A positive outlook of commercial space development projects along with growing industrialization in emerging economies will drive the concrete floor coatings market growth over the forecast timeframe, says this report.
Selbyville, Delaware, July 14, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Concrete Floor Coatings Market was estimated at $1.23 billion in 2020 and is slated to exceed $1.80 billion by 2027, registering a CAGR of 6% from 2021 to 2027. The report provides an analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
Concrete floor coatings are predominantly used in the construction sector to offer a protective layer to concrete floors. Concrete floors are mainly used in a wide range of manufacturing facilities, food processing plants, pharmaceutical facilities, warehousing, and other facilities. A growing number of manufacturing facilities in emerging economies coupled with strong infrastructure development across the globe will drive the concrete floor coatings market share over the forecast timeframe.
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Acrylic concrete floor coatings are expected to showcase a growth rate of 6% from 2021 to 2027. High resistance toward the water and ultraviolet radiation makes acrylic coatings highly preferable across industrial flooring applications. These coatings offer excellent color, gloss retention, and unlimited recoatability. The impact resistance of these coatings is also high. In addition, these coatings are preferred in places where there is more salinity.
One component coating generated around USD 30 million in revenue in 2020. This system is highly used in domestic applications such as garages, indoor household flooring, landscaping flooring, etc. The rising middle-class population and changing consumer lifestyles have also positively led to the massive development of the regional market for one component floorings. A strong economic growth along with rising disposable incomes will propel the demand for one component market segment in the coming years.
The growing residential and commercial development projects are supporting the demand for floor coatings in indoor applications. Indoor applications held over 68% volumetric shares in 2020. Indoor applications include residential, industrial & commercial parking spaces, garage floors, commercial & indoor floors, basements, shop floors, bathrooms, shower areas, etc. Increasing awareness of safety in commercial parking areas is creating additional demand for floor coatings.
The demand for residential floor coatings application is expected to be around 42-kilo tons in 2027. Growing residential construction activities in the Asia Pacific owing to the rising population, proliferating urbanization, and easy access to financing solutions supporting the residential sector, thereby driving the demand for floor coatings. Furthermore, economic coating product offerings for the residential sector along with the development of new products will drive the growth of the concrete floor coatings market segment.
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The Asia Pacific is growing at a faster pace and is expected to generate around USD 749 million in revenue by 2027. The strong economic growth of China, India, and Japan along with growing industrialization in South East Asia will drive the demand for flooring applications. Furthermore, a strong presence of manufacturers and growing warehousing capabilities across the region are offering new opportunities for concrete floor coatings market expansion.
Key industry participants in the concrete floor coatings industry are Royal DSM, PPG Industries, Inc., Nippon Paint Co., Ltd., Sika AG, Henkel Corporation, and others. Industry players are focused on product development, merger & acquisition, strategic partnership & joint venture, and R&D investment strategies over the long run.
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