Dublin, Aug. 19, 2021 (GLOBE NEWSWIRE) -- The "Industrial Flooring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Industrial Flooring Market is projected to register a CAGR of over 5% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. The construction and redevelopment projects of many industries and commercial buildings has been stalled in order to tackle the spread of the coronavirus. Loss of investment plans and termination of planned projects has affected the construction activities in the industrial sector in 2020. However, with the easing of regulations, construction activities are expected to pick up pace in the coming years.
Over the short term, growing awareness about the advantages of industrial flooring is expected to drive market growth. Stringent regulations on VOCs released on the flooring are likely to hinder the growth of the market.
Increasing popularity of eco-friendly bio-based flooring and promising performance of polyaspartic coatings are projected to act as an opportunity for the market's growth in the future. Asia-Pacific holds the major share in the consumption of industrial flooring. The region is also expected to witness the fastest growth during the forecast period, powered by the growth in the industrial activities in the region.
Key Market Trends
Increasing Demand from Food and Beverage Industry
- The food and beverage industry is one of the major end-user segments for the market studied. In the food and beverage industry, cleanliness and purity are of paramount importance. Due to this, it is mandatory for this industry to apply an appropriate resin or coating on the floor.
- The floor in the food processing facility is exposed to all sorts of food byproducts, like hot oils, fats, blood, sugar solutions, and natural food acids. Some of these byproducts are corrosive in nature, which can cause serious damage to the floor.
- Besides this, the risk of microbial growth due to spillage is high in the food and beverage industry. Consequently, these contaminants ultimately degrade the processed food's purity.
- To avoid such problems, the food and beverage industry requires various resins and related coatings, such as epoxy, polyurethane, polyaspartic, and MMA, to provide a protective barrier, which can help prevent contaminants from permeating the concrete substrate and ensures a hygienic surface.
- The Global Food Safety Initiative (GFSI), the Food Standards Agency (FSA) and the European Food Safety Authority (EFSA) has issued stipulations to ensure food factories maintain the highest standards of handling and production.
- According to the recent study, the global food and beverages industry is expected to account for approximately USD 276.9 billion by the end of 2021, and is expected to grow with a CAGR of over 8% and will account for approximately USD 379.7 billion by the end of 2025.
- China, Japan, United States, United Kingdom, and South Korea are the top five major contributors in global food and beverages industry.
- In Japan, The food and beverage industry is expected to reach USD 26,523 million by 2023. This growth is attributed to the increase in demand for packaged food and beverages, coupled with increasing consumer's affordability. This expected growth in the food and beverage industry is expected to positively influence the demand for industrial flooring.
- However, due to the outbreak of covid-19, food and beverage industry also has also a slight hit except for the sale of essential products which in turn has a moderate affect on the market studied and is expected to continue in 2021.
- All the aforementioned factors depict a positive outlook on the use of industrial flooring in the food and beverage industry during the forecast period.
China to Dominate the Market in Asia-Pacific Region
- Asia-Pacific region dominated the global market and the trend is expected to continue during the forecast period. China is one of the major countries in Asia-Pacific, with ample construction activities being supported by the growing economy.
- The Chinese segment of the market studied is expected to record a significant CAGR during the forecast period, owing to the growing end-user industries, such as the food and beverage industry, chemical industry, etc.
- The chemical industry in the country has grown drastically over the past two decades, in line with the overall growth of the country and the fundamentals of the key industries. China represents about one-third of the worldwide demand for chemicals. The manufacturing of chemicals in the country is expected to record significant growth, in the coming years, thus augmenting the consumption of industrial flooring in the country.
- The food processing industry is moving toward maturity in the country, witnessing moderate growth. Processed and packaged frozen foods are increasingly becoming popular, especially dairy, baby food, and confectionery products, which stands to be the driver for the food processing industry. In the beverage industry, the trend of consumption of healthy, natural, and convenient ready-to-drink smoothies, juices, and yogurts is emerging.
- Currently, in North China, there were about 42,577 food and beverage manufacturers, which accounted for annual sales of over RMB 20 million. There is a continuous growth in the consumption of processed food products, in the country. This trend is expected to aid the growth of the food and beverage industry, which, in turn, is expected to drive the consumption of industrial flooring, during the forecast period.
- China is the second-largest market for pharmaceuticals, globally. The market for pharmaceuticals is growing rapidly, owing to the increasing middle-class and aging society present in the country, rising income levels, and increasing urbanization. The pharmaceutical sales of the country are expected to reach up to USD 175 billion by 2022. The country has a large and diverse domestic drug industry, comprising around 5,000 manufacturers, of which, many are small- or medium-sized companies.
- Owing to all these factors, the market for industrial flooring in the region is projected to rise during the forecast period.
Competitive Landscape
The global industrial flooring market is highly fragmented in nature, with the top players (top 7-10) accounting for not more than 20% of the overall market, in terms of revenue. Some of the major players in the market include Sika AG, RPM International Inc., Akzo Nobel N.V., MBCC Group, and Nippon Paint Holdings Co. Ltd, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Awareness about the Advantages of Industrial Flooring
4.1.2 Increasing Demand from Food and Beverage Industry
4.2 Restraints
4.2.1 Stringent Regulations on VOCs Released on Flooring
4.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Resin Type
5.2 Application
5.3 End-user Industry
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Akzo Nobel N.V.
6.4.2 Axalta Coating Systems
6.4.3 MBCC Group
6.4.4 CARPOLY
6.4.5 Florock
6.4.6 Fosroc, Inc.
6.4.7 JOTUN
6.4.8 LATICRETE International, Inc.
6.4.9 Michelman, Inc.
6.4.10 Nippon Paint Holdings Co. Ltd
6.4.11 PPG Industries, Inc.
6.4.12 RPM International Inc.
6.4.13 Sika AG
6.4.14 3TREESGROUP
6.4.15 Teknos Group
6.4.16 The Sherwin-Williams Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/r12uos
