According to Fortune Business Insights™, the global floor coatings market size is projected to reach USD 4,734.9 million by 2027, exhibiting a CAGR of 7.8% during the forecast period. Rising preference for sustainable flooring solutions will be a central factor driving the growth of this market, as shares in its report.
With growing pollution from buildings and infrastructures in urban areas, consumers are showing an increasing inclination towards adopting flooring products that have low levels of volatile organic compounds (VOCs) and low carbon emissions. As a result, several floor coating manufacturers are developing sustainable flooring solutions to meet this changing consumer behavior. For example, Ecoflor, a UK-based flooring company, has developed Smooth PU (polyurethane) and Liquid Vinyl floors that have long life expectancy and can be re-sealed or modified within premises. As a result, these floors are not only sustainable but are also cost-effective. Similarly, US-based Liquid Floors has been offering green epoxy floor coatings that have zero VOC content. Thus, the widening availability of green floor coatings will hugely benefit the growth of this market.
Browse Detailed Summary of Research Report:
As per the report, the global market value stood at USD 2,687.7 million in 2019. The report also provides the following:
- A comprehensive evaluation of the various market drivers and trends;
- Granular analysis of the challenges facing the market;
- Careful segmentation of the market; and
- In-depth study of the competitive milieu and regional prospects of the market.
List of Key Companies Profiled in the Floor Coatings Market Report:
- 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)
- 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.)
The slowdown in Construction Activities Worldwide amid COVID-19 to Hinder Market Progress
Central to the factors boosting the floor coatings market growth is the booming demand for construction, especially in the developing economies of India and China. According to Oxford Economics, for instance, 57% of the global growth in the construction industry will be led by India, China, and the US by 2030. However, the outbreak of the COVID-19 pandemic has dampened the energies of the construction industry.
A recent survey by the Royal Institution of Chartered Surveyors in the UK revealed that on-site productivity at construction sites is expected to fall by 12%, while only 20% of the stalled projects are predicted to restart amid the pandemic. Contracting construction operations will have a direct bearing on the market for floor coatings as these materials are extensively deployed in residential and commercial spaces. With construction projects being executed with a reduced workforce and social distancing measures, the bounce-back of the construction industry is anticipated to be sluggish.
Governmental Support to Construction Projects to Propel the Asia Pacific Market
At USD 1,136.4 million, Asia Pacific dominated the floor coatings market share in 2019 on account of the strong support from the governments in the region to construction activities and infrastructural development. The policies are particularly geared towards promoting and building sustainable urban infrastructures since urban populations in countries such as India and China are rapidly expanding.
The market in North America is slated to experience stable growth on account of the widespread presence of globally-recognized flooring manufacturers in the region. Moreover, advanced floor coatings are being speedily adopted by manufacturing plants across the US and Canada to ensure the safety of workers in these spaces. In Europe, on the other hand, the high purchasing power of consumers is encouraging the adoption of more sophisticated and premium flooring solutions, which is creating numerous opportunities for market players in the region.
Strategic Product Releases & Acquisitions to Energize Market Competition
Key players in this market are developing and strategically launching products to expand their footprint in the floor coatings domain. In addition, to further strengthen their market position and gain a tactical edge, companies are increasingly entering into agreements to acquire fellow competitors.
Key Industry Developments:
- September 2020: PPG Industries introduced a comprehensive line of floor coating offerings, which includes, top coats, base coats, and prime coats. The products are designed according to the working environment, thus ensuring their optimum performance.
- August 2020: Nippon Paint Holdings purchased 100% stake in the Australia-based paint company, Dulux Group Ltd, for an estimated value of 291.7 billion yen. Nippon Paints aims at broadening its business horizons across Australia and New Zealand with this acquisition.