Global Concrete Floor Coatings Market is segmented By Product Type (Epoxy, Poly Aspartic, Acrylic, Polyurethane), By Application (Outdoor, Indoor), By End-User (Industrial, Commercial, Residential), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Concrete Floor Coatings Market Overview
[150 Pages] Report on the Global Concrete Floor Coatings Market is expected to grow at a CAGR of 6.9% during the forecasting period (2024-2031). Concrete floor coatings improve the functionality of floorings by enhancing the durability of concrete.
They are used for providing the floors with slip resistance, chemical resistance, and anti-microbial properties. Concrete floor coatings also exhibit anti-vibrational and anti-static properties. They help prevent cracks resulting in the concrete and promote easy cleaning of floors, thereby reducing the operational costs.
Concrete Floor Coatings Market Summary
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Metrics |
Details |
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Market CAGR |
6.9% |
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Segments Covered |
By Product Type, By Application, By End-User and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Concrete Floor Coatings Market Dynamics
The rapid growth of industrialization, awareness about flooring protection, increasing globalization, and the construction and infrastructure industry's growth are the key factors fueling the global concrete floor coatings market.
Changes in monetary and social conditions set apart by a significant increase in manufacturing and urbanization indicate the growing industrialization rate among the world's countries. According to the International Yearbook of Industrial Statistics 2018 released by United Nations Industrial Development Organizations (UNIDO), the world manufacturing value added (MVA) rose by 3.5% in 2017, the highest rate in the last seven years. United Nations Department of economic and social affairs reveals that about 55% of the world's population resides in urban areas, and this figure is expected to reach 68% by 2050. These high industrialization rates have propelled the need to set up a greater number of industries, which is expected to augment the concrete floor coatings market's growth.
However, lack of awareness about concrete floor coatings and fluctuating prices of raw materials are the critical aspects that might impede the growth of the market in the forecast period.
Concrete Floor Coatings Market Segmentation
The market is segmented as epoxy, polyaspartic, acrylic, polyurethane-based on the product type.
The epoxy segment is expected to grow at a higher rate in the forecast period owing to its high resistance properties such as spill resistance, massive impacts, and wear and tear caused by high-temperature products. It also provides high abrasion resistance, heat resistance, and chemical resistance. Floors coated with epoxy materials are easy to clean, thereby reducing maintenance costs. Due to these reasons, epoxy type coatings are widely used in coating floorings of various industries like chemical industries, food and beverage industries, and various building and construction applications.
Based on the end-user, the market is segmented as commercial, industrial and residential applications. The commercial and industrial segments are anticipated to witness high traction rates in the forecast period due to rising investments in commercial real estate and the high growth rates of global industrialization.
According to a survey report published by the Urban Land Institute, acquisitions of income-producing commercial real estate increased by 3 percent to USD 963.7 billion in 2018, the third-highest annual total on record after 2007 and 2015. The investments in the commercial real estate sector increased by 19%, and the investments in the Asia Pacific increased by 2% compared to its 2017 record volume. Increasing office spaces, hotels, and other commercial buildings is another crucial factor responsible for the rising demand for concrete floor coatings and is expected to propel market growth in the foreseeable future.
Concrete Floor Coatings Market Geographical Share
The Global Concrete Floor Coatings Market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
The Asia Pacific region is further segmented into the following areas like China, Japan, India, Australia, and others. The Asia Pacific region is expected to show robust market growth due to its growth in India and China. According to the National Bureau of Statistics, China, the number of construction enterprises in China increased from 75722 in 2016 to 81196 in 2017. China's gross output value increased from USD 23 billion in 2016 to 26 billion Yuan in 2017. Similarly, according to the India Brand Equity Foundation, industrial investments in India's real estate in 2018 reached USD 5.5 billion, the highest in a decade. In India, the real estate industry is expected to reach a USD 1 trillion market size in 2030 from USD 120 billion in 2017, contributing 25% of the country's GDP by 2025.
Moreover, major heavy-duty industries in India and China coupled with high manufacturing outputs are also fueling the concrete floor coatings market in this region. According to the United Nations Industrial Development Organization (UNIDO), China's manufacturing output rose by 6.4% in 2018, the highest in any country in the world. India's manufacturing output grew by 5.3%, and Indonesia's production increased by 4.6%. China and India rank 1st and 5th respectively in the list of countries with high industrial outputs. This is expected to drive the Asia Pacific regional market to grow at a higher pace in the forecast period.
Concrete Floor Coatings Companies and Competitive Landscape
New product launches, expansion of facilities, mergers and acquisitions, and strategic partnerships are vital strategies adopted by most companies to contribute to their growth and improve their market growth rate.
In September 2018, Kansai Paints signed an agreement with Jotun A/S to collaborate in the global coatings business.
Moreover, in May 2019, PPG Industries set up a new distribution center in Texas, intending to strengthen its distribution model across the US.
Furthermore, in January 2019, Akzo Nobel launched a new innovative powder coating that offers invisible protection by keeping surfaces hygienically clean while tackling cross-contamination threats.
