Floor Coatings Market Size Expected to Reach $5.5 billion by 2030

According to a new report published by Allied Market Research, titled, " Floor Coatings Market by Floor Structure, End User, Binder Type, and Coating Component: Global Opportunity Analysis and Industry Forecast, 2020-2030"

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.

Increased globalization, growth in population, ongoing urbanization, expansion in construction industry, and surge in demand from end-users such as commercial, industrial, and residential are the key factors that drive the global floor coatings market. In addition, surge in infrastructure spending worldwide offers growth opportunities to the market players. The growth in usage of coating materials in industrial flooring applications along with increased commercial space expansion across the world fuels the demand for floor coatings products. The concrete segment generated the highest revenue in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to its wide use in indoor & outdoor applications and to cure concretes in order to improve the aesthetics and durability of the floors.

The floor coatings protect floors from stains, moisture, & cracks and deliver a smooth, high-performance, and durable surface that withstand heavy load and last for several years. These find applications in hospitals, warehouses, garages, manufacturing & industrial plants, commercial & retail stores, showrooms, and airplane hangars. The increased construction expenditure globally is thereby anticipated to create massive demand for floor coatings during the projection period. China, the US, India, Indonesia, Saudi Arabia, the U.K., and the UAE are among the major countries that contribute to the development of the global construction sector. Furthermore, the construction industry in Asia-Pacific dominates the market and grows at a healthy rate due to the rise in populace, rapid urbanization, and increase in middle-class income. Further, various upcoming construction projects, including Atlanta Chattanooga High-Speed Rail Ground Transportation project, JKF International Airport redevelopment & expansion, and other projects, are expected to create ample growth opportunities for the floor coatings market in North America. These factors are anticipated to drive the floor coatings market growth during the forecast period.

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 compete for the share of the market through product launch, joint venture, partnership, and expansion of the production capabilities to meet the demand for the floor coatings market during the forecast period.

Impact Of Covid-19 On Global Floor Coatings Market

• Emergence of COVID-19 pandemic had a less impact on the development of the global floor coatings market.
• This impact is mostly attributed to substantial disruptions in the raw material transportation and shutdown of the manufacturing as well as end-use industries, hence resulting in decline in demand for floor coatings during this period.
• However, the floor coating is effective against coronavirus and hence is anticipated to have positive impact on the global floor coatings market growth during the COVID-19 pandemic period. For instance, Resin coat antibacterial epoxy floor coating is considered to be effective against the SARS-Cov-2 virus. The coating helps cleaning processes by killing 80 percent of the SARS-Cov-2 virus and controls the spread of coronavirus. It can be utilized to safeguard manufacturing facilities, hospitals, or any other environment in order to help lessen the spread of the SARS-Cov-2 virus.

Key Findings of Study

• By region, Asia-Pacific accounted for the largest market share in 2020.
• By floor structure, the concrete segment held the largest market share in 2020.
• By end user, the residential segment held the largest market share in 2020.
• By binder type, the epoxy segment held the largest market share in 2020.
• By coating component, the double component segment held the largest market share in 2020.