Global Floor Coatings Market, By Binder Type (Epoxy, Thermoplastic, Thermoset, Acrylic, Polyaspartic, Polyurethane, Polymethyl Methacrylate, Others), Coating Component (Single, Double, Triple), Floor Structure (Wood, Concrete, Terrazzo, Mortar, Others), Formulation (Solvent-based, Water-based, Others), End User (Residential, Commercial, Industrial) – Industry Trends and Forecast to 2030.
Floor Coatings Market Analysis and Size
Recently, there is a significant growth in the use of floor coatings in the chemical sector to ensure the high-performance flooring for production plants, research and development labs, and other facilities. The “epoxy” is expected to be the fastest growing binder type segment during the forecast period because it offers a chemically resistant and easy to clean flooring solution and can be directly applied over the new and old concrete floors.
Data Bridge Market Research analyses that the floor coatings market is expected to reach USD 5,483.90 million by 2030, which is USD 3,239.81 million in 2022, registering a CAGR of 6.80% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Floor Coatings Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 - 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Binder Type (Epoxy, Thermoplastic, Thermoset, Acrylic, Polyaspartic, Polyurethane, Polymethyl Methacrylate, Others), Coating Component (Single, Double, Triple), Floor Structure (Wood, Concrete, Terrazzo, Mortar, Others), Formulation (Solvent-based, Water-based, Others), End User (Residential, Commercial, Industrial)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Akzo Nobel N.V. (Netherlands), PPG Industries, Inc., (U.S.), The Sherwin-Williams Company (U.S.), RPM International Inc., (U.S.), NIPSEA Group (Japan), Arkema (France), Cardolite Corporation (U.S.), BASF SE (Germany), Evonik Industries AG (Germany), Reichhold LLC 2, (U.S.), DSM (Netherlands), Qualipoly Chemical Corp. (Taiwan), Arakawa Chemical Industries,Ltd. (Japan), Alberdingk Boley (U.S.), Eternal Materials Co.,Ltd. (Taiwan), Wacker Chemie AG (Japan), DIC CORPORATION (Japan)
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Market Opportunities
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Market Definition
Floor coatings are durable and protective layers which are applied to surfaces that are subjected to corrosion or extreme wear. Floor coatings are applied to make the surface strong and reduce maintenance and repair costs. It also provides a more slip-resistant and smoother surface, which is easier to maintain. These coatings are responsible for extending the shelf life of the underlying floors.
Global Floor Coatings Market Dynamics
Drivers
- Rising demand for durable and safe floor coatings
The two main concerns for the flooring systems in plants, factories, and other industrial environments are durability and safety. Manufacturing facilities require flooring which is incredibly reliable, robust and abrasion resistant. The surface must be hygienic, functional and in accordance with all rules governing worker safety. When put on appropriately prepared concrete slabs, resinous floor coatings such as polyurethane, epoxy, and others can offer a secure, long-lasting, and hygienic flooring solution. The need for floor coating is being driven by increasing public infrastructure investment by the government and several forthcoming housing projects. Thus, the rising demand for durable and safe floor coatings is expected to drive the market growth.
- Increasing building, construction, and renovation projects
The rising building, construction, and renovation projects will propel market growth. A renovation project is the method of renovating or restoring a structure, while a new construction project is the construction of a building from the ground up. Floor coatings are often used in industrial, commercial, and residential renovation and construction activities to create durable, high-performance, smooth surfaces with long operational life. For instance, as per the recent report of United States Census Bureau, the value of construction spending has increased from $1,469.2 billion to $1,589 billion between 2020 and 2021. Thus, the rising building, construction, and renovation projects is likely to boost the growth of the floor coating market
Opportunities
- Increasing demand for concrete floor coatings
Increasing demand for concrete floor coatings among various sectors will create lucrative market growth opportunities. Concrete floor coatings are used to cover a bare concrete surface to improve its appearance. There is a set of defined colour codes for concrete floor coating applications in numerous industries. Moreover, concrete floor coatings require the least amount of work before applying as well as for the ease of cleaning which boosts the market growth.
- Surging product launches by market players
The surging product launches by market players offer ample growth opportunities within the market. For instance, PPG Industries introduced PPG Flooring Coatings in 2020, a line of coating systems that includes topcoats, primers and bases and is specially manufactured to deliver the high performance depending on the work environment. PPG provides polyaspartic coatings and a moisture-mitigating primer that are created to operate flawlessly with the PPG flooring coating systems for floors in industrial situations.
Restraints/ Challenge
- Increasing availability of alternative options
Rising availability of alternative flooring options such as carpet, tiles, and bamboo flooring is anticipated to hamper the growth of the floor coatings market from 2023 to 2030.
- The disadvantage of epoxy based flooring
The other factor expected to hamper the market growth is the disadvantage of epoxy flooring. Epoxy based flooring has slipperiness because of its non-porous seamless structure. This negative quality surfaces when the epoxy coating based flooring gets wet or oily.
This floor coatings market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the floor coatings market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
- In 2022, Verdia, Inc., and Mascoat Ltd were acquired by Arsenal Capital Partners' Seal for Life Industries for an unknown sum. With this acquisition, Arsenal is intended to increase perational capabilities in sealing solutions and protective coating for global infrastructure sectors. Mascoat Ltd. has offered thermal insulation coatings, while Verdia, Inc. has offered polyurethane concrete flooring systems that also provides formulations for polyaspartics, epoxies and polyurethane.
- In 2020, BASF launched MasterTop XTC, for the building sector. MasterTop XTC offers a smooth floor surface that has remarkable resistance to abrasion, easy to maintain and have less negative impact due to the usage of the ground-breaking XolutecTM technology which is an inorganic modified high-density cross-linking resin polymer.
Global Floor Coatings Market Scope
The floor coatings market is segmented on the basis of binder type, coating component, floor structure, formulation and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Binder Type
- Epoxy
- Thermoplastic
- Thermoset, Acrylic
- Polyaspartic, Polyurethane
- Polymethyl Methacrylate
- Others
Coating Component
- Single
- Double
- Triple
Floor Structure
- Wood
- Concrete
- Terrazzo
- Mortar
- Others
Formulation
- Solvent-based
- Water-based
- Others
End User
- Residential
- Commercial
- Industrial
Floor Coatings Market Regional Analysis/Insights
The floor coatings is analyzed and market size insights and trends are provided by country, binder type, coating component, floor structure, formulation and end user as referenced above.
The countries covered in the floor coatings market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific is expected to dominate the floor coatings market in terms of revenue growth and market share owing to the high investment in building and construction sector coupled with rapid development in infrastructure. China is major revenue generating country in Asia-Pacific region due to rapid growth in construction activities which causes to decorative floor coating in numerous sectors.
Europe is expected to be the fastest developing region during the forecast period of 2023-2030 owing to increasing number of commercial and residential construction projects as well as the development in the region's infrastructure activities in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Floor Coatings Market Share Analysis
The floor coatings market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to floor coatings market.
Some of the major players operating in the floor coatings market are:
- Akzo Nobel N.V. (Netherlands)
- PPG Industries Inc., (U.S.)
- The Sherwin-Williams Company (U.S.)
- RPM International Inc., (U.S.)
- NIPSEA GROUP (Japan)
- Arkema (France)
- Cardolite Corporation (U.S.)
- BASF SE (Germany)
- Evonik Industries AG (Germany)
- Reichhold LLC 2, (U.S.)
- DSM (Netherlands)
- Qualipoly Chemical Corp. (Taiwan)
- Arakawa Chemical Industries,Ltd. (Japan)
- Alberdingk Boley (U.S.)
- Eternal Materials Co.,Ltd. (Taiwan)
- Wacker Chemie AG (Japan)
- DIC CORPORATION (Japan)
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