Floor Coatings Market Insights
According to Market Research Future Reports, Floor Coatings Market is expected grow at a CAGR of 7.2% during the forecasted period. The market is poised to witness a significant upswing with the soaring construction industry worldwide. On the global level, construction expenditure has been increased since past decades owing to the proliferating population, and this has eventually motivated floor coatings market in substantial ways.
Flooring is considered to be an integral part of the construction industry, as it finds its wide application mainly in the residential and commercial sectors. Various floor coatings are used in the construction of flooring to provide resistance and undergo damages such as spillage, abrasion, and exposure to dust, chemicals, heavy load, and UV light. Presently, major manufacturers are actively focusing on advancements in technology and developing new eco-friendly products. These are some of the vital aspects of the market, which is supporting to expand exponentially while paving ways for more opportunities to enter in the coming years.
Global Floor Coatings Market: Drivers & Trends
According to the analysis, one of the major factors driving the floor coatings market is the swelling housing construction activities across the world. Floor coatings are beneficial for conditions where slip resistance and chemical resistance properties are in the requirement for floors. Also, the floor coatings exhibit features such as anti-vibration, anti-static, and waterproof properties, which have been escalating its demands. Floor coatings, having such eminent features is taking the floor coatings market to spur more in the forecast period.
Furthermore, floor coatings come in diverse options of colors and styles, thus providing an attractive finish to the floor. These characteristics make it widely accessible for application in hotels, houses, warehouses, and offices. As the construction of these infrastructures is mounting, the market for floor coatings is also proliferating which is expected to reach a higher valuation with more construction projects coming in the future.
Moving forward, the flourishing construction industry is also now active with the renovation and new infrastructural projects, which are also expected to drive the floor coatings business in broader ways. The construction business in the Asia Pacific region has been increased over time, which is one of the factors driving the regional floor coating market. Now that, as the manufacturers and customers are aware of the so many advantages of floor coatings, it is evident that the market will become considerably accomplished in the forecast period. The high development planning of buildings and construction sector in developed and developing regions is also anticipated to trigger the development of the global floor coatings market.
Global Floor Coatings Market Segmentation
In the reports of MRFR, the global floor coatings market has been segmented according to the coating component, where floor coating is divided into 1K, 2K, 3K, and others. Of them, 1K or single component contains a low level of VOC and vaporizes when exposed to air. It does not require hardener, activator or catalyst. Thus, a single component is eco-friendly is the fastest growing segment owing to government policies regarding the usage of eco-friendly products.
Furthermore, 2K or “two components” is extensively used with hardener, activator or catalyst to prevent it from chemicals, weather, and UV rays. Water-based 2K polyurethane systems provide curing and hardness which is a chief preferred choice in residential, commercial and industrial applications.
While market-based on end user, floor coatings in segmented into residential, commercial and industrial. The growing construction and infrastructure development in countries like China and India has boosted the demand for floor coatings in the forecast years. Whereas, increasing demand from multinational companies for the implementation of decorative coatings is expected to boost the demand for floor coatings. With that, innovation in floor coatings is a significant opportunity for many manufacturers to increase their production capacity.
On a geographic note, Asia-Pacific is the largest market share holder for the floor coatings having more than 35% of market share in the global floor coatings market. This surge in numbers is due to massive investment that is being made for buildings and construction along with infrastructure development has eventually fueled the demand for floor coatings in coming years. In this, China is a significant revenue generating country as there are several growing construction activities goes on, which leads to high usage of decorative floor coating for various industries.
Whereas, Europe & North America accounts for second and third market share respectively. In the North American floor coatings market, it gained high valuation for few years, and with increasing, renovation and remodeling practices in the residential segment are taking the market to spur exponentially in the future time. Also, robust end-user industries such as food & beverage, pharmaceutical and automotive will stimulate flooring applications and simultaneously triggering the global floor coating market to expand rapidly.
Thus, MRFR has listed some of the prominent names which are critical players of the global floor coatings market. They are BASF SE (Germany), Sherwin Williams Company Inc (US), The Dow Chemical Company (US), Akzo Nobel NV (Netherlands), The Arkema Group (France), Asian Paints PPG Pvt. Ltd (India), Nora Systems Inc. (Germany), RPM Internationals Inc. (US), Maris Polymers (Europe), Tambour (Israel) and others.
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