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The global floor coatings market size is projected to reach USD 4,734.9 million by 2027 on account of the development of novel flooring solutions by key players in this market, states Fortune Business Insights™ in its report, titled “Floor Coatings Market Size, Share & COVID-19 Impact Analysis, By Resin (Epoxy, Polyaspartic, Polyurethane, and Others), By Component (One-Component, Two-Component, Three-Component, and Others), By Flooring Material (Concrete, Wood, Terrazzo, and Others), By End-use (Industrial, Commercial, and Residential), and Regional Forecast, 2020-2027”. According to the report, the market value was at USD 2,687.7 million in 2019 and the market is expected to register a CAGR of 7.8% from 2020 to 2027.
The COVID-19 pandemic outbreak is anticipated to hamper the floor coatings market growth during 2020 as a result of the sharp contraction in construction activities worldwide. Furthermore, trade restrictions and stalled production operations have severely affected the raw material supply chain in the chemicals industry, which in turn is negatively impacting the floor coatings industry.
DSM Intensifies Competition with the Release of Bio-based Resin
In January 2020, Royal DSM announced that the Decovery® SP-2022 XP, the company’s bio-based self-matting resin, has been efficiently incorporated by Arboritec AB and Ciranova, leading coating formulators, in their products that were launched at the Domotex 2020. With sustainability as its marquee feature, the resin offering is allowing a superior functional and aesthetic performance as well as an easier application of flooring materials. Moreover, the product requires no matting agents, provides excellent in-can stability, and delivers exceptional workability, outperforming conventional resin alternatives by a wide margin. Most importantly, the resin contains 35% bio-based ingredients and can be formulated with volatile organic compounds (VOCs) at low levels.
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Wide Benefits of Epoxy Flooring Solutions to Stoke Product Adoption
Floor coatings are essential in maintaining the structural integrity as well as enhancing the aesthetics of any building or construction. Epoxy floor coverings are gaining tremendous popularity among home-buyers and owners of commercial spaces owing to the excellent benefits offered by these materials. For example, floors coated with epoxy have proven to be chemically resistant to substances such as solvents and acids. Epoxy floors are also extremely convenient to maintain as they are liquid-tight and seamless, which makes them easier to clean and enhances the hygienic quotient of any space. Furthermore, besides being strong and resistant, epoxy floor coatings are also sustainable. These floors work well with sub-surface heating, which can save a large amount of energy as well as save space as radiators can be installed under the floors. Lastly, epoxy floors have high durability as these floors can withstand heavy loads such as forklifts for prolonged periods, making them the ideal choice in warehouses and manufacturing plants. The growing adoption of epoxy floor coatings will, therefore, bolster the prospects of this market.
Chemical Giants to Dominate Market Competition
The competitive landscape of this market is currently dominated by the activities of giant chemical companies such as BASF and PPG Industries. Featuring diverse product portfolios, robust distribution networks, and a global presence, these chemical industry behemoths are now expanding their operations in the emerging economies of Asia and Africa. Moreover, with heavy investments in research & development, key players in this market are also constantly creating innovative products such as concrete floor coatings and adopting strategies to ensure their visibility and availability among consumers.
List of Key Players Covered in the Floor Coatings Market Research Report:
Further Report Findings:
Table of Segmentation
Value (USD Million) and Volume (Kilo Tons)
Resin; Component; Flooring Material; End-use; and Geography
By Flooring Material