New York, Aug. 09, 2023 (GLOBE NEWSWIRE) -- The global industrial floor coating market is estimated to grow at a CAGR of ~7% from 2023 to 2035. The market is estimated to garner a revenue of nearly USD 17 billion by the end of 2035, up from a revenue of about USD 7 billion in the year 2022. Industrialization and commercial construction projects have been on the rise globally. The need for durable, protective, and aesthetically pleasing flooring solutions in industrial facilities, warehouses, factories, and commercial spaces drives the demand for industrial floor coatings. Rapid urbanization and infrastructure development lead to the construction of residential, commercial, and public infrastructure projects. These projects often require durable and attractive flooring solutions, driving the demand for industrial floor coatings. According to the United Nations, the global urban population is expected to reach 68% by 2050, driving the need for infrastructure development.
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The growth in urbanization and infrastructure development supports the expansion of the industrial floor coating market. This growth is attributed to the growing bearing industry. Industrial floors provide a durable surface for the warehouse to prevent accidents. Factors that are believed to be driving the growth of the industrial flooring market also include the increasing importance placed on the strength of the floor in buildings. Due to the low cost and easy maintenance, there is a growing demand for various products such as epoxy resin. Industrial floor coating withstands the rigors of constant traffic and offers resistance to corrosive liquids. There has also been a growing awareness of the benefits of flooring among end users, which is fueling the growth of the industry.
Industrial Floor Coating Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The manufacturing segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing Growth of Construction Industries across the Globe to Boost Market Growth
There is increasing industrialization in the emerging countries, which is leading to an improvement in the industrial infrastructure. This is driving the growth of the industrial floor coatings market. The use of green and lightweight materials in green buildings has increased. In addition, the concrete flooring is designed with eco-friendly design, which increases the demand for eco-friendly construction projects.
The growth of the construction industry in the residential, commercial and industrial sectors increases the demand for industrial flooring. Urban land take growth will outpace population growth by up to 50%, adding 1.2 million km2 of newly built urban areas globally by 2030. In the automotive industry, large and heavy machines are used to transport various car parts. The end product also requires heavy equipment to move the vehicle off the production floor. Therefore, increasing vehicle production is expected to fuel the growth of the global industrial flooring market over the next years.
Industrial Floor Coating Market: Regional Overview
The global industrial floor coating market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding industrialization and urbanization to Drive the Market Growth in Asia Pacific Region
The industrial floor coating market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The Asia Pacific region has been experiencing significant industrialization and urbanization, leading to the construction of new industrial and commercial facilities. According to the Asian Development Bank, the industrial sector's share of GDP in Asia Pacific countries increased from 27.5% in 2000 to 33.4% in 2021. The need for durable and protective flooring solutions in these facilities drives the demand for industrial floor coatings.
The Asia Pacific region is witnessing substantial infrastructure development, including transportation systems, power plants, commercial buildings, and residential complexes. Industrial floor coatings are essential for these projects to provide longevity, aesthetics, and safety to the infrastructure, contributing to market growth. There is an increasing focus on workplace safety and hygiene in the Asia Pacific region, driven by regulations and a desire to maintain a healthy work environment. Occupational health and safety regulations are being implemented and enforced more strictly. Industrial floor coatings with slip resistance, chemical resistance, and easy-to-clean surfaces are in demand to meet these safety and hygiene requirements. Technological advancements and product innovations in the industrial floor coating industry drive market growth in the Asia Pacific region. Advanced coatings with improved properties such as durability, abrasion resistance, and fast curing times are gaining popularity. The introduction of eco-friendly and sustainable coatings, such as low VOC and water-based formulations, is also driving market growth.
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Growing construction activities to Propel the Growth in the North America Region
The North America industrial floor coating market is estimated to garner the highest CAGR by the end of 2035. The North America region has witnessed significant industrial and commercial construction activities, leading to a demand for industrial floor coatings. According to the U.S. Census Bureau, the total construction spending in the United States reached approximately USD 1.5 trillion in 2020. The need for durable, protective, and aesthetically pleasing flooring solutions in industrial facilities, warehouses, factories, and commercial spaces drives the demand for industrial floor coatings.
North America has a strong focus on workplace safety and stringent regulations governing occupational health and safety. Occupational Safety and Health Administration (OSHA) regulations and other industry-specific safety standards emphasize the use of appropriate flooring systems to ensure worker safety. Industrial floor coatings, known for their slip resistance, chemical resistance, and impact resistance, play a crucial role in meeting these safety requirements. The renovation and refurbishment of existing industrial and commercial spaces also contribute to the growth of the industrial floor coating market in North America. Companies invest in upgrading their facilities to improve productivity, safety, and aesthetics. Industrial floor coating market provide a cost-effective solution for transforming and improving the performance of existing floors.
Industrial Floor Coating, Segmentation by End Use Industry
- Aviation & Transport
- Manufacturing
- Warehousing
- Food Processing
Amongst these segments, the manufacturing segment is anticipated to hold the largest share over the forecast period. Economic growth and industrialization play a significant role in driving the manufacturing sector. According to the World Bank, global GDP grew by 2.9% in 2019, with the manufacturing sector contributing to a significant portion of this growth. Industrialization efforts in emerging economies, such as China, India, and Southeast Asian countries, have propelled the manufacturing sector's growth. Technological advancements, such as automation, robotics, and artificial intelligence, have revolutionized the manufacturing industry. Automation enables increased efficiency, productivity, and precision in manufacturing processes.
Globalization has opened up new markets and created opportunities for manufacturers to expand their operations internationally. Supply chain integration and the development of global production networks have facilitated the efficient movement of goods and services across borders. The manufacturing sector is driven by demand from various end-use industries, such as automotive, electronics, aerospace, consumer goods, and pharmaceuticals. Rising consumer expectations, evolving lifestyles, and technological advancements drive demand for products, which, in turn, stimulates manufacturing activities.
Industrial Floor Coating, Segmentation by Product
- Epoxy
- Polyurethane
- Acrylic
Amongst these three segments, the epoxy segment is anticipated to hold a significant share over the forecast period. Epoxy resins find extensive applications across various end-use industries, including construction, automotive, aerospace, electronics, and industrial manufacturing. The demand from these industries for epoxy-based coatings, adhesives, and composites drives the growth of the epoxy segment. The construction and infrastructure sectors are major drivers of the epoxy segment. Epoxy coatings are widely used in construction for applications such as flooring, waterproofing, and corrosion protection.
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Technological advancements in epoxy resin formulations and applications have expanded the range of potential uses and improved the performance of epoxy-based products. Innovations in epoxy-based composites, coatings, and adhesives have enhanced their properties, including durability, chemical resistance, and versatility. These advancements have opened up new market opportunities and contributed to the growth of the epoxy segment. Governments around the world are investing in infrastructure development, including transportation, energy, and public facilities. Infrastructure projects often require durable and high-performance epoxy-based coatings and adhesives for applications such as bridge maintenance, road markings, and structural bonding.
Industrial Floor Coating, Segmentation by Component
- One
- Two
- Three
Industrial Floor Coating, Segmentation by Flooring Material
- Mortar
- Terrazzo
- Concrete
Few of the well-known market leaders in the global industrial floor coating market that are profiled by Research Nester are The Dow Chemical Company, 3M Company, Astellas Pharma Inc., PPG Industries, Inc., Akzo Nobel N.V., RPM International Inc., Axalta Coating Systems, LLC, A & I Coating Ltd, The Lubrizol Corporation, and other key market players.
Recent Development in the Coating Market
- BASF has started production of its first bio-based polyol, Sovermol, in Mangalore, India. This product meets the fast-growing need for environmentally friendly goods for use in New Energy Vehicles (NEVs), wind turbines, flooring and protective industrial coatings in the Asia-Pacific region.
- Axalta Coating Systems introduced a new Paint Shop Management (PSM) system integrated with the Axalta New Generation Software (NGS) color control center system in Asia Pacific and Middle East and North Africa (MENA). The PSM module aims to help auto refinishers and body shops as an effective management tool in business performance and improvement.
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