Hyderabad, Aug. 14, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Floor Coatings Market Report (2023-2028)," the market is estimated at USD 6.71 billion in 2023. It is expected to register a CAGR of 4.36% during the forecast period.
Floor coatings are protective layers applied to surfaces exposed to heavy wear or corrosion, often found in environments like warehouses, chemical plants, and production floors. The market for floor coatings is expected to grow due to increasing awareness of their benefits and rising housing construction activities in emerging economies. The rise in popularity of bio-based floor coatings and the promising performance of polyaspartic coatings present growth opportunities for the market.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 6.71 billion |
| Market Size (2028) | USD 8.30 billion |
| CAGR (2023-2028) | 4.36% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increasing awareness about the benefits of floor coatings. |
| Rising housing construction activities in emerging economies. |
Who are the Top Companies in the Global Floor Coatings Market?
The market is highly fragmented, with no company holding a significant share. The significant players in the global floor coatings market are,
- Akzo Nobel NV
- ArmorPoxy
- Asian Paints
- BASF SE
- Epoxy-Coat
- Henkel AG & Co. KGaA
- JOTUN
- Kansai Nerolac Paints Limited
- LATICRETE International, Inc.
- MAPEI SpA
- PPG Industries Inc.
- Saint-Gobain (Maris Polymers)
- Sika AG
- Sto Ltd
- Teknos Group
- The Sherwin-Williams Company
- Tikkurila
Other Reports That Might Be of Your Interest:
- Asia-Pacific Floor Coatings Market Report - The Asia-Pacific floor coatings market is expected to reach an estimated value of USD 5.24 billion by the end of this year. It is projected to register a CAGR of more than 6% over the next five years.
- Middle East & Africa Floor Coatings Market Report - The Middle East & Africa floor coatings market is projected to reach a value of USD 1.03 billion by the end of this year. It is projected to register a CAGR of 4.3% over the next five years.
Key Highlights from the Global Floor Coatings Market Report:
Growing Demand from Industrial Applications
- The industrial sector is the dominant segment in the floor coatings market, with core industries like chemicals, automotive, manufacturing, food and beverages, and electronics being major consumers.
- Chemical resistance, hygiene, and safety are crucial factors in the chemical industry, making floor coatings essential for preventing damage, accidents, and worker health risks.
- The industrial application segment is expected to continue dominating the floor coatings market due to these trends and developments.
Asia-Pacific Region Dominating the Market
- The construction industry in the Asia-Pacific region is poised to become the largest and fastest-growing worldwide, encompassing both residential and commercial sectors.
- China's construction sector is experiencing a significant boom, contributing significantly to its ongoing economic development.
- The Indian government is actively promoting housing construction to provide homes for its vast population. The country is expected to see around USD 1.3 trillion in housing investment over the next seven years.
- These construction trends in the Asia-Pacific region are set to drive the growth of the floor coatings market, reflecting the increasing demand for durable and protective flooring solutions.
What are the Latest Developments in the Global Floor Coatings Market?
- In May 2023, Sika AG acquired MBCC Group and expanded its portfolio of decorative floor coatings.
- In March 2023, BASF SE began the production of its first bio-based polyol, Sovermol, which is designed for applications like flooring coating, waterpipe coating, adhesive, and putty applications.
Mordor Intelligence has Segmented the Global Floor Coatings Market Based on Product Type, Floor Material, End-user Industry, and Geography.
- By Product Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Epoxy
- Polyaspartics
- Acrylic
- Polyurethane
- Other Product Types
- By Floor Material (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Wood
- Concrete
- Other Floor Materials
- By End-user Industry (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Decorative (Including Residential and Commercial)
- Industrial
- Car Parks
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- Italy
- France
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Asia-Pacific
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Floor Coatings Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Canada Floor Coatings Market Report - The Canadian floor coatings market is expected to reach a value of USD 200 million by the end of 2023 and register a CAGR of 3.5% over the next five years.
- Mexico Floor Coatings Market Report - The Mexican floor coatings market is expected to reach a value of USD 200 million by the end of 2023 and register a CAGR of over 4% over the next five years.
- United Arab Emirates Floor Coatings Market Report - The UAE floor coatings market is estimated to be valued at USD 1.26 billion by the end of this year and register a CAGR of 4.1% over the next five years.
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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