Portland, OR, Jan. 12, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global industrial flooring market was pegged at $6.29 billion in 2019, and is projected to reach $8.30 billion by 2027, growing at a CAGR of 5.3% from 2020 to 2027.
Rise in industrialization around the globe, growth in food & beverage, chemicals, and manufacturing industry, and surge in necessity for industrial flooring in industrial facilities drive the growth of the global industrial flooring market. However, volatile prices of raw material and lack of skilled manpower & awareness for selection of material hamper the market growth. On the contrary, rise in FDI inflow and favorable government policies are expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
- The pandemic has forced several companies to temporarily stop their business operations to comply with government’s regulations. This halt resulted in disruption of the supply chain.
- Moreover, prolonged lockdown across various countries and need to comply with social distancing norms resulted in lack of manpower, hampering the production of industrial flooring materials such as epoxy, anhydrite, and others.
The global industrial flooring market is segmented on the basis of thickness, end user industry, and region. Based on thickness, the market is divided into light duty, medium duty, and heavy duty. The heavy duty segment dominated the market in 2019, accounting for nearly three-fourths of the market. However, the medium duty segment is projected to register the highest CAGR of 7.7% during the forecast period.
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On the basis of end user industry, the market is classified into chemical, food & beverages, healthcare, transportation & aviation, and others. The food and beverage segment held the largest share in 2019, contributing to more than one-fifth of the total revenue. Moreover, the segment is expected to manifest the highest CAGR of 6.3% during the forecast period.
The global industrial flooring market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share, accounting for more than two-fifths of the market. In addition, the region is anticipated to register the highest CAGR of 6.1% during the forecast period.
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The global industrial flooring market report includes an in-depth analysis of the major market players such as BASF SE, Cipy Polyurethanes Pvt. Ltd., Cornerstone Flooring, Don Construction Products Ltd., Fosroc, Inc., MAPEI S.p.A., RPM International Inc., Sika AG, Twintec Group Limited, and VIACOR Polymer GmbH.
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