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3 trends that will reinforce Industrial Floor Coatings Market expansion through 2024

Author : Ravi Chawat | Published Date : 2020-09-04 

Rapid industrialization coupled with favorable macroeconomic conditions in emerging economies will drive industrial floor coatings market growth. Rising awareness about the benefits of flooring is expected to surge demand across various industrial verticals. Moreover, shifting trends towards reducing maintenance costs within harsh working conditions, including chemical spills, excessive heat and heavy machinery will fuel product penetration.

In industrial workplaces such as distribution facilities, assembly plants and commercial kitchens, there are often a lot of moving parts such as forklifts carrying heavy materials back and forth, sliding carts, etc. Lack of industrial floor coatings lead to increased slips, falls and more serious accidents. Deployment of industrial floor coating enables businesses to continue as usual and free of safety concerns.

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Rising infrastructure spending in developing economies is projected to supplement industrial floor coatings market trends over 2018-2024. Asian countries are projected to invest $9 trillion for infrastructure development between 2010 and 2020 to augment urbanization & industrialization, according to the Asian Development Bank. This will result in surge in the number of manufacturing facilities, thereby propelling industrial floor coatings demand and hence industrial floor coatings market share. As per Global Market Insights Inc. estimates, global industrial floor coatings market size is projected to surpass $7 billion by 2024.

Following is a list of prominent trends that are slated to influence the prospects for industrial floor coatings market over 2019-2024:

Growing safety concerns in food processing plants to expand industrial floor coatings market size:

Industrial floor coatings are rapidly being deployed in food processing units. As per estimates, food processing segment is projected to register exponential growth of around 7.6% over 2018-2024. Growing adoption of these coatings to ensure effective operations in the food processing plants is anticipated to boost industrial floor coatings market trends over the forecast timeline. Moreover, measures taken to ensure optimum safety and hygiene in food processing plants will support the product landscape. Rising investments in the food industry to tackle issues relating to food wastage and food shortage will augment the industrial floor coatings market size.

Double component industrial floor coatings to garner considerable proceeds for industrial floor coatings market share:

Double component industrial floor coatings are widely used in environments that require corrosion protection. Mechanical resistance and high durability from friction are the key factors fueling product demand. As per estimates, double component industrial floor coatings market is projected to register a CAGR of around 7.2% over 2018-2024.The product offers ease of application and major benefits such as abrasion resistance, chemical resistance, easy cleanup and prevention of bacterial growth, fostering industrial floor coatings industry share.

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APAC market to contribute exponentially to industrial floor coatings market share:

In 2017, Asia Pacific accounted for more than 38% revenue share in the industrial floor coatings market and is anticipated to observe CAGR of over 8% over 2018-2024. Global manufacturing industries are majorly concentrated in Asian countries, particularly in Japan, South Korea and China. The growth witnessed in Asia Pacific industrial floor coatings market can be credited mainly to Japan and China together, as they accounted for over 30% of the global manufacturing yield. In 2017, the Government of India allocated INR 6,000 crores for the setting up of 42 mega food parks to reduce food wastage, offering massive growth prospects to the industrial floor coatings industry players in the region.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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