According to the latest report by IMARC Group, titled “Floor Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global floor coatings market reached a value of US$ 2.47 Billion in 2021. Floor coatings are protective, tough layers that are used in various applications requiring corrosion resistance and protection against heavy surface wear. They are used for marking traffic aisles, covering stained concrete, brightening areas of facilities, and routing traffic. Floor coatings are also ideal for patching exposed surfaces and resurfacing purposes. These coatings can be set in different style formats, which include dual-component, single-component, and thermosetting. Floor coatings can be manufactured with varying appearances, overall project costs, installation time, and life expectancies. These variants are applied according to the abrasion, thermal shock, chemical exposure, and impact on the floor. Floor coatings are extensively used in chemical plants, retail stores, warehouses, and manufacturing floors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Floor Coatings Market Trends:
A significant rise in the product demand in the food and beverage (F&B), construction, and manufacturing industries is primarily driving the global floor coatings market growth. The widespread installation of high-quality floorings in production plants and research laboratories is also contributing to the market growth. Other than this, rapid economic growth, particularly in developing countries, is further fueling the inflating sales of floor coatings. Moreover, increasing environmental concerns and technological advancements have led market players to invest in the research and development (R&D) of improved and sustainable product portfolios, which is fueling the growth of the market. Furthermore, governments of various nations have been implementing stringent regulations to mandate the installation of environment-friendly coatings, which is creating a positive outlook for the market. Looking forward, the market value is projected to reach US$ 3.64 Billion by 2027, expanding at a CAGR of 6.5% during 2022-2027.
- Based on the binder type, the market has been segmented into epoxy, thermoplastic, thermoset, acrylic, polyaspartics, polyurethane, polymethyl methacrylate, and others.
- On the basis of the coating component, the market has been segregated into one-component (1K), two-component (2K), and three-component (3K).
- The market has been categorized on the basis of the floor structure into wood, terrazzo, mortar, concrete, and others.
- Based on the formulation, the market has been segmented into solvent-based, water-based, and others.
- On the basis of the end user, the market has been divided into the residential, commercial, and industrial sectors.
- On a regional basis, the market has been segmented into North America (United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being 3M Company, Akzo Nobel N.V., Arkema S.A., Asian Paints Ltd., Axalta Coating Systems Ltd., BASF SE, Henkel AG & Co. KGaA, Kansai Paint Co. Ltd., Koninklijke DSM N.V., PPG Industries Inc., RPM International Inc., Sika AG, The Dow Chemical Company and The Sherwin-Williams Company.
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