Concrete Floor Coatings Market Growth
Concrete Floor Coatings Market to witness robust growth with the expanding construction industry, Asia Pacific to be major regional driver
The flourishing construction business across Asia Pacific has been a crucial factor driving the regional concrete floor coatings industry share. The emerging economies of the region, including India and China are experiencing robust growth potential in infrastructural development and manufacturing facilities, which has heightened the product demand in the region. Moreover, rising population and changing consumer lifestyle have also positively led to the massive development of the regional market. Asia Pacific concrete floor coatings industry is anticipated to attain a CAGR of 8% over the period of 2016-2024. China, in 2015, accounted for more than half of the total construction industry revenue generated by BRICS nations, and is expected to observe the highest growth in concrete flooring market over the coming years.
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Post 2008 economic turmoil, North America has experienced a surge in the construction sector and has a strong pipeline of numerous construction projects. Strong growth in the pharmaceutical, automotive, and food & beverage industry has stimulated the product demand for flooring applications across the region. A significant rise has been observed in remodeling and renovation projects across the residential sector, which has driven the concrete floor coatings market size. Accounting for more than 30% of the overall industry share, North America led the worldwide concrete floor coatings industry share in 2015.
Concrete floor coatings also find significant applications in indoor and outdoor sectors. Concrete floor coatings market revenue from outdoor applications is anticipated to grow at a CAGR of over 6.5% during the duration from 2016 to 2024. High government funding for infrastructural growth has impelled the product usage in outdoor applications such as driveways, pathways, garages, and walkways. Indoor applications, which dominated the application landscape in 2015, are expected to contribute notably towards concrete floor coatings market share over the years ahead. The growth can be attributed to the high product preference across residential and commercial constructions. The growing need for improving sports infrastructure will further drive the product demand.
Polyurethane, epoxy, and polyaspartics are the major concrete floor coatings products. Thriving polyurethane sector, which is projected to surpass a revenue of USD 75 billion by 2023, will boost concrete floor coatings industry trends. Development of bio-based polyurethanes for various coating applications will further push the industry revenue.
Epoxy concrete floor coatings market value, which was estimated at over USD 400 million 2015, is expected to grow remarkably over the years ahead. Prominent product applications in the railways, hospitals, airways, schools & colleges, pharmaceuticals, and electrical & electronic sectors are expected to favorably influence its demand. Flourishing epoxy surface coatings sector will further boost the industry revenue.
Polyaspartics concrete floor coatings industry is forecast to register a CAGR of over 7% over 2016 to 2024, driven by the mounting product use in outdoor applications as a result of its exceptional UV radiation resisting characteristics.
Henkel AG & Company KGaA, BASF SE, Sika AG, RPM International Incorporation, Epmar Corporation, PPG Industries Incorporation, Koninklijke DSM N.V., Rodda Paint Company, Vanguard Concrete Coating Incorporation, Nippon Paint Holdings Company Limited, and The Sherwin-Williams Company are the major participants of concrete floor coatings industry.
Author Name : Ojaswita Kutepatil