The latest report published by Market Research Future (MRFR) reveals that the global floor coatings market is set to capture a CAGR of 7.2% till 2022. Rapid globalisation and industrial boom in various parts of the world is supporting the growth of the market. Increased construction activities in fast-developing countries is boosting the demand for floor coatings. Such coatings are applied in a wide range of construction materials such as titles, concretes, wooden floors etc.
Global Floor Coatings Market: Competitive Landscape
Key market participants mentioned in MRFR’s report Sherwin Williams Company Inc (US), Akzo Nobel NV (Netherlands), Asian Paints PPG Pvt. Ltd (India), RPM Internationals Inc. (US), Tambour (Israel), BASF SE (Germany), The Dow Chemical Company (US), Nora Systems Inc. (Germany), Maris Polymers (Europe), and The Arkema Group (France). A majority of these companies are focusing on product innovation and expanding product portfolio.
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Coatings have become an important component in modern construction, they offer extra layering that helps prevent corrosion resistant, moisture damage, chemical attacks and thermal shocks. Floor coatings not only improve the overall life cycle of the floor but also create an aesthetic appeal. Construction managers and property developers are leaning towards floor coatings owing to benefits such as cost-efficiency and low maintenance. There are a variety of floor coatings available, manufacturers are actively focusing on introducing application specific floor coatings. Over the years, application of floor coating has increased sharply.
Global Floor Coatings Market: Segmental Analysis
This report includes a comprehensive segmental analysis of the global floor coatings market share based on coating component, resin type and end user.
By coating component, the market has been segmented into 1K, 2K, 3K and others. The 1K or single component segment is likely to witness a healthy growth during the forecast period. This is primarily owing to the low VOC emission of 1K coating component. 1K can be used without adding any activator, catalyst or hardener. 1K coating component is much more environmentally viable as compared to other coating components.
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Rising concern over environmental degradation from VOC emission is likely to create opportunities for 1K voting components in the coming years. The 2K or “two components” segment also hold a significant share in terms of value. 2K coating component finds widespread application in the construction sector. Water based 2K polyurethane systems is extensively used in commercial, industrial and residential applications.
By resin type, the market has been segment into polyurethane, polyaspartic, and others. The epoxy floor coatings segment currently accounts for the lion’s share of the market. Epoxy floor coatings account for more than one-third of the total floor coatings supplied worldwide. Epoxy floor coatings have high resistance to wear & tear and chemical. Also, epoxy as a chemical has high durability and low shrinkage. Meanwhile, the polyaspartic segment is expected to witness a considerable growth in the near future. Polyaspartic floor coatings have special characteristics such as self-hardening.
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Some of other key characteristics of polyaspartic include zero VOC emission, UV stable, low viscosity equivalent to water and bubble free surface even in unfavourable conditions. Polyaspartic floor coatings also have high abrasion resistance and fast curing time, which makes such as coatings sought-after.
By end user, the market has been segment into industrial, commercial and residential. A sharp rise in construction activities and increase focus on infrastructure development in many of the fast-developing countries in regions such as APAC, MEA and LatAm has booted the global sales of floor coatings. Rapid industrialisation and development future-ready buildings has creates tremendous market opportunities for floor coating suppliers in recent years and the trend is likely to continue beyond 2019. Product innovation is expected to remain a key area of focus for manufacturers in the years to come.
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Global Floor Coatings Market: Regional Analysis
On the basis of region, the global floor coatings market has been segmented into North America, Asia Pacific, Europe, the Middle East & Africa and Latin America. Of these Asia Pacific is expected to a highly attractive market for floor coatings during the forecast period. Currently, the region accounted for more than one-third share of the market in terms of value. Countries such as China and India are witnessing a rampant socio-economic development, which is auguring well for suppliers present in the region. Mega construction projects that are aimed at improving public infrastructure is fueling the demand for floor coating in APAC. During the assessment period, China is expected to remain the most important market for floor coatings in APAC.
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