Companies investing in research and development to create innovative coatings with enhanced properties, such as longer lifespan and easier maintenance, can gain a competitive edge.
Wilmington, Delaware, United States, Nov. 20, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. –The global floor coating market was estimated to have acquired US$ 4.5 billion in 2020. It is anticipated to register a 6.3% CAGR from 2021 to 2031 and by 2031; the market is likely to gain US$ 8.7 billion.
The use of digital technologies in floor design and customization, including 3D printing and digital imaging, is a growing trend that enhances the visual appeal of floor coatings.
The trend towards developing floor coatings with multiple functionalities, such as antimicrobial properties, anti-slip features, and UV resistance, addresses a broader range of customer needs.
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The ongoing emphasis on hygiene and health in various environments, including healthcare facilities and public spaces, is driving the demand for floor coatings with anti-microbial properties.
The trend towards offering customizable and personalized floor coating solutions allows consumers to have a unique and tailored flooring experience.
Global Floor Coating Market: Key Players
The following companies are well known participants in the global floor coating market:
- Steward Advanced Floors Inc.
- Akzo Nobel N.V.
- ARKEMA S.A.
- ASIAN PAINTS LTD.
- BERGER PAINTS INDIA LIMITED
- FLOWCRETE INDIA PVT LTD.
- INDIGO PAINTS
- KANSAI NEROLAC PAINTS LIMITED
- SIKA INDUSTRIES LTD
- Jemkon Pvt. Ltd
- Dr. Cipy- Specialized Floor Coatings
Key Findings of Market Report
- The expansion of industries such as automotive, aerospace, healthcare, and manufacturing often leads to an increased demand for specialized floor coatings tailored to specific requirements.
- The development of advanced, high performance coatings that offer superior durability, chemical resistance, and other desirable properties can create new opportunities in the market.
- The expansion of e-commerce and the need for advanced warehouse facilities create opportunities for specialized floor coatings that can withstand heavy traffic, abrasion, and impact in distribution centers.
- Innovations in application methods, such as the development of easier to use, quick curing coatings, can influence the market by reducing application time and costs.
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Trends for Floor Coating Market
- Growth in construction and infrastructure development, both residential and commercial, typically drives the demand for floor coatings.
- There is an increasing awareness among consumers and industries about the importance of floor protection, which includes factors such as durability, chemical resistance, and ease of maintenance.
- The ongoing global trend of industrialization and urbanization often leads to the construction of industrial facilities and commercial spaces, creating a demand for protective floor coatings.
- A growing interest in decorative and aesthetically pleasing flooring solutions, including epoxy and polyurethane coatings, is expected to augment the market growth.
Global Market for Floor Coating: Regional Outlook
Various reasons are propelling the growth of the floor coating market in different regions. The regions include,
- The growth of manufacturing activities in Asia Pacific, fueled by factors like favorable government policies and a large consumer base, is boosting the demand for industrial floor coatings.
- The market for specialized floor coatings is expanding, as awareness of the importance of floor protection increases, especially in industries like automotive and electronics manufacturing.
- North America is often at the forefront of technological advancements. The adoption of advanced floor coating technologies, such as high performance epoxy coatings, is contributing to market growth.
- The growth of healthcare infrastructure, coupled with an increased focus on patient safety, is creating opportunities for floor coatings with anti-microbial and easy to clean properties.
Few of key developments by the players in this market are:
|Company name||Key Development|
|Sika AG||In 2023, Sika AG successfully finalized the acquisition of MBCC Group, a move that has significantly broadened the range of decorative floor coatings within the portfolio of Sika AG.|
|BASF SE||In 2023, BASF SE declared the commencement of production for its inaugural bio based polyol, Sovermol. Specifically formulated for applications such as flooring coating, waterpipe coating, adhesives, and putty, the production facility was initiated in Mangalore, India, aiming to cater to the expanding market in the Asia Pacific region.|
Global Floor Coating Market Segmentation
- Bisphenol A
- Bisphenol F
- Others (including Phenolic Novolac)
- Solid Polyaspartic
- Hybrid Polyaspartic
- Others (Including Pure Polyaspartic)
- Polyester Based
- Polyether Based
- Methyl Acrylate
- Ethyl Acrylate
- Styrene Acrylate
- Others (including Butyl Acrylate)
- Others (including Thermoplastic and Thermoset)
- Floor Type
- Others (including, Terrazzo, Rubber Flooring, and Marble)
- In House
- Others (including Staircase and Parking)
- Shop Floor
- Others (including Fire & Public Safety Sectors)
- Academic Institution
- Others (including Sport Facilities and Retail Outlets)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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