Floor Coatings Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024
In any structure, the floor is subjected to tremendous stress due to constant movement and direct load applied by the occupant or interior components such as furniture. Thus, the floor undergoes high levels of friction that causes frequent wear and tear, in turn requires frequent maintenance and repair. Floor coatings are used to ensure proper protection and maintenance of floors. These offer high resistance to chemicals, abrasion, and impact, while adding to aesthetic appeal. Floor coatings cost-effective, widely available, and easy to apply, and provide ample protection to the applied surface. A wide variety of floor coatings are available in the market, depending on the environment, structure, and specific requirements of consumers.
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Increasing government investments on corporate and commercial infrastructures is expected to potentially drive demand for floor coatings. For instance, the Indian government has decided to step up the investments in infrastructure sector. For example, in 2015, the Indian Ministry of Road Transport, Highways and Shipping announced a target of US$ 376.53 billion investment in infrastructure sector by 2018. This in turn creates a highly conducive environment for growth of the global floor coatings market, considering the highly populous region that offers highly lucrative growth opportunities for players. Furthermore, easy of FDI norms in emerging economies such as India and China has led to an increasing influx of multinational companies in the region. Major companies lay high emphasis on maintaining aesthetic appeal of their commercial buildings, especially those that directly engage with clients. This fuels demand for high quality floor coatings, among other things in order to ensure high aesthetic appeal without compromising on functionality. The food industry is emerging as a major end user of floor coatings, as floors of associated buildings are subjected to high levels of corrosion. Steady growth of the food industry is another factor that is expected to augment growth of the floor coatings market in the foreseeable future.
Rapid urbanization in emerging economies such as India, China, and Brazil has led to upsurge in civil construction activities, which is a key driving factor that promotes the usage of floor coatings in the residential, commercial, and industrial sectors.Anti-slip floor coatings are mainly used for specific zones such as ramps, pathways, and walkways. Anti-slip coatings are supplemented with the floors coatings to create an anti-slip texture. Fast drying floor coatings range from those for car parks to resin floor coatings drying tarmac, and cold room floor coatings that are best suited for such environments. Cold room floor coatings are specifically formulated to resist very low temperatures. These types of floor coatings are ideal for food industries, supermarkets, dairies laboratories, and cold storages. All the types of coatings have floor protection solutions can include anti-bacterial coatings that provide a sterile environment.
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Floor Coatings Market Outlook- Asia-Pacific is expected to be the top investment pocket for key players operating in the market
Based on geographical segmentation, the global floor coatings market has been classified into North America, Europe, Latin America, Middle East, and Africa. Asia Pacific is expected to be a large market for floor coatings, owing to the booming infrastructural development especially in India and China.
According to Asian Development Bank, Asia is estimated to invest around US$ 8-9 trillion in infrastructural development by 2018. Major investments in building & construction industry is expected to be a resultant of rapid global economic development and increasing population in both developed and developing countries, which in turn is projected to boost demand for global floor coatings.
North America and Europe are also expected to register significant market growth for floor coatings attributed to rising demand among business firms, commercial buildings and educational institutions in an effort to enhance the aesthetic appeal of the interiors.
Key players in the global floor coatings market include Maris Polymers, Arden Endure, A & I Coatings, Megadeal flooring systems, Root Polymers and Chemicals, 3M, Key Resin Company, Lubrizol, Tambour, Asian Paints, Grand Polycot’s Company Pt. Ltd, Aura India Limited, Nora Systems Inc., Key Resin Company, and Lubrizol.
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