The global floor coatings market
size is expected to reach USD 3,901.5 million by 2025, exhibiting a CAGR of 6.6% over the forecast period, according to a new report by Grand View Research, Inc. The market is anticipated to be driven by rising demand for green buildings globally.
Green buildings are gaining popularity over the conventional ones in the recent years. Efficient use of energy & water, use of renewable energy, reduced operating costs, improved air quality, and reduced overall load on metal structures as compared to conventional buildings are fueling the demand for green buildings.Floor coating manufacturers are designing VOC-free and environment-friendly products to cater to the increasing demand in green buildings. These factors are projected to significantly fuel the market growth over the forecast period.
Based on product segment, polyurethane is anticipated to ascend at the highest growth rate over the forecast period. Polyurethane offers abrasion, corrosion, and wear resistance along with high flexibility. These benefits make the product suitable for use as flooring solutions in residential, commercial, and industrial structures. Epoxy coatings are applied on various surfaces including terrazzo, chip, and colored aggregate flooring to enhance the aesthetic appeal.
Double component segment is expected to witness substantial growth over the forecast period. Double component surface coatings are suitable for areas such as parking & bridge decks, warehouses, industrial spaces, service stations, chemical & metal treatment plants, and machinery service area. They have excellent chemical, abrasion, and water resistance properties. With rapid industrialization and increase in infrastructure development, double component coatings are expected to witness growth in demand, especially in developing countries such as China, India, and Brazil.
Wood is one of the prominent application segments.Surface coatings are used on wood floors to enhance wood grain and to protect the surface. Consumers can select one between matte finish and glossy finish depending on their requirement for covering wooden floors. Types of products that are used to impart a clear finish to traditional hardwood floors include water-based polyurethane, solvent-based polyurethane, and others.
Commercial end-user segment is projected to witness significant growth owing to the increasing spending on construction activities including shopping malls, commercial stores, hospitals, restaurants, warehouses, institutions, and similar other projects with the rise in purchasing power parity across regions such as Asia Pacific, North America, and Europe. Surface coatings with anti-slip property and glossy appearance are useful in heavy traffic areas such as commercial centers that witness high footfall along with movement of machines such as forklifts.
Various strategic initiatives were recorded in the past few years to boost the market growth. For instance, in January 2019, LATICRETE International, Inc. displayed its product line at 2019 World of Concrete show. The product line included various flooring systems, coatings, and construction materials marketed under SPARTACOTE, LATICRETE SUPERCAP, and NXT brands.To request a sample copy or view summary of this report, click the link below:www.grandviewresearch.com/industry-analysis/floor-coatings-marketFurther key findings from the report suggest:
- Asia Pacific dominated the market during the forecast period from 2019 to 2025
- China is the fastest growing country in Asia Pacific region on account of the growing industrialization
- Polyurethane segment is fueling the floor coating market growth owing to its rising demand in various applications
- Market players are adopting various strategies such as showcasing their floor coating product lines in commercial expos to create awareness among the end users and boost product sales.
Grand View Research has segmented the global floor coating market on the basis of product, component, application, end-user, and region:Floor Coating Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Floor Coating Component Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Methyl Methacrylate
Floor Coating Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Single Component
- Double Component
- Triple Component
Floor Coating End-User Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Floor Coating Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
About Grand View Research
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. TheÂ company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.