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Floor Coatings Market to Exhibit 7.8% CAGR till 2027; Extensive Utilization of One-component Coatings to Ensure Stable Market Growth

January 11, 2021 | Chemicals & Materials

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/floor-coatings-market-102341


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.


Industry Development:



  • January 2020: PPG Industries showcased its floor coating products at The International Surfaces Event (TISE) held in Las Vegas. PPG’s coating range for luxury vinyl and wood floorings include topcoats, sealers, stains, fillers, primers, and base coats.


List of Key Players Covered in the Floor Coatings Market Research Report:



  • PPG Industries, Inc. (Pennsylvania, U.S.)

  • Tennant Coatings (Minneapolis, U.S.)

  • Nippon Paint Holdings Co. (Singapore)

  • Jotun (Sandefjord, Norway)

  • Akzo Nobel N.V. (Amsterdam, Netherlands)

  • RPM International Inc. (Ohio, U.S.)

  • Kansai Paint Co., Ltd (Osaka, Japan)

  • DSM (Heerlen, Netherlands)

  • ADCOS NV (Malle, Belgium)

  • Asian Paints Ltd. (Mumbai, India)

  • The Sherwin-Williams Company (Ohio, U.S.)

  • BASF SE (Ludwigshafen, Germany)


Further Report Findings:



  • The commercial segment is foreseen to make strong headway during the forecast period on account of the speedy growth of shopping complexes and commercial office spaces in urban areas.

  • Asia Pacific is expected to lead the floor coatings market share during the forecast period owing to the low labor costs and the phenomenal growth of the construction industry in the region, which is encouraging market players to set up manufacturing facilities. In 2019, the region’s market size stood at USD 1,136.4 million.


Table of Segmentation






















































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Million) and Volume (Kilo Tons)



Segmentation



  Resin; Component; Flooring Material; End-use; and Geography



By Resin




  • Epoxy

  • Polyaspartic

  • Polyurethane

  • Others



By Component




  • One-Component

  • Two-Component

  • Three-Component

  • Others



By Flooring Material




  • Concrete

  • Wood

  • Terrazzo

  • Others



By End-use




  • Industrial

  • Commercial

  • Residential



By Geography




  • North America (By Resin, Component, Flooring Material, and End-use)

    • The U.S. (By End-use)

    • Canada (By End-use)



  • Europe (By Resin, Component, Flooring Material, and End-use)

    • Germany (By End-use)

    • The UK (By End-use)

    • France (By End-use)

    • Italy (By End-use)

    • Spain (By End-use)

    • Russia & CIS (By End-use)

    • Rest of Europe (By End-use)



  • Asia Pacific (By Resin, Component, Flooring Material, and End-use)

    • China (By End-use)

    • Japan (By End-use)

    • India (By End-use)

    • South Korea (By End-use)

    • ASEAN (By End-use)

    • Rest of Asia Pacific (By End-use)



  • Latin America (By Resin, Component, Flooring Material, and End-use)

    • Brazil (By End-use)

    • Mexico (By End-use)

    • Rest of Latin America (By End-use)



  • The Middle East & Africa (By Resin, Component, Flooring Material, and End-use)

    • GCC (By End-use)

    • South Africa (By End-use)

    • Rest of the Middle East & Africa (By End-use)




Global Floor Coatings Market
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  • 2019
  • 2016-2018
  • 160

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