Floor Coatings Market Statistics – 2030
The global floor coatings market was valued at $3.1 billion in 2020 and is projected to reach $5.5 billion by 2030, growing at a CAGR of 6.0% from 2021 to 2030.
Floor coatings are the protective layers primarily used for surfaces that undergo corrosion, wear, or stress, such as in manufacturing facilities, warehouses, and chemical plants. Various types of floor coatings such as polyurethane and epoxy-based are widely utilized in resurfacing applications and in covering stains. The growth in the construction sector and increased usage of coatings in industrial, commercial, and residential applications are the crucial factors that drive the floor coatings market growth. Furthermore, rise in population along with surge in industrialization across the globe has bolstered the demand for floor coatings. Moreover, upsurge in investment in the infrastructure sector coupled with augmenting demand for floor coatings from the chemical industry offers opportunities to the market players. However, organic solvents utilized in floor coating products can have a substantial environmental impact and also can be detrimental to human health, which hinders the growth of the global floor coatings market.
Further, rise in demand for improved surface strength of concrete surfaces has stimulated new product development avenues for manufacturers globally. The use of floor coatings for concretes has bolstered the development of the floor coatings market. In addition, rapid growth of the residential sector is predicted to propel the market growth. Furthermore, developing economies, such as China, India, Thailand, and South Africa are anticipated to create ample growth opportunities for the global floor coatings market players, owing to expansion in the construction industry coupled with rise in government support to foster infrastructure investments.
The floor coatings market is segmented on the basis of floor structure, end user, binder type, coating component, and region.
On the basis of floor structure, the market is segmented into concrete, mortar, terrazzo, wood, and others (carpet, basic tiling, and vinyl sheets). The end user segment of the floor coatings market is broadly classified into residential, commercial, and industrial. On the basis of binder type, the market is segmented into epoxy, acrylic, polyurethane, methyl methacrylate, and others. The coating component of the market is categorized into single component, double component, and triple component. The residential sector accounted for the highest market share in 2020, owing to surge in usage of floor coatings products for residential construction due to rapid industrialization worldwide. By region, the floor coatings market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the dominating region in terms of demand for floor coatings, and is expected to maintain its dominance over the projection period. The high adoption of floor coatings products in the region owing to rise in housing construction activities is anticipated to continue to bolster the floor coatings market size.
The key players profiled in the report include BASF SE; The Sherwin-Williams Company; Akzo Nobel N.V.; ArmorPoxy; RPM International Inc.; Axalta Coating Systems, Ltd.; Sika AG; PPG Industries, Inc.; 3M; and The Lubrizol Corporation.
The other companies operating in the floor coatings industry include Ardex Endura, Grand Polycoats Company Pvt. Ltd, Key Resin Company, Apurva India Ltd., A & I Coatings, Milliken & Company, Michelman Inc., and others. These companies compete for the share of the market through product launch, joint venture, partnership, and expansion of the production capabilities to meet the future demand for the floor coatings market during the forecast period.
Floor Coatings Market, By Region
Asia-Pacific dominates the floor coatings market and consists of countries, such as China, India, Japan, South Korea, Australia, and rest of Asia-Pacific. Growth in commercial and residential construction activities in the region has stimulated the demand for floor coatings. Rise in population and surge in disposable income of the populace in the emerging countries have fueled the market growth in the past few years. Moreover, the consumption of floor coatings has witnessed positive strides in India and China and the construction industry in the region has been rising rapidly, with augmented investment by the government. For instance, according to Invest India, The Real Estate Industry in India is anticipated to reach $1 trillion by 2030 and is likely to contribute 13% to India’s GDP. Moreover, in India, numerous initiatives implemented by the Indian government, including the Smart City project and Housing for All by 2022 are projected to provide impetus to the country’s construction industry. Consequently, the growth of these construction activities is expected to have a positive influence on the growth of the floor coatings market.
Asia- Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Floor Coatings Market, By Floor Structure
The concrete segment dominates the global floor coatings market. The floor coatings on concrete floors have a sleek appearance and are therefore absorbed into the working area. The factors such as the excellent durability of concrete, its lower cost, and its tensile strength make it an extensively utilized material for the construction of industrial, residential, and commercial floors.
By Floor Structure
Concrete is projected to be the dominating segment.
Floor Coatings Market, By End User
The residential segment dominates the global floor coatings market on account of the durability and longevity of floor coating. The floor coatings are widely used in garage, laundry rooms, pool areas, and others to offer flooring with maximum durability, easy cleaning, and possible slip resistance.
By End User
Residential is projected to be the dominating segment.
Floor Coatings Market, By Binder Type
Epoxy holds the highest share and is the fastest growing segment since epoxy based floor coatings are widely utilized in resurfacing applications and in covering stains.
By Binder Type
Epoxy is projected to be the dominating segment.
Floor Coatings Market, By Coating Component
The double component segment dominates the global floor coatings market. The double component coating is utilized to define a coating that needs to be mixed with an activator, hardener, or catalyst. Once it hardens, it produces high resistance to chemicals, weather, or UV rays. The growth in demand for double component coating is attributed to the substantial demand for anti-corrosion products from multiple end-use sectors. The double component coating has superior durability, high corrosion resistance, and excellent resistance against chemicals such as inorganic and organic alkali petroleum products and acids.
By Coating Component
Double component is projected to be the dominating segment.
The COVID-19 pandemic has negatively affected the overall market and supply chain. Disruption of the supply and demand for raw materials owing to lockdowns and stringent government laws limited production, thereby negatively impacting production facilities globally. Ongoing construction projects suffered due to lack of labor, countrywide lockdowns, and economic slowdown. According to Lexology, the most-reported impact arising from COVID-19 is the acute shortage of labor. For instance, China’s construction sector is highly dependent on rural migrant workers, and as per the National Bureau of Statistics of China, 54 million rural migrant workers are working in the construction industry. In 2020, migrant workers who had returned to their hometowns for the Lunar New Year holiday were unable to return to worksites after the lockdown. However, the vaccination programs and lifting of lockdowns are expected to propel the floor coatings market growth during the coming years.
Key benefits for stakeholders
- This report provides a detailed quantitative analysis of the current floor coatings market trends and estimations from 2020 to 2030, which assists to identify the prevailing opportunities.
- An in-depth analysis of floor coatings market across the globe is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the market is provided.
- Region-wise and country-wise market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030 in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global floor coatings market.
Floor Coatings Market Report Highlights
By Floor Structure
By End User
By Binder Type
By Coating Component
OTHER KEY PLAYERS IN THE MARKET VALUE CHAIN INCLUDE
Ardex Endura, Grand Polycoats Company Pvt. Ltd, Key Resin Company, Lubrizol, Apurva India Ltd., A & I Coatings, Milliken & Company, Michelman Inc.
Increased population, rise in industrialization, growth in the construction industry, and surge in usage of coating materials in industrial flooring applications are some of the key factors that drive the growth of the floor coatings market. The use of floor coatings witnessed quite a notable growth in the past years, owing to its resistance to oil stains & water and exceptional abrasion, anti-static, waterproof, anti-vibration, and anti-skid properties.
The favorable government initiatives and growth in investment in infrastructural growth raise the demand for floor coatings. Moreover, economic growth across the world drives industrialization and urbanization, which has a favorable impact on the floor coatings market. Furthermore, augmentation in construction activities, such as the construction of new hotels and restaurants provides substantial growth opportunities for the floor coatings market. For instance, as per India Brand Equity Foundation, FDIs in the construction development sector and construction activities in India were valued at US$ 26.14 billion and US$ 25.38 billion, respectively, between April 2000 and June 2021.
Asia-Pacific is the leading regional market for the floor coatings market owing to major infrastructure investments in India and China. China is likely to remain the largest construction market throughout 2022, surpassing global average growth rates to reach about US$ 1.4 trillion by 2030. In addition, majority demand for floor coatings in Asia-Pacific is anticipated to be driven by increased population along with surge in disposable income of people in the emerging economies.