The changing trends of the global construction sector will have a direct impact on Concrete Floor Coatings Market. In the face of fierce competition and changing consumer preferences, construction gurus have been innovating ways to create beautiful living and working spaces. Renovations and refurbishments are common in the construction sphere, subject to which periodic changes are undertaken to rehabilitate windows, doors, tiles, and the floors of homes, offices, shopping complexes, and multiplexes, which will augment concrete floor coatings industry suitably. Concrete floor coatings are generally preferred owing to their design choices and versatility. These coatings can be enhanced suitably to suit the taste of consumers, thereby propelling concrete floor coatings market size, set to cross USD 1.5 billion by 2024 with a CAGR estimation of more than 7% over 2016-2024.
Renowned companies operating in concrete floor coatings market liaison with end-use sectors to expand the firm’s presence across the value chain. This strategy will also allow the companies to have multiple processes running at the different stages of the value chain and help them strengthen their position in global concrete floor coatings market. BASF, the Germany based chemical company is one such corporation that has successfully implemented this strategy. With a global presence in more than 80 countries, it has signed contracts with myriad end-use industries to spread its presence across the business ecosystem.
U.S. concrete floor coatings market size, by application, 2013 - 2024 (USD Million)
Some other companies such as Nippon Paint Co. Ltd., BAFS SE, Sika Corporation, RPM International Inc., Royal DSM N.V., Henkel Corporation, AW SE, Behr Process Corporation, The Stonhard Group, Vanguard Concrete Coatings, PPG INDUSTRIES Inc., Epmar Corporation, The Sherwin-William Company, and Rodda paint Co. also have a significant share in this highly competitive concrete floor coatings industry.
A dramatic shift toward a luxurious lifestyle and an aesthetic living arena has prompted consumers across the North American frontier to renovate their homes with the myriad concrete coatings available. These coatings come in a variety of colors and designs and are aesthetically eye-catchy and cost-effective as well. North America dominated global concrete floor coatings market in 2015 by holding more than 30% of the overall volume, with a revenue of USD 300 million. The positive transition of the construction sector and rising infrastructure development post the disappointing economic fiasco of 2008 in the U.S. has been one of the key drivers for this growth. The continent has been observing a tremendous rise in the number of remodeling and renovation projects, a factor which is likely to propel North America floor concrete coatings market over the years to come. In addition the region is also home to many of the existing market players, which will help push the industry growth further.
Concrete floor coatings are already a legend in the interior design business space. This is evident from the fact that these coatings are used extensively in outdoor and indoor applications, providing a boost to global concrete floor coatings market. With a gradual rise in the deployment of these coatings in residential and commercial sectors – in homes, buildings, offices, malls, and multiplexes, concrete floor coatings industry from indoor applications is slated to register a significant growth rate in the years ahead, having led the application landscape in 2015. Furthermore, the changing trends in the interior designing sphere coupled with the development of sports infrastructure, especially across the APAC region, will propel concrete floor coatings market in the years to come.
Asia Pacific concrete floor coatings industry, driven by the emerging economies such as India, China, and Japan, is slated to experience the maximum growth rate of 8% over 2016-2024. This tremendous growth can be credited to the ever-growing construction sector in the region. In addition, the lifestyle of the Asia Pacific population has undergone a paradigm shift, with more and more people wanting to improve their standard of living by means of constructing luxurious, aesthetic living and working spaces.
APAC has also experienced a surge in the number of manufacturing facilities, a factor that will majorly drive concrete floor coatings industry in terms of product demand from the growing food & beverage, automotive, FMCG, and pharmaceutical sectors. The governments across the countries of Asia Pacific are also investing heavily to upgrade the manufacturing sector. This will significantly fuel APAC concrete floor coatings industry from indoor as well as outdoor applications.
Speaking of outdoor applications, it has been observed that the governments of various countries have been providing the necessary financial support to improvise on the current infrastructure. These coatings possess high strength and durability which deems them fit to be used for the outdoors, subject to which concrete floor coatings industry size from outdoor applications is forecast to witness a CAGR of 6.5% from 2016-2024.
Of late, the trend of using bio-based, eco-friendly products is on the rise. This factor is likely to stimulate the demand for polyurethane concrete floor coatings market. A stringent regulatory framework will support the usage of bio-based, organic polyurethane, coatings, which is expected to massively impel polyurethane concrete floor coatings industry over 2016-2024. The growth of polyurethane market will also provide a positive impetus to the industry outlook in the next few years.
One of the key products of concrete floor coatings market is epoxy. This material provides a mosaic-like coating and is available in a wide range of designs, patterns, and colors. The epoxy resin matric contributes to this wide spectrum of versatility. In addition, epoxy can be colored in combination with marble, granite, glass, and aggregates, which makes it a popular product to be used for indoor and outdoor coatings.
Epoxy dominated the product landscape of worldwide concrete floor coatings market in 2015 with a contribution surpassing 50% of the total revenue. It is anticipated to observe remarkable gains over 2016-2024, subject to the product properties of high impact resistance, low cost, chemical resistance, and endurance to abrasion. In addition, epoxy concrete floor coatings market will witness a tremendous surge pertaining to the high product demand across outdoor applications such as airports, hospitals, and railway stations, apart from the electronic and pharmaceutical industries. The tremendous growth of epoxy surface coatings market will also expedite the product demand in a variety of application sectors.
The latest trend in concrete floor coatings market is that of using polyaspartic resin. This product is highly durable, unique, and can be customized as required. Polyaspartics concrete floor coatings industry is slated to witness a CAGR of 7% over 2016-2024, subject to the product’s features such as UV protection and high resistance.
Market players have been investing in research and development activities to innovate new products to attract more consumers. Given that the world is inching toward maintaining an aesthetically pleasing space, concrete floor coatings market is likely to earn a significant revenue in the years ahead.