According to a new report published by Allied Market Research, titled, “Industrial Flooring Market by Thickness, Material, and End User Industry: Opportunity Analysis and Industry Forecast, 2020–2027,” the global industrial flooring market size was valued at $6,299.4 million in 2019, and is projected to reach $8,303.1 million by 2027, registering a CAGR of 5.3% from 2020 to 2027. On the basis of thickness, the heavy-duty segment is expected to witness a growth rate of 4.6% from 2020 to 2027 and reach $5,618.1 million in 2027. Based on material, the epoxy segment was the highest contributor to the market, with $2,806.6 million in 2019, and is estimated to reach $3,310.9 million by 2027. The others segment is estimated to reach $2,057.2 million by 2027, at a CAGR of 8.4%. The key players in the industrial flooring market are offering industrial flooring solutions as per the strict regulations set forth by authorities such as the U.S. EPA (U.S. Environment Protection Agency) and U.S. FDA (U.S. Food and Drug Administration). For instance, BASF SE based in Germany offers polyaspartic flooring systems that are low odor and VOC compliant as per USFDA standards. These factors are expected to propel the growth of market during the forecast period.
Rapid industrialization and fast-growing economies predominantly fuel the demand for industrial flooring across different end users. As a result, developing countries in Asia and Latin America are anticipated to provide numerous business opportunities for players in industrial flooring market resulting into attractive CAGRs, respectively.
Region wise, the industrial flooring market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor in 2019, which is expected to exhibit the highest CAGR from 2020 to 2027. This is attributed to the fact that emerging economies such as India, China, Bangladesh, and others in the region are witnessing increase in industrial development projects. Moreover, rapid economic recovery significantly drives the industrial flooring market growth in this region.
The players operating in the global industrial flooring market have adopted product launch as their key developmental strategies to strengthen their foothold in the global market. For instance, in March 2020, Sika AG, a Swiss multinational specialty chemical company launched ComfortFloor Marble FX, a resin flooring system which is available in different colors and artistic design. Similarly, in September 2020, U.S.-based PPG Industries, Inc., a global supplier of paints, coatings, and specialty material developed PPG flooring coatings, a coating system that include base coats, prime coats, and topcoats and offers optimum performance based on the specific work environment.
The outbreak of COVID-19 has negatively impacted the industrial flooring market, which is expected to hamper the growth of the market throughout the year. This has further affected the demand for epoxy and others flooring materials from the developing countries, including India and China; thereby, halting the production activities. In addition, the disruption of supply chains is causing hindrance in production of the industrial flooring material around the globe. All these factors together are anticipated to negatively impact the market growth.
The key players profiled in the market report include BASF SE, Cipy Polyurethanes Pvt. Ltd., Cornerstone Flooring, Don Construction Products Ltd., Fosroc, Inc., MAPEI S.p.A., RPM International Inc., Sika AG, Twintec Group Limited, and VIACOR Polymer GmbH.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging industrial flooring market trends and dynamics.
- Depending on material, the epoxy segment dominated the market, in terms of revenue in 2019 and others is projected to grow at a significant CAGR during the forecast period.
- By end user industry, the others segment registered highest revenue in 2019.
- Asia-Pacific is projected to register the highest growth rate in the coming years.
- The key players within the market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industrial flooring industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the market.
- The in-depth industrial flooring market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.