Industrial Floor Coating Market Overview
The Industrial Floor Coating Market Size was valued at USD 4.8 Billion in 2022 and is projected to grow from USD 5.1 Billion in 2023 to USD 7.35 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.30% during the forecast period (2023 - 2030).
As per Market Research Future (MRFR)’s analysis, the global Industrial Floor Coating Industry is set to expand at a substantial rate during the forecast period. Industrial floor coatings enhance performance and increase the durability of concrete and other flooring materials. It is extensively used for both industrial and commercial purposes, which is likely to aid the growth of the market in the foreseeable future.
The advent of industrial revolution 4.0 and industry automation is likely to have a favorable impact on the future trajectory of the industrial floor coating market. The industrial sector is the backbone of a nation’s economy. This has accelerated investments in the sector for optimum utilization of resources, thus, catapulting the industrial floor coating market on an upward trajectory.
The key players are widening their range of product lines by adding products that ensure waterproofing, puncture resistance, slip resistance, microbial protection, etc. The access to a wide spectrum of offerings has expanded the market presence of industrial floor coatings. It is expected to accelerate revenue creation for the market participants. The developing nations such as India and China resonate strong opportunities for growth across the assessment period. On the flip side, lack of awareness among end-users is likely to restrict the expansion of the global industrial floor coating market.
In March 2018, Axalta Coating Systems, a coatings company, has acquired manufacturing and distribution facility in Sacramento, CA, for supporting the growth of its North American Industrial and Refinish businesses.
In May 2018, a manufacturer of industrial floor and wall coatings, Tennant Coatings, has announced the launch of new ReVue™ line of concrete mortars.
In November 2018, PPG Industries, a global supplier of paints, coatings, and specialty materials has announced the introduction of its new thinner and lighter fire protection coating, PITT-CHAR NX.
By material, the global industrial floor coating market has been segmented into concrete, mortar, and terrazzo.
By application, the industrial floor coating market has been segmented into residential, commercial, and industrial.
The global epoxy flooring coating market, by region, has been segmented into North America, Asia Pacific, Europe, and the Rest of the World. Asia Pacific is the largest market for industrial floor coating and is expected to command the maximum market share in the upcoming years. The rapid industrialization of the region, especially in the fast-developing nations such as India and China, is prognosticated to aid the proliferation of the industrial floor coating market over the assessment period. In addition, the growing demand for joint-free and seamless finish for avoiding cracks or crevices that accumulate dust, dirt, and bacteria is another major factor responsible for the expansion of the industrial floor coating market during the assessment period.
North America is another major market for industrial floor coating. The consolidation of major players of the market in the region coupled with the presence of a highly developed industrial sector is anticipated to boost the future trajectory of the market over the assessment period. Investments are expected to flow towards the growth of the industrial floor coating market in the region which is projected to revolutionize the competitive landscape.
Europe is likely to expand at a strong pace in the upcoming years owing to the availability of funds for research & development. The region is also prognosticated to witness an upsurge in demand from the burgeoning industrial sector, thus, augmenting the industrial floor coating market.
Some of the key players profiled in the report are BASF SE (Germany), 3M Company (U.S.), A&I Coatings Pty Ltd (Australia), Asian Paints PPG Pvt Ltd. (Mumbai), Nora Systems, Inc. (Germany), The Dow Chemical Company (U.S.) and CPC Floor Coatings (U.S.).
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