Floor Coatings Market Overview:
The global floor coatings market accounted for $1,666 million revenue in the year 2015, and is expected to reach $2,612 million by 2022, supported by a CAGR of 6.6%.
Increased globalization is a key factor in restructuring the floor coatings industry. A shift in the industry trends is observed owing to rapid economic growth in India and China. The economic growth is set to foster the ongoing urbanization, with many countries in Asia-Pacific still being largely rural. Moreover, the growth in population in these countries is expected to boost the demand for housing and commercial infrastructure, which in turn is projected to drive the floor coatings market during the forecast period.
According to Asian Development Bank, Asia is estimated to invest $8-9 trillion in infrastructure development between 2010 and 2020 to maintain its economy. The heavy investment in building & construction industry due to the global economic development and rise in population in both developed and developing countries are projected to fuel the floor coatings market. In addition, increase in efficiency of floor coatings, high mechanical strength, high chemical & temperature resistance, and remarkable & superior finishing ability supplement the growth of the market.
Primary Interview Responses Split
1K or “single-component” is a coating that vaporizes when exposed to air and does not require a hardener, activator, or catalyst. 1K polyurethane products are used in conjunction with solvents to stop blister formation in the coatings as it provides low coating thicknesses. 1K water-based polyurethane can be easily applied on flooring either by do-it-yourself (DIY) method or industrial methods. The ease of application, good mechanical properties, and rapid curing make them the standard components for parquet coatings. Such systems are eco-friendly and allow formulations with low levels of VOC and show good results in indoor applications.
2K or “two-component” is used to describe a coating that needs to be mixed with a hardener, activator, or catalyst. Once it hardens, it develops high resistance to chemicals, weather, or UV rays. The solvents used in 2K polyurethane systems limit the coating thickness and prevent foaming. Water-based 2K polyurethane system provides rapid curing and the final hardness, which makes it a preferred choice, especially as topcoat in residential, commercial, and industrial applications.
Floor Coatings Market Segmentation
Top Winning Strategy
Leading players in the global floor coatings market have adopted various strategies gathered from press releases, annual reports, and primary calls made to industry experts to achieve additional market share. Market players profiled in this report are floor coating manufacturers and distributors catering to industrial, commercial, and residential industries. Key strategies adopted by these players include product launches, joint ventures, acquisitions, partnership, expansion, collaboration, and investments.
FLOOR COATINGS MARKET: TOP WINNING STRATEGIES, 2013-2016 (%)
The above pie chart represents the percentage share of the strategies adopted by leading companies in the global floor coatings market. Acquisition and expansion are the leading strategies adopted by key players in this market, each accounting for 31%. Product launch is the second most adopted strategy, which accounts for 20% share of the overall strategies adopted from 2013 to October 2016.
Patent Analysis by Year
Patents are valuable assets for companies and are registered to protect the newly launched technologies and products. The total number of floor coating-related patents registered from January 2013 to October 2016 were 195. The highest number of patents related to floor coatings were 66 registered in 2015, followed by 62 patents in 2013. The patents registered include antistatic floor coating, construction method of floor coating material, epoxy resin floor coating, flame-retardant floor coating, radiation curable coatings for concrete floors, floor coating compositions containing supramolecular polymers, and others. The increased demand for floor coatings from different coating industries and end users resulted in the growth of the floor coatings market.
Patent Analysis by Top Companies, 2015‐2016* (%)
A binder is a substance that holds or draws other materials together to form an adhesive, providing a strong elastic adhesion and shock absorbent property for floor coating materials. The binder or resin is one of the most important components of floor coatings, which is the basic solid film that remains after the solvent is vaporized. It determines the necessary coating properties such as hardness, abrasion resistance, flexibility adhesion, gloss level, speed of drying, and durability. In the year 2015, epoxy resin occupied 37.7% share, in terms of revenue, and is expected to grow at a CAGR of 7.0% during the forecast period. Epoxy has become a generic term for different types of resin floor coatings. For instance, epoxy is a premier garage floor coating.
The high benefits coupled with professional finish are the major driving factors for the growth floor coatings market in LAMEA. The LAMEA floor coatings market revenue was $167 million in 2015, and is projected to grow at a CAGR of 6.3% to reach $257 million by 2022. Wood floors was the highest contributor to the LAMEA floor coatings market revenue with $70 million in 2015, and is estimated to reach $108 million by 2022, growing at a CAGR of 6.4% from 2016 to 2022. Terrazzo is anticipated to reach $79 million by 2022 with a CAGR of 6.3%.
BRAZIL FLOOR COATINGS MARKET SIZE, 2014‐2022 ($MILLION)
Key players profiled in the report include BASF SE, Akzo Nobel NV, Tambour, The Dow Chemical Company, The Arkema Group, The Sherwin Williams Company Inc., Maris Polymers, Nora Systems Inc., Asian Paints PPG Pvt. Ltd., and RPM Internationals Inc.
Other key players (not profiled in the report) 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., and others.
FLOOR COATINGS MARKET KEY BENEFITS
- This report provides an extensive analysis of the current trends, future estimations, and dynamics from 2014 to 2022 of the global floor coatings market, which assists to identify the prevailing opportunities.
- Geographically, the market is analyzed based on North America, Europe, Asia-Pacific, and LAMEA.
- Exhaustive analysis predicts the applications that are currently used along with the variants are expected to gain prominence in the future.
- Competitive intelligence of leading manufacturers and distributors highlights the competitive scenario across the geographies.
- Extensive analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Key market players are profiled and their strategies are analyzed thoroughly, which portray the competitive outlook.
FLOOR COATINGS MARKET KEY SEGMENTS
BY BINDER TYPE
BY COATING COMPONENT
- One-component (1-K)
- Two-component (2-K)
- Three-component (3-K)
BY FLOOR STRUCTURE
BY END USER
- Retail outlets
- Food & beverages
- IT & software
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of LAMEA