The global floor coatings market generated revenue of $1,666 million in 2015, and is estimated to reach $2,612 million by 2022, registering a CAGR of 6.6% during the forecast period. The market is segmented based on binder type, coating component, floor structure, end user, and geography.
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Floor coatings market are resinous solutions used to increase the durability of concrete, tiles, wooden floors, carpets, vinyl, and others. Floor is subjected to greatest amount of wear, and thus requires protection and careful consideration during new construction and refurbishment projects.
Floor coatings prevent the floor from damages such as thermal shocks, abrasions, corrosions, and chemical attacks. They consist of sealers and sealants to protect the surface from oxidation and moisture, respectively.
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They are used across industries such as commercial retail stores, medical & healthcare facilities, aviation & transportation, correctional facilities, educational institutes, restaurants, and others.
By binder type, floor coatings market is segmented as epoxy, thermoplastic, thermoset, and others. The floor coatings are made up of resins such as epoxy, polyurethane, polyaspartics, hybrids, and acrylic.
Epoxy floor coatings segment dominated the market due to factors such as high wear & tear resistance, high chemical resistance, low shrinkage, and high durability. In the year 2015, the epoxy floor coatings contributed one-third share of the global floor coatings market, and is expected to grow at a CAGR of 7.0%.
On the basis of coating components, the floor coatings market is segmented as one-component (1K), two-component (2K), and three-component (3K). According to structure, the market is segmented as wood, terrazzo, mortar, and others.
By end user, the global floor coatings market is divided into residential, commercial, and industrial. The infrastructural development of residential and commercial structures in emerging economies such as India and China motivated several manufacturers of floor coatings to increase their production capacities in these regions.
For instance, The Dow Chemical Company expanded its Texas facility by increasing the production capacity of glycidyl methacrylate (GMA) by 30% annually, which is a chemical used in the production of epoxy resins.
Geographically, the floor coatings market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the floor coatings market in 2015, and is anticipated to maintain this trend.
This is attributed to growth in population, increase in standard of living, and rise in construction industries & multinational companies, especially in India and China.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current trends, drivers, and dynamics of the global floor coatings market to elucidate the prevailing opportunities and the probable investment pockets.
- It offers qualitative trends as well as quantitative analysis from 2014 to 2022 to assist the stakeholders to understand the market scenario.
- In-depth analysis of the key segments demonstrates the consumption of floor coatings in different applications across various industries.
- Competitive intelligence highlights the business practices followed by key business players across the geographies as well as the prevailing market opportunities.
- Key players are profiled along with the strategies and developments, which portray the competitive market outlook.
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