USD 3.30 Billion
Report ID:
SQMIG15E2316 |
Region:
Global |
Published Date: September, 2024
Pages:
184
|Tables:
147
|Figures:
78
Global Floor Coatings Market size was valued at USD 3.1 Billion in 2022 and is poised to grow from USD 3.30 Billion in 2023 to USD 5.72 Billion by 2031, at a CAGR of 6.3% during the forecast period (2024-2031).
The rise in use of floor coatings in wide application in residential, commercial, and industrial settings, including warehouses, factories, healthcare facilities, and retail spaces are the key growth drivers. The purpose of the floor coatings market is to provide protective and decorative solutions for different types of floors. These coatings not only enhance the appearance of floors but also protect them from wear and tear, stains, and damage, thereby extending their lifespan. Additionally, floor coatings offer benefits such as easy cleaning and maintenance, slip resistance, and improved safety. The market includes the need for continuous innovation to develop coatings with improved performance properties, such as higher durability and resistance to chemicals and abrasion.
Adhering to stringent environmental regulations and addressing the growing concerns regarding sustainability are also challenges faced by market participants. The global floor coatings market serves the purpose of providing protective and decorative solutions for various types of floors. It is driven by the construction industry, the demand for sustainable coatings, and the need for enhanced durability and aesthetics. While restraining factors and challenges exist, the market presents opportunities for innovation, expansion, and meeting the evolving demands of different industries.
Global Market Size
USD 3.30 Billion
Largest Segment
Commercial
Fastest Growth
Residential
Growth Rate
6.3% CAGR
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The global floor coatings market is segmented by end-user, product, application component and region. Based on end-user, the market is segmented into residential, industrial, and commercial. In terms of product, the market is segmented into epoxy, polyaspartic, polyurethane, acrylic, methyl methacrylate. Based on component the market is segmented into Single Component, Double Component, Triple Component and Others. Based on application, Concrete, Wood, Terrazzo and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Floor Coatings Market Analysis by End-User
The largest segment in terms of end-users is the commercial sector, which encompasses a wide range of establishments such as offices, retail stores, hospitality venues, healthcare facilities, and educational institutions. The commercial sector holds a significant share in the floor coatings market, driven by the need for durable and aesthetically pleasing flooring solutions. These establishments require floor coatings that can withstand high foot traffic, abrasion, stains, and other wear and tear, while also providing an attractive appearance to enhance the overall ambiance. The demand for floor coatings in the commercial sector is also driven by the growing emphasis on maintaining cleanliness, hygiene, and safety standards in public spaces.
The fastest-growing segment in the floor coatings market is the residential sector. The residential segment includes homes, apartments, and other residential buildings. The demand for floor coatings in the residential sector is witnessing significant growth due to infrastructure development, urbanization, and rising disposable incomes, leading to increased construction and renovation activities. Homeowners are increasingly opting for floor coatings to enhance the durability, aesthetics, and ease of maintenance of their floors. Moreover, the growing trend of DIY (do-it-yourself) floor coating kits and the availability of a wide range of colors, finishes, and textures are further driving the demand in the residential sector.
Floor Coatings Market Analysis by Product
Epoxy coatings dominate the market due to their excellent durability, chemical resistance, and high-performance characteristics. They offer exceptional adhesion to various substrates, including concrete, and provide a seamless, glossy finish that enhances the aesthetic appeal of the floor. Epoxy coatings are widely used in a variety of applications, such as industrial facilities, warehouses, commercial spaces, and garages, where a robust and long-lasting flooring solution is required. The versatility and superior performance of epoxy coatings have made them the preferred choice for many end-users, driving their prominence in the market.
The fastest-growing segment in the floor coatings market is polyaspartic coatings. Polyaspartic coatings offer several advantages that contribute to their rising popularity. These coatings exhibit fast cure times, allowing for quick installations and reduced downtime. They also possess excellent UV resistance, making them suitable for both indoor and outdoor applications. Polyaspartic coatings provide high abrasion resistance, chemical resistance, and a glossy finish, making them ideal for various end-use sectors such as commercial buildings, industrial facilities, and residential properties. The growing demand for efficient and time-saving flooring solutions, coupled with the superior performance properties of polyaspartic coatings, is driving their rapid growth in the market.
Floor Coatings Market Analysis by Component
The market has been divided into single, double, triple, and other segments based on the components. With a 48.6% sales share in 2018, the single-component sector was the largest, followed by the double-component segment. The market for single-component coatings is expected to increase due to growth in the residential sector, particularly with infrastructure development including indoor playgrounds, pathways, and other features.
Single-component floor coatings are inexpensive, simple to apply, impermeable, and have good adherence to the concrete surface. They give the surface a semi-glossy sheen. Due to these characteristics, the coating may be used in a variety of locations, such as parking lots, businesses, warehouses, basements, hangars for aero planes, and more.
Floor Coatings Market Analysis by Application
In the worldwide floor coatings market, the concrete, wood, terrazzo, and other application sectors are major players. According to estimates, the greatest application sector in 2018 was concrete. Concrete floor coatings are used in many techniques to improve the look of bare concrete surfaces.
Several sectors have established colour codes and guidelines for applying concrete floor coatings. For example, a concrete sealer needs the least amount of labour prior to application. There are several coating kinds available for different uses. Sealers are used to make cleaning concrete surfaces easier and to prevent food stains and chemical spills.
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Asia-Pacific is poised to dominate the floor coatings market both in terms of revenue growth and market share. This can be attributed to the significant investments in the building and construction sector, coupled with rapid infrastructure development taking place in the region. Among the countries in the Asia-Pacific region, China stands out as a major revenue generator due to its exponential growth in construction activities. The surge in construction projects across various sectors has led to a high demand for decorative floor coatings.
Europe is expected to witness the fastest development in the floor coatings market during the forecast period of 2023-2030. This growth can be attributed to the increasing number of commercial and residential construction projects and infrastructure development activities taking place in the region. The report's country section provides detailed insights into the market factors and regulatory changes specific to each country, which impact on the current and future trends of the market. Factors such as downstream and upstream value chain analysis, technical trends, Porter's Five Forces analysis, and case studies are taken into consideration to forecast the market scenario for individual countries.
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Floor Coatings Market Drivers
Growing Construction Industry
Increasing Focus on Sustainable Solutions
Floor Coatings Market Restraints
Volatility in Raw Material Prices
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The global floor coatings market features a competitive landscape characterized by a mix of established players and emerging companies striving to gain a strong foothold in the industry. Key market players are continuously focusing on research and development activities to introduce innovative products and strengthen their market position. Additionally, strategic collaborations, partnerships, mergers, and acquisitions are common strategies adopted by these companies to expand their geographical presence and customer base. To maintain a competitive edge, companies are focusing on developing environmentally friendly and sustainable floor coating solutions to align with the growing demand for eco-friendly products. They are also investing in research and development to introduce advanced technologies and formulations that offer enhanced performance characteristics such as improved durability, abrasion resistance, chemical resistance, and quick curing times.
Floor Coatings Market Top Player’s Company Profiles
Floor Coatings Market Recent Developments
In March 2024, Jon-Don, a supplier of commercial supplies, equipment, consumables, and know-how for specialty contractors, announced that it has partnered with PPG to expand its offering of resinous floor coatings for concrete flooring.
In November 2023, James Millsaps, founder of Perrysburg, OH based Gorilla Concrete Coatings, announced that the company is rebranding to LYNX Concrete Coatings.
In May 2023, PPG announced a major expansion of its PPG FLOORING concrete coatings offering. The expanded range comprises integrated systems of primers, base and topcoats for environments that require electrostatic protection, for equipment mechanical rooms and for applications where a combination of high performance and ultra-fast return to service is essential.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global floor coatings market analysis, the growing construction industry, increasing demand for sustainable flooring solutions, and the need for floor protection in residential, commercial, and industrial sectors are the key growth drivers. The construction industry plays a crucial role in the floor coatings market, as it drives the demand for coatings in new construction projects and renovation activities. The global floor coatings market is witnessing growth due to the construction industry's expansion, increasing demand for sustainable solutions, and the need for floor protection. The market is expected to continue growing as manufacturers focus on innovation and meeting customer requirements.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 3.1 Billion |
Market size value in 2031 | USD 5.72 Billion |
Growth Rate | 6.3% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Floor Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Floor Coatings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Floor Coatings Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG15E2316