Global Concrete Floor Coatings Market - 2020-2027
Concrete floor coatings improve the functionality of floorings by enhancing the durability of concrete. They are used for providing the floors with slip resistance, chemical resistance, and anti-microbial properties. Concrete floor coatings also exhibit anti vibrational and anti-static properties. They help prevention of cracks resulting in the concrete and also promote easy cleaning of floors thereby reducing the operational costs.
The Global Concrete Floor Coatings Market is valued at USD XX million in 2019 and is expected to grow at a CAGR of XX% in the forecast period 2020-2027 to reach a value of USD XX million by 2027.
The rapid growth of industrialization, awareness about flooring protection, increasing globalization and the growth of the construction and infrastructure industry are the key factors fueling the global concrete floor coatings market.
Change in monetary and social conditions set apart by a significant increase in manufacturing and urbanization indicate the growing rate of industrialization among the countries of the world. According to the International Yearbook of Industrial Statistics 2018 released by United Nations Industrial Development Organizations (UNIDO), the world manufacturing value added (MVA) rose by 3.5% in 2017, the highest rate in the last seven years. United Nations Department of economic and social affairs reveals that about 55% of the world's population resides in urban areas and this figure is expected to reach 68% by 2050. These high industrialization rates have propelled the need for the setting up of a greater number of industries which is in turn expected to augment the growth of the concrete floor coatings market.
However, lack of awareness about concrete floor coatings and fluctuating prices of raw materials are the critical aspects which might impede the growth of the market in the forecast period.
Based on the product type, the market is segmented as epoxy, poly aspartic, acrylic, polyurethane.
The epoxy segment is expected to grow at a higher rate in the forecast period owing to its high resistance properties such as spill resistance, massive impacts and wear and tear caused by high-temperature products. It also provides high abrasion resistance, heat resistance, and chemical resistance. Floors coated with epoxy materials are easy to clean thereby reducing the maintenance costs. Owing to these reasons, epoxy type coatings are widely used in coating floorings of various industries like chemical industries, food and beverage industries and used in various building and construction applications.
Based on the end-use, the market is segmented as commercial, industrial and residential applications. The commercial and industrial segments are anticipated to witness high traction rates in the forecast period owing to the rising investments in commercial real estate and high growth rates of global industrialization.
According to a survey report published by the Urban Land Institute, acquisitions of income-producing commercial real estate increased by 3 percent to USD 963.7 billion in 2018, the third highest annual total on record after 2007 and 2015. The investments in commercial real estate sector increased by 19% and the investments in Asia Pacific increased by 2% compared to its 2017 record volume. Increasing office spaces, hotels and other commercial buildings is another crucial factor responsible for the rising demand for concrete floor coatings and is expected to propel the market growth in the foreseeable future.
The Global Concrete Floor Coatings Market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa.
The Asia Pacific region is further segmented into the following areas like China, Japan, India, Australia, and others. The Asia Pacific region is expected to show a robust market growth owing to the growth of the construction industry in India and China. According to the National Bureau of Statistics, China, the number of construction enterprises in China increased from 75722 in 2016 to 81196 in 2017. The gross output value of China's construction industry increased from USD 23 billion in 2016 to USD 26 billion Yuan in 2017. Similarly, according to the India Brand Equity Foundation, industrial investments in India's real estate in 2018 reached USD 5.5 billion, the highest in a decade. Real Estate industry in India is expected to reach a market size of USD 1 trillion in 2030 from USD 120 billion in 2017 contributing the 25% of the country's GDP by 2025.
Moreover, the presence of major heavy-duty industries in India and China coupled with high manufacturing outputs is also fueling the concrete floor coatings market in this region. According to the United Nations Industrial Development Organization (UNIDO), the manufacturing output of China rose by 6.4% in 2018, the highest in any country in the world. India's manufacturing output grew by 5.3%, and Indonesia's production increased by 4.6%. China and India rank 1st and 5th respectively in the list of countries with high industrial outputs. This is expected to drive the Asia Pacific regional market to grow at a higher pace in the forecast period.
New product launches, expansion of facilities, mergers and acquisitions and strategic partnerships are vital strategies adopted by most of the companies to contribute to the growth of the company and improve their market growth rate.
In September 2018, Kansai Paints has signed an agreement with Jotun A/S to collaborate in global coatings business.
Moreover, in May 2019, PPG Industries set up a new distribution center in Texas, intending to strengthen the company's distribution model across the US.
Furthermore, in January 2019, Akzo Nobel launched a new innovative powder coating which offers invisible protection by keeping surfaces hygienically clean while tackling the threat of cross-contamination.