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According to a recent report published by Astute Analytica, titled, “Global Floor Coating Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027,” the Global Floor Coating Market registering a growth at a CAGR of ~7% from 2021 to 2027.
Growing Real Estate Sector Bring Tremendous Growth in the Floor Coating Market
Growth across the real estate sector implies the construction of new buildings, which subsequently materialises in to demand for floor coatings. Floor coating has become the most favourable choice for the customers. The trend of using floor coating is prominently observed in industrial to commercial sectors and has picked up traction in residential segment, particularly for home decor purposes in the recent times. Exterior applications have retained growth opportunities for durable coatings and materials. Floor coating can be widely used in manufacturing industrial surfaces, car parking, garages, interior finishing, building floor, kitchen floor, showroom, or any sports area and many more.
Epoxy Floor Coating Shows Intensified Demand in Current Market
When it comes to selection of floor coating, customers have huge options these days, but epoxy flooring clearly stands out from other options in many ways and is seen as largest revenue aggregator for the vendors. High durability, more decorative and sustainability makes it more appealing. From industrial, commercial to home decor flooring, epoxy floor coating has options for most of the needs by customers.
Coating Components Plays Vital Role in Selection of Floor Coating
Coating components can vary from single coating up to four-five coating components. As per the requirement, different coating components are used based on demand, which may vary from different type of floor resistance like chemical resistance, shock resistance, high wear resistance, impact resistance and or mechanical resistance. Some properties might vary like easy to clean, cold storage, durability, colour options or rapid drying. Understanding different components is particularly important to get desired result. However, with multitude of options, the factor adds to user acceptance of floor coatings as a beneficial option, thus boosting the demand.
Asia Pacific Holds Major market Share Across the Globe
Huge infrastructure development in the Asia Pacific region is primarily driving the market growth for floor coating. With huge benefit and large number of options, customers are willing to opt for floor coating for one or another reason. Emerging economies like India, China, Malaysia with high industrialization and infrastructure growth are fuelling the demand of floor coatings. North America and Europe markets are also significantly rising and holding a good opportunity share of overall market revenue. Floor coating market is expected to rise in future at a significant rate across the globe, in particularly for two-three component industrial and commercial applications.
Major Players in the market
Big companies from the U.S., Europe and across the globe are competing intensely to strengthen their footprints. Product development and network expansion are popular growth strategies being followed by the manufacturers. Companies like Sherwin Williams Company Inc, The Dow Chemical Company, Akzo Nobel NV, Asian Paints PPG Pvt Ltd., Nora Systems Inc., RPM Internationals Inc., and others are analysed as key players active in the market.
Market taxonomy covered (segmentation analysed in the report):
By Floor Type
By Price Band