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Industrial Floor Coatings Market Size By Product
Addtime:2021-3-30    Hits:3

Industry Trends

Industrial Floor Coatings Market size was USD 5.24 billion in 2019 and will grow at a CAGR of 6.9% from 2020 to 2026. Increasing product demand from small-scale industries and rising investments in the manufacturing sector in the Asia Pacific and Middle East will drive market growth.

The manufacturing sector is witnessing strong growth in developing economies on account of cheap labor, rising investment, improving infrastructure, and supporting government policies. Moreover, the global manufacturers are shifting their production units to these economies owing to various cost benefits and opportunities. Industrial floor coatings market is anticipated to witness strong growth due to the rising trend of usage of floor-protective materials by end-user industries.

Industrial Floor Coatings Market Outlook

Industrial floors are prone to various abuses including abrasion, wear & tear, impacts, corrosion, and exposure to chemicals. Industrial floor coatings offer a complete solution to all aforementioned problems with much lower cost; thus, more industries are now preferring industrial floor coatings compared to other options. Moreover, regulatory factors and certifications are also forcing industries to use the product.

As many end-user industries are incorporating technological advancement into production, the usage of high-performance machinery & equipment is expected to rise. This will create the need for efficient floor protective solutions among end users. The introduction of high-tech material handling equipment with enhanced mobility has increased the necessity of smooth floors. Growth in the number of production units and warehouses will drive the industrial floor coatings market share.

The global market has witnessed a shift in trend toward advanced curable floor coatings to ease the curing process. The rising demand for UV curable coatings due to their instant curing after drying will influence the industry trend. Increasing floor coatings adoption in car parking, warehouses, production areas, cold storage rooms, and showrooms will support the industrial floor coatings market growth.

Rapid industrialization is influencing growth in industrial constructions, particularly in emerging economies. The industrial floor coatings market trends also witnessed the increasing penetration of bio-based floor coatings owing to the growing environmental concern among end-users. The increasing adoption of bio-renewable materials in floor coating will influence the industry trend. The ease in coating installation and fast curing, allowing floor usage within a limited time after the coating process, are key benefits driving the bio-renewable coatings demand.

Industrial floor coating companies are focusing on potential small-scale entrepreneurial companies due to the rising number of manufacturing facilities. The industrial floor coatings market has also witnessed increasing emphasis on sustainable manufacturing practices mainly including environment-friendly coating materials. The companies are involved in heavy R&D investments to enhance energy-efficient processes and gain green certifications. In addition, increasing preference for waterborne coating products to minimize the environmental impacts with promoting sustainable trends driving market growth.

The Covid-19 pandemic has had a negative impact on the overall industry and supply chain. Lockdowns, social distancing, closing of factories, and new rules & regulations have become the new normal. The partial or complete lockdown across the globe created a tremendous challenge for industry stakeholders. Due to lockdowns, many manufacturers were forced to shut down their operations, limiting the growth opportunity for the industrial floor coating manufacturers.

As the manufacturing industry is impacted by the pandemic, the construction industry also suffered from credit crunch, labor shortage, and lockdowns. The supply chain of industrial floor coatings market is highly integrated with the presence of raw material suppliers, regulators, financers, construction companies (i.e. contractors), and various end-user industries. The emergence of pandemic and its growth heavily impacted each and every participant in the value chain. However, the introduction of vaccines and opening of economies around the world will help the industry to recover in the near future.

Covid-19 pandemic is becoming a market disruptive force, on which no one has control. The market conditions and recovery are at mercy of external factors that industry stakeholders cannot alter. Unlike Covid-19, there are inherent market challenges that may pose hindrances to industry growth. Fluctuating raw material prices and stringent regulatory environment may create challenges for the industrial floor coatings industry players.

Industrial Floor Coatings Market Report Coverage


Epoxy coatings will remain dominating product


The epoxy industrial floor coatings segment held the largest share among all the product segments owing to its wide acceptance and lower cost. The segment’s demand share is expected to reach 53% by 2026 owing to high adoption by contactors and end-user industries. Epoxy floor coatings are extensively used in manufacturing facilities, food & beverage plants, and warehouses. They are self-leveling floor coatings that contribute to protection and fill hairline crack on floors. The product offers superior resistance against hot tire pickups, heavy impact, and abrasion resistance, which makes it ideal for use in areas with substantial traffic.

Flooring protection trend will drive double component coatings demand


Double component revenue is expected to reach over USD 1.4 billion by 2026. Double component floor coatings are mainly used in environments that require corrosion protection. The product includes Polyaspartic, Epoxies, Polyurea, and Polyurethane. The chemical nature of the polymer used in the double component has a profound effect on the mechanical and chemical resistance offered by them; hence, the demand for double component products is rising across industries.

Higher preference of concrete floors will keep its share high


Concrete floors held the largest revenue share in 2019, accounting for more than 85% of overall flooring. The concrete flooring is highly preferred by manufacturing facilities across several industries due to its lower cost and superior suitability. Many of the product innovations happening in the industry are around concrete flooring. Concrete-based product portfolio expansions of the floor coating companies due to its high demand have stimulated the industrial floor coatings market scope.

Growing manufacturing industry will drive product demand


Flooring in manufacturing facilities must endure serious abuse owing to heavy machinery and worker traffic, wear & tear, spilling of oil & chemicals, and abrasion. These factors necessitate flooring solutions that are durable, easy to clean, and chemical & abrasion-resistant. Industrial floor coatings market caters to such requirements, and they are able to prolong the lifespan of factory flooring and prevent hazardous reactions that occur when chemicals interact with flooring. Cleanup is also simplified as they prevent chemicals from permeating into the surface pores.

Industrial floor coating is witnessing a surge in demand across the world owing to rapid industrialization and an influx of new industrial facilities in emerging nations. The growing emphasis on health and safety of workers has widened the product scope in manufacturing facilities. The manufacturing segment will grow with more than 5% in terms of volume.

Growing presence of manufacturing facilities in Asia Pacific will augment product demand


Asia Pacific is expected to register the highest CAGR of 7.4% by 2026 and is likely to witness strong growth owing to the huge presence of manufacturing companies in the region stimulating product demand. The increasing number of manufacturing facilities including food processing, heavy machinery, warehouse, and chemical industries are majorly boosting the industrial floor coatings market share.

Acquisition is a key strategy

The global industrial floor coating industry share is moderately fragmented with the presence of multinational as well as regional players; thus, to gain the market share, companies are practicing M&A strategy. For instance, in June 2017, Sherwin-Williams acquired The Valspar Corporation for USD 113 per share in cash. The acquisition helped the company to expand its portfolio and strengthen its market position. The major players in the industry are Dow Chemical, Akzo Nobel, Sika AG, PPG Industries, and Kansai Paints.

Source: www.gminsights.com 

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