Market Overview: The global Industrial Floor Coating Market is projected to experience a growth rate of 7.1%, expanding from USD 5.63 billion in 2019 to USD 9.70 billion by 2027. This growth is primarily attributed to the increasing demand for industrialization in emerging economies and the heightened necessity for safeguarding concrete floors, which is expected to drive global market growth.
Industrial floor coating refers to a liquid, transparent material applied to floors, which solidifies upon drying, providing a durable walking surface. It enhances aesthetic appeal, offers anti-skid and abrasion protection, and is environmentally friendly. Solvent-free coatings, known for minimal drying time, uniform finish, increased film thickness, and odorless application, are gaining popularity. Innovative technologies like high molar volume technology are driving the adoption of solvent-free industrial coatings. Epoxy flooring, with its reasonable cost, is fueling product demand.
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North America holds the largest market share at 30.3% in 2019, driven by the production capacities of key companies, technological advancements in manufacturing, and efficient transportation facilitating material movement.
Floor Cover Outlook: Floor coatings act as sealers on concrete floors, preventing seepage, staining, and cracking. Concrete flooring is widely used in residential and commercial spaces, with the latest trend being polished concrete, surpassing alternatives like PVC vinyl, epoxy flooring, polyurethane, acid-proof tiles, and floor paints.
Material Outlook: Polyaspartic coatings, known for high strength and hardness, outperform traditional coatings such as epoxy and polyurethanes. These coatings offer advantages like resistance to fading in direct sunlight, low color values, reduced drying times, odorlessness, long pot life, and compatibility with various surfaces. Epoxy holds the largest market share at 60.1% in 2019.
Outlook for Applications: The growth of the industrial sector significantly contributes to the expansion of the industry. Various sectors such as machinery manufacturing, automotive, food processing, aviation, transportation, science, and technology utilize industrial floor coatings. The increasing demand for industrial-grade epoxy floor coatings is a driving force behind the industry's expansion.
Industry Growth by Sector: Growth in the mining, metallurgy, and oil & gas sectors is fueled by the need for durable flooring that can withstand various liquids, solvents, chemicals, and high temperatures, thereby contributing to the overall market size. The surge in infrastructure spending in the manufacturing sector is a crucial factor propelling growth.
Regional Market Outlook: In 2019, North America held the largest market share at 30.3%, attributed to increased production capacities of key companies, advancements in manufacturing technology, and efficient transportation. Asian countries are expected to invest USD 9 trillion between 2010 and 2020, focusing on production industries to meet the needs of the growing population.
Market Insights:
Technology Trends: The adoption of high-level technology for solvent-free coatings emerges as a significant trend.
Environmental Focus: Increasing demand for environmentally friendly products and robust flooring options is generating interest in polishing systems.
Global Construction Revenue: Anticipated to reach USD 13 trillion by 2024.
Component Type Growth: The two-component type is projected to experience the highest growth rate of 8.1% during the forecast period.
Expert Insights: Reports and Data forecast promising developments in increased adoption of Industrial Floor Coating. New manufacturers entering the market are expected to focus on innovation and advanced technologies, reducing complexity and overall total cost of operation. The industry's growth opportunities have attracted startups such as Lebanohn, Adhere Bonds Coats Pvt. Ltd., SR Build Care Tech, and Venus Enterprises.
Deals Landscape: Mergers and acquisitions are integral to the Industrial Floor Coating industry. Key players like BASF, Grolman, and Sherwin-Williams have engaged in collaborations and takeovers.
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Segments Covered in the report: This report forecasts revenue growth globally, regionally, and at a country level, analyzing market trends in sub-segments from 2018 to 2027.
Material Outlook (Revenue, USD Million; 2017-2027):
Epoxy
Polyaspartic
Others
Component Type Outlook (Revenue, USD Million; 2017-2027):
One-Component
Two-Component
Three-Component
Four-Component
Five-Component
Application Outlook (Revenue, USD Million; 2017-2027):
Manufacturing
Food Processing
Aviation & Transportation
Science & Technology
Others
Floor Cover Outlook (Revenue, USD Million; 2017-2027):
Concrete
Mortar
Terrazzo
Regional Outlook (Revenue, USD Million; 2017-2027):
North America (U.S., Canada)
Europe (Germany, U.K, France, BENELUX, Rest of Europe)
Asia Pacific (China, Japan, South Korea, Rest of APAC)
Latin America (Brazil, Rest of LATAM)
MEA (Saudi Arabia, UAE, Rest of MEA)
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