Floor Coating Market - Forecast(2021 - 2026)
Floor Coatings Market size is forecast to reach $9.5 billion by 2025, after growing at a CAGR of 5.7% during 2020-2025. Floor coatings are applied on surfaces to impart slip resistance properties to them. Besides offering slip resistance, they also exhibit anti-vibration, anti-static, and waterproof properties. Rising construction industry and increasing use of coatings in commercial, industrial, and residential applications are factors favoring the market growth.
Report Coverage
The report: “Floor Coatings Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Floor Coatings Market Industry.
By Type: Epoxy, Polyurethane, Acrylics, Polymethyl Methacrylate (PMMA) and Others.
By Formulation: Solvent-based, Water-based, and Others
By Flooring Material: Wood, Concrete, Mortar, Terrazzo and Others.
By Application: Commercial Buildings (Shopping Malls, Restaurants and Hotels, Office Buildings, and Others), Institutional Buildings (Educational Institutions, Museums, Hospitals, and Others), Infrastructure (Transportation Facility, Pedestrian Walkways, and Others), Residential, Industrial (Manufacturing Facilities, Food Processing, Warehouses, and Others)
By Geography: North America, South America, Europe, APAC, and RoW.
Key Takeaways
- New product developments and increasing investments in research and development of floor coatings are expected to drive the growth of this market.
- Among end users, industrial segment is projected to lead the floor coatings market during the forecast period.
- Asia Pacific dominated the floor coatings market.
By Type - Segment Analysis
Epoxy segment held the largest revenue share of 51% in floor coatings market in 2019. Epoxy surface coatings are widely used on concrete floors in several industrial and commercial applications such as warehouses, commercial & retail stores, showrooms, garages, hospitals, manufacturing plants, airplane hangar, and others. These coatings provide decorative and high-gloss finish and are available in a variety of colors. For decoration purpose, epoxy floor coatings are applied on terrazzo flooring, chip flooring, and colored aggregate flooring. The coatings offer an easy to clean and chemically resistant flooring solution and can be directly applied over old and new concrete floors.
By Flooring Material- Segment Analysis
Concrete segment accounted for the largest share of 69% in floor coatings market in 2019. Concrete floor coatings find application in various systems that are used to cover a bare concrete surface in order to enhance its appearance. There is a set of defined color codes and regulations for concrete floor coating applications in several industries. There are different types of coatings for different applications like a concrete sealer, which requires the least amount of work before applying the sealer. Sealers are used to protect concrete surface from food stains and chemical spillage as well as for the ease of cleaning.
By Application- Segment Analysis
Residential segment held the largest share in floor coatings market in 2019 growing at a CAGR of 5.8% during the forecast period. Epoxies create that glossy seamless finish that can make the living areas of a home such as the living room, bedrooms and the kitchen look very impressive. Epoxy floor coatings act as a microbial barrier that don’t hold bacteria. With proper cleaning and maintenance, these coatings provide an excellent surfacing option for a steam bath. Epoxy resin coatings can alleviate many of these problems. Epoxy seals the floor against moisture, preventing water from seeping into the flooring and causing damage. It also creates a barrier that is resistant to mildew. But epoxy floors in homes also come with various problems both during the installation and maintenance process.
Geography- Segment Analysis
Asia Pacific dominated the floor coatings market with a share of more than 35%, followed by North America and Europe. Increasing housing construction activities in the emerging economies of Asia-Pacific have hugely contributed to the growth of the market. Despite volatile growth in the real estate sector, significant development of rail and road infrastructure by the Chinese government has resulted in the robust growth of the Chinese construction industry, in the recent years.
As the construction industry is dominated by state-owned and private enterprises, increased government and private expenditure in this regard is pushing the industry toward global primacy. In recent years, the entry of major construction players from the European Union, in China, has further boosted the growth of this industry. The construction sector in India has been growing rapidly, with increased investment by the government. The Indian government's ‘Housing for All by 2022’ is also a major game changer for the industry. Such factors are, in turn, boosting the demand for floor coatings in the region.
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