Global Floor Coatings Market To Be Driven By Increasing Construction Activities And Applications Of Coatings In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Floor Coatings Market Price, Share, Size, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global floor coatings market, assessing the market based on its segments like binder type, coating component, floor structure, end use, and regional market among others.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): 2.69 billion USD
- Forecast CAGR (2023-2028): 7.1%
The floor coatings industry is being restructured as a result of increased globalisation. Due to the rapid economic growth observed in India and China, there has been a shift in industrial patterns. With many nations in Asia-Pacific remaining predominantly rural, economic growth is expected to encourage continued urbanisation. Furthermore, population expansion in these nations is predicted to increase demand for housing and commercial infrastructure, which is expected to be a major driving force in the floor coatings market during the forecast period.
The floor coatings market is expected to be fueled by increased investment in the building and construction sector as a result of global economic growth and population growth in both developed and developing nations. Increased floor coating efficiency, high mechanical strength, high chemical and temperature resistance, and exceptional & superior finishing ability all contribute to the market’s growth.
Industry Definition and Major Segments
Anti-static, waterproof, anti-vibration, and anti-skid are some of the desirable qualities of floor coatings. They are responsible for extending the life of the underlying concrete floors by helping to preserve the concrete surfaces onto which they are placed. The extended shelf life of floor coatings, as well as the ornamental elements they provide, are projected to boost market expansion throughout the projection period.
The expansion of the construction sector, as well as the rising usage of coatings in commercial, industrial, and residential applications, as well as the high investment in building and construction, are likely to be significant drivers driving the floor coatings market forward.
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On the basis of Binder type, floor coatings market is segmented into:
Based on the Coating Component, floor coatings market is divided into:
- One-Component (1k)
- Two-Component (2k)
- Three-Component (3k)
On the basis of Floor Structure, floor coatings market is categorised into:
On the basis of End Use, floor coatings market is segmented into:
The major regional markets of floor coatings market are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The worldwide floor coatings industry is being propelled by growing construction spending throughout the world. Due to the increase in the residential sector and the creation of infrastructure, such as indoor playing grounds and sidewalks, the one-component (1k) segment, among other coating components, is expanding at a quicker pace.
The industrial segment’s need for floor coatings is being driven by the expansion of the food and chemical processing sectors, as well as increasing industrialisation and rising manufacturing industries. Due to the widespread use in industrial and commercial applications, epoxy is expected to dominate the market throughout the projected period. As a result of increasing demand for floor coatings in the residential, commercial, and industrial sectors in the area, Asia Pacific is leading the industry, followed by Europe.
Furthermore, rising demand for green buildings in developing nations like India, China, and New Zealand is giving the industry a boost. The availability of replacements like tiles, carpet, and bamboo flooring, on the other hand, may stifle the industry’s growth in the coming years.
Key Market Players
The major players in the market are BASF SE (ETR: BAS), Akzo Nobel N.V. (AMS: AKZA), Dow Chemical Company (NYSE: DD), Arkema Group, Maris Polymers, Nora Systems GmbH, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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