Floor Coatings Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Floor Coatings market size was estimated at USD 6.7 billion in 2023 and is projected to reach USD 9.7 billion in 2030 at a CAGR of 4.9% during the forecast period 2023-2030.

Floor coatings refer to the protective layers which are primarily employed for safeguarding surfaces that are subjected to corrosion, wear and stress, especially in the manufacturing facilities, warehouses and chemical plants. A plethora of floor coatings such as polyurethane and epoxy-based coatings are extensively used in resurfacing applications and in concealing stains. The growth of the construction sector coupled with the increased usage of coatings in industrial, commercial and residential applications are the pivotal factors that stimulate the growth of the floor coatings market. Moreover, the upsurge in population along with the surge in industrialization across the globe has bolstered the demand for floor coatings.

The increase in investment in the infrastructure sector along with the augmenting demand for floor coatings from the chemical industry provides ample opportunities for the market players. Nonetheless, it is worth noting that the utilization of organic solvents in floor coating products can have a massive environmental impact and also can be highly detrimental to human health, thus posing a major hindrance to the growth of the global floor coatings market.

The COVID-19 pandemic has had a detrimental impact on the global market and supply chain. This has been caused by the significant disruption of supply and demand for raw materials, which has been attributed to the implementation of lockdowns and stringent government regulations. As a result of this, production facilities have been negatively impacted on a global scale due to the limited availability of raw materials. Furthermore, ongoing construction projects have also been adversely affected by the pandemic due to a shortage of labor caused by countrywide lockdowns and the economic slowdown. According to Lexology, the most frequently reported impact resulting from COVID-19 is the acute shortage of labor, which has further exacerbated the challenges faced by the industry.

Delvens Industry Expert's Standpoint

The current surge in the need for enhanced surface strength of concrete surfaces has acted as a catalyst for the emergence of novel product development avenues for manufacturers on a global scale. The adoption of floor coatings for concretes has significantly contributed to the expansion of the floor coatings market. Moreover, the rapid expansion of the residential sector is expected to be a major driving force behind the market's growth. Additionally, upcoming economies, such as China, India, Thailand, and South Africa are projected to present substantial growth opportunities for the worldwide floor coatings market participants, owing to the increase in construction industry expansion in conjunction with the escalation of governmental support to promote infrastructure investments.

Market Portfolio

Key Findings

• On the basis of resin type, the segment pertaining to epoxy is anticipated to emerge as the swiftest expanding market. The eminent market position that epoxy occupies can be ascribed to its exceptional properties, encompassing elevated adhesion, formidable impact resistance, remarkable flexibility, and invulnerability to chemicals and solvents. Moreover, it is being prognosticated that this particular segment will also register a remarkable upsurge in the global industrial floor coating market, thereby consolidating its position as the frontrunner in this domain.

• On the basis of flooring material, the segment of concrete, which is a type of material composed of cement, aggregates and water, is predicted to exhibit the most rapid rate of expansion among all the segments within the industrial floor coating market. This forecast can be attributed to various factors, including but not limited to the relatively lower cost that is associated with the procurement of concrete in comparison to other materials, its remarkable ability to withstand wear and tear, as well as its exceptional tensile strength, which allows it to resist deformation under stress. Consequently, concrete has emerged as the material of choice for the construction of industrial floors, and its utilization in this regard is widespread.

• On the basis of end user, the industrial floor coating market is anticipated to be dominated by the manufacturing segment, as it is expected to capture the largest share of the market. This market supremacy can be ascribed to the remarkable proliferation of the manufacturing industry worldwide. The surge in manufacturing operations has led to an increase in the number of production plants, thereby presenting a promising opportunity for the deployment of industrial floor coating in these facilities.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific, comprising of a vast expanse of land and water, has been observed to have acquired a preeminent position in the global market for protective coatings, as evidenced by its acquisition of the largest market share.

Regional Analysis

Asia-Pacific to Dominate the Market

• Asia Pacific, comprising of a vast expanse of land and water, has been observed to have acquired a preeminent position in the global market for protective coatings, as evidenced by its acquisition of the largest market share.
   
• The exponential rise in the demand for such coatings in this region can be primarily attributed to the unprecedented growth and development of its industrial, infrastructural and constructional, marine, and automotive sectors, which has been nothing short of phenomenal.

Competitive Landscape

• 3M Company
• A& I Coatings
• AkzoNobel N.V.
• Apurva India
• Ardex Endura
• Asian Paints
• Axalta Coating Systems Ltd.
• BASF SE
• Grand Polycoats
• Key Resin
• Michelman Inc
• Milliken & Company
• PPG Industries, Inc.
• RPM International Inc.
• The Daw Group
• The Lubrizol Corporation
• The Sherwin-Williams Company

Recent Developments

• In May 2023, Sika AG completed the acquisition of MBCC Group. Through this acquisition, Sika AG has expanded its portfolio of decorative floor coatings.
   
• In March 2023, BASF SE announced that it has started the production of its first bio-based polyol, Sovermol which is designed for applications like flooring coating, waterpipe coating, adhesive, and putty applications. The production facility was started at Mangalore, India to serve the growing market in the Asia-Pacific.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Floor Coatings Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope