Concrete Floor Coatings Market is expected to reach USD 1,176.9 million in 2020, growing at a CAGR of 6.8% by 2020.
The global concrete floor coatings market is highly concentrated, with the top five players accounting for about 35% of the global market in 2013. These top five companies are BASF SE, DSM, Sherwin-Williams, PPG Industries, and RPM International. The leading companies are focusing on the use of sustainable products, offering a broad range of concrete floor coatings applications, and strengthening their distribution networks to boost their brand value in this highly competitive marketplace, states Transparency Market Research (TMR) in a new study.
“Product differentiation and new product development using bio-based raw materials are the key strategies adopted by the majority of new entrants. Moreover, the market has a considerably large end-user base and tremendous growth opportunities present in emerging economies. These factors are presenting conducive opportunities to new players in the global concrete floor coatings market,” states the author of the report.
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The global demand for concrete floor coatings stood at 388.8 kilotons in 2015 and is anticipated to reach 524.2 kilotons by 2020, rising at a CAGR of 6.1% from 2014 to 2020. Based on product, the epoxy segment will continue to lead the market until 2020, accounting for 55.6% of the overall market volume. Due to the increasing construction of residential and garbage dumping units, the polyaspartics segment will expand at a CAGR higher than other segments over the forecast period.
Developing Countries in Asia Pacific to Create Lucrative Opportunities for Concrete Floor Coatings Manufacturers
North America will continue to remain the leading regional market for concrete floor coatings until 2020, representing a share of 34.3% of the overall market volume. However, this region along with Europe and Rest of the World (RoW) will lose their shares to Asia Pacific. Due to the presence of rapidly developing markets such as India and China and rapidly growing awareness about floor coatings, APAC is estimated to emerge as the most promising regional market during the same period.
Increasing Construction of Residential and Commercial Units Worldwide to Boost Demand for Concrete Floor Coatings
The growing population and urbanization in countries in the BRICS nations have triggered the demand for residential and commercial spaces. With greater construction activities in the residential and commercial sectors, the demand for concrete floor coatings is increasingly rapidly, thereby fueling the growth of the market. Moreover, these coatings protect the floor from wear and tear, besides adding aesthetic value to the floor. Therefore, the rising awareness regarding the functional properties of concrete floor coatings is boosting their adoption in warehouses, healthcare facilities, factories, automotive shops, and chemical processing units.
“With the economic revival of developed nations following the last global recession, the construction sectors in these countries have started recovering and are registering strong growth,” says a TMR analyst. Thus, an increase in construction of commercial and residential structures is creating immense opportunities for concrete floor coatings manufacturers.
Volatile Raw Material Prices to Pose a Threat to Concrete Floor Coatings Manufacturers
Concrete floor coatings are manufactured using petrochemical derivatives such as epoxy and polyurethane and are hence susceptible to any volatility in the price and supply of crude oil. Constant varying prices of crude oil add extra pressure on concrete floor coating manufacturers and reflect in the final price of these products. This factor is, thus, influencing the growth of the global concrete floor coatings market negatively.
However, to address the price volatility issue, manufacturers have started using innovative bio-based products for concrete floor coatings applications. The introduction of these products has gained widespread interest across the globe and is expected to fuel the growth of the global market in the near future.
The information presented in this review is based on a Transparency Market Research report, titled, ‘Concrete Floor Coatings Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.’
The global concrete floor coatings market is segmented in the following ways:
Concrete Floor Coatings Market – Product Segment Analysis
Others (including acrylic, polyurethane, etc.)
Concrete Floor Coatings Market – Application Segment Analysis
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