different End Users
The increasing demand for customization from different end users is favoring the market growth. Commercial spaces such as retail outlets, parking lots, and warehouses, amongst others are seeking attention from the population to create larger footfalls.
Concerns Pertaining to Substitutes May Hamper the Growth
The availability of substitutes will likely hamper the growth of the global floor coatings market.
SEGMENTATION
The global floor coatings market is segmented by Product Type (Epoxy, Polyaspartic, Acrylic, Polyurethane, Others), by Floor Material (Wood, Concrete, Terrazzo, Mortar, Others), by End-User Industry (Residential, Commercial, Industrial), and region. Based on the floor material type, the market is categorized into epoxy, polyaspartic, acrylic, polyurethane, and Others.
Based on floor material, the market is categorized into wood, concrete, terrazzo, mortar, and others. Based on end-user industry, the market is categorized into residential, commercial & industrial. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.
Product Type Insights
Based on the product type segment, the global floor coatings market is categorized into epoxy, polyaspartic, acrylic, polyurethane, and others. The epoxy segment has dominated the market share of the global floor coatings market in 2020 owing to its physical properties as epoxy is a robust and durable flooring product that is placed over an underlying concrete slab in many industrial applications, or anywhere that the concrete slab is heavily eroded. The following are some of the most typical and effective epoxy mortar applications in industrial facilities including protecting from wear & tear, creating slopes, repairing and cover up flooring surfaces amongst others.
Floor Material Insights
Based on the floor material segment, the global floor coatings market is categorized into wood, concrete, terrazzo, mortar, and others. Concrete held the largest market share in 2020 of the global floor coatings market attributing to several characteristics such as its most extensively utilised material for the building of industrial floors due to factors such as its lower cost, higher durability, and tensile strength.
End-User Industry Insights
Based on the end-user industry segment, the global floor coatings market is categorized into residential, commercial, & industrial. The industrial segment is dominated the market share in 2020 owing to the increasing industrialization and urbanization across the world. The chemical industry owns a larger share than others industries as chemicals are employed in practically every product made today, either directly or indirectly. This emphasizes the global significance of the chemical industry. As one of the most important industries, high-performance flooring is critical for research and development labs, manufacturing plants, and other industrial buildings.
The commercial segment is expected to witness the highest growth rate during the forecast period the floor coatings market due to the increasing construction of multinational companies in developing countries.
REGIONAL INSIGHTS
The global floor coatings market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Asia Pacific region is dominating the market share owing to the rising population and urbanization activities. The need for floor coatings has increased as the region's commercial and residential development activities have increased. In recent years, market expansion has been spurred by population growth and an increase in disposable income in emerging countries. Furthermore, the consumption of floor coatings has increased in India and China, and the building industry in the region has been fast-growing thanks to increased government investment.
For example, according to Invest India, India's real estate industry is expected to reach $1 trillion by 2030 and contribute 13% to the country's GDP. Furthermore, in India, a number of government-led programs, such as the Smart City project and Housing for All by 2022, are expected to boost the country's building industry. As a result, the expansion of these construction activities is likely to boost the growth of the floor coatings market.
North America is expected to witness the highest growth rate during the forecast period of the global floor coatings market owing to the ongoing technological improvements in floor coatings, significant government investments in green building development, and infrastructure developments in the automotive and pharmaceutical sectors. Moreover, several other forthcoming construction projects, such as the renovation and extension of JKF International Airport, the Atlanta Chattanooga High-Speed Rail Ground Transportation project, and others, are expected to provide lucrative growth possibilities for the market in North America. Over the projection period, however, the rising threat of alternatives such as tiles, carpets, and bamboo flooring is expected to stifle market expansion.
INDUSTRY PLAYERS
- Akzo Nobel N.V.
- Ardex Endura
- ArmorPoxy
- BASF SE
- Jotun
- Kansai Paint
- LATICRETE International, Inc.
- Mapei
- Maris Polymers
- Michelman, Inc.
- Milliken & Company
- PPG Industries, Inc.
- Sika AG
- Sto Ltd.
- Teknos Group
- The Sherwin-Williams Company
- Tikkurila
KEY INDUSTRY DEVELOPMENTS:
February 2021- Sika AG acquired Kreps LLC to strengthen its product portfolio in Russia.
December 2019- AkzoNobel has acquired Mauvilac Industries' local manufacturing facilities, four concept stores, and a robust distribution network are all part of this endeavor. This strategic approach should help AkzoNobel expand its presence in Sub-Saharan African markets.
SEGMENTATION
By Product Type
- Epoxy
- Polyaspartic
- Acrylic
- Polyurethane
- Others
By Floor Material
- Wood
- Concrete
- Terrazzo
- Mortar
- Others
By End-User Industry
- Residential
- Commercial
- Industrial
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy
- Asia-Pacific- China, Japan, India
- Latin America- Brazil, Argentina, Colombia
- The Middle East and Africa- United Arab Emirates, Saudi Arabia
ARE YOU SEEKING COMPREHENSIVE INSIGHT ON VARIOUS
MARKETS?
CONTACT OUR EXPERTS TODAY
Speak to an Expert
![Floor coatings market](https://extrapolate.b-cdn.net/Background/Report_Cover_Set_2.jpg)
Floor Coatings Market Size
- June-2022
- 140
- Global
- chemicals-and-advanced-materials
Related Research
Carbohydrases Market Size, Share & Trends Analysis Report By Application (Food and beverages, Anima
January-2021
1,2,3,4-Tetrahydroquinaldine Reagent (CAS 1780-19-4) -Global Market Status & Trend Report 2022-2030
August-2021
1,2,3,4-Tetrahydroquinaldine Reagent (CAS 1780-19-4) -Global Market Status and Trend Report 2022-203
August-2021
1,2,3,4-Tetrahydroquinoline Reagent (CAS 635-46-1)-Global Market Status & Trend Report 2022-2030 Top
August-2021
1,2,3,4-Tetrahydroquinoline Reagent (CAS 635-46-1)-Global Market Status and Trend Report 2022-2030
August-2021