Floor Coatings Market

Report Overview

The Floor Coatings Market size is expected to be worth around USD 4,886.55 million by 2032 from USD 2,647.6 million in 2022, growing at a CAGR of 6.32 during the forecast period 2023 to 2032.

Market growth is being driven by the growing construction industry, which in turn has benefited from the increased use of flooring coatings in residential, industrial, and commercial applications.

The coating protects floors from moisture and stains as well as cracks. It provides a smooth, durable, long-lasting, and high-performance surface that is resistant to heavy loads. Floor coatings are suitable for use in warehouses as well as hospitals, manufacturing facility, industrial plants, showrooms, stores, and commercial & retail shops, garages, and aircraft hangars. Globally, the growth factor in construction activities has contributed significantly to the increase in demand for the floor coatings market.

Global Floor Coatings Market Report Scope:

Component Analysis:

The market segment’s key major factors can be categorized based on component types. In 2021, the single component occupied 49.3% revenue share. It was followed by a second component. A rise in residential development, such as indoor playgrounds, walkways, and other infrastructure, will fuel the demand for single-component coated products. The single-component floor coatings provide excellent adhesion to concrete surfaces and are cost-effective, simple to apply, and impervious. They provide a semi-glossy surface finish. These properties make it suitable for use in a variety of spaces such as car parks, warehouses, basements, aircraft hangars, etc.

Application Analysis:

Concrete, wood, terrazzo, and others are the most important application segments in the global floor coatings market growth. Concrete was the largest segment of floor coatings in 2021. Concrete floor coatings are used to add beauty and color to concrete floors. In many industries, concrete floor coatings can be applied according to established color codes. There are many different coatings available, including concrete sealer. It is the easiest type of sealer to apply and requires little work. Sealers protect concrete surfaces from chemical spillage or food stains. They also make it easier to clean.

End-user Analysis:

The key segments of the market that are most important to end-users include the commercial segment, residential segment, and industrial. The largest segment in 2021 was industrial. It was responsible for an additional 45.1% of revenue in the same year. The floor coatings market share in this industrial segment is in demand because of the economic growth of the chemical processing, food, and manufacturing industries. The industrial floor surface coatings market is projected to be impacted by rapid industrialization, as well as the growth of infrastructure sectors and the manufacturing sectors boosted through investment from both private and government sectors.

Product Analysis:

The product segments are epoxy (polyurethane), acrylic, polyaspartic (methyl methacrylate), and polyaspartic (methyl methacrylate). Epoxy was the predominant product segment in 2021. It is expected to continue its dominance during the forecast period. Epoxy coatings are used on concrete floors in many industrial and commercial settings, such as warehouses and showrooms. These coatings offer a decorative and high gloss finish and are available in a range of colors.

Epoxy flooring coatings can be applied to chip flooring, terrazzo flooring, and colored concrete flooring. The epoxy floor coatings are easy-to-clean and chemically resistant and can be used directly over old or new concrete floors. In addition to their excellent resistance to oil stains, water, and odor, they also offer a number of benefits, including low VOCs, easy installation, and excellent abrasion.

Key Market Segments:

By Application

• Terrazzo
• Concrete
• Wood
• Other Applications

By Product

• Polyurethane
• Acrylic
• Polyaspartic
• Methyl Methacrylate
• Epoxy

By End-User

• Residential Sector
• Commercial Sector
• Industrial Sector

By Component

• Double Component
• Single Component
• Triple Component
• Other Components

Market Dynamics

A growing population, coupled with increased industrialization, has led governments to increase their construction spending to expand infrastructural development. China, India, Indonesia, Saudi Arabia, the U.K., and the UAE are some of the countries that have contributed significantly to the growth of the global construction industry. Over the forecast period, floor coatings will see a significant increase in demand because of the rising global construction expenditure. Construction has experienced positive growth over the past few years due to increased infrastructure developments. In the construction industry, floor coatings are increasingly being used for industrial buildings and commercial purposes.

A strong economy, new import tariffs, improved trade deals, increased construction industry growth, increased household formation, and focus on smarter cities are all expected to lead to a positive outlook for the U.S. Construction industry. There are also several other projects that could create lucrative growth opportunities, such as the JKF International airport expansion and redevelopment, Atlanta Chattanooga High-Speed Rail Ground Transportation, and similar ones. However, the growing threat of alternative products such as bamboo floor structures, tiles, and carpets will likely limit market growth during the forecast period.

Due to its numerous benefits (water, stain, and bacteria resistance; low maintenance requirements; insulation; anticorrosion; durability; and affordability), tile flooring is increasingly in demand. Tiles are often made of raw materials like clay and sand. Floor tiles are preferred over floor coatings for various residential spaces including flats and apartments as well as single-family housing units.

Regional Market Analysis

Asia Pacific dominated the market, accounting for 41.7% in revenue share in 2021, ahead of Europe. This region is expected to hold a large share of overall market revenue over the forecast period due to the rising product demand from the residential, industrial, and commercial sectors. China led the Asia Pacific region in terms of revenue and volume. The market key trends are expected to experience substantial growth due to rising demand for green building products in countries such as Australia, India, China, and New Zealand over the forecast.

Key Regions and Countries Covered іn thе Rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share Analysis

The market is expected to see a fiercely competitive landscape in the next few years, as key players will be constantly expanding their product offerings and geographical reach globally. Companies compete on the basis of product quality and technology used in floor coating production. Major players compete based on their ability to develop applications.

To reduce the risk of expansion into new markets, they form strategic partnerships with regional competitors. BASF SE is one of the major players in this market. They are increasing their market offerings by investing in research and developing activities. BASF SE opened a new research facility in Dubai Science Park, UAE, for the development of materials. This includes protective coatings. Repair mortars. waterproofing membranes. sealants. decorative flooring materials. This was to promote product economic development in the company and serve the growing GCC construction industry.

Key Market Regional Players

• Akzo Nobel N.V.
• BASF SE
• Kansai Paint Co. Ltd.
• RPM International, Inc.
• Sherwin-Williams Company
• Axalta Coating Systems Ltd.
• Apurva India Ltd.
• Covestro Group
• DAW Group
• Henkel AG
• Asian Paints PPG Pvt. Ltd.
• Asian Paints Ltd.
• Cipy Polyurethanes Pvt. Ltd.
• Sika AG
• Maris Polymers
• NIPSEA Group
• PPG Industries, Inc.
• Ardex Group
• RPM International, Inc.
• Valspar
• Dupont
• Diamond Paints
• Valspar
• Sacal
• Nippon Paint
• Michelman
• Huarun (Valspar)
• Zhanchen Coating
• Sankeshu
• Carpoly Chemical
• Maydos
• Pre-Tex
• Northwest Yongxinpaint & Coatings
• Sanxia Painting
• Super Quality Chemical
• Other Key Players

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For the Floor Coatings Market research study, the following years have been considered to estimate the market size: