Driven by uptight sustainability norms, industry executives are moving from liquid-based coatings to industrial floor coatings. Industrial floor coating have low VOC content and thus reduce the risk of combustion during storage and application. Further, they curb the possibilities of health hazards to industrial workers opines Exactitude Consultancy in its new research study.
PUNE, India , Sept. 6, 2022 /PRNewswire/ -- Global Industrial Floor Coating Market is forecast to grow at a healthy CAGR of 5.6% over the forecast period to reach a market size of USD 7.35 billion by 2029. The global market was worth USD 4.5 billion in 2021.
The industrial floor coating market consists of sales of industrial floor coating by entities (organizations, sole traders, and partnerships) that manufacture industrial floor coatings. Floor coatings are tough, protective layers used in applications where heavy surface wear or corrosion is expected. Typical applications include chemical plants, warehouses, and manufacturing floors. Floor coatings are also used to brighten or define areas of facilities.
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The growing industrialization globally in floor coating is significantly contributing to the growth of the industrial floor coating market. Industrial floor coating are designed to meet the highest industry standards in chemical and corrosion resistance. These coatings are used in chemical plants, warehouses, and manufacturing floors. For instance, Asian countries are expected to invest $9 trillion for infrastructure development of industrialization and urbanization. So, growing industrialization will drive the industrial floor coating market
Prominent industrial floor coating manufacturers depend on such prominent expansion strategies as mergers & acquisitions, introducing new product portfolios, strategic collaborations, and capacity building initiatives to enhance market footprint. Some notable developments are as follows:
January 2022 – Milburn Flooring, Copiague, NY -based Company, has announced the acquisition of Blendex Industrial Corp., adding up an epoxy group called Blendex by Milburn Flooring. Milburn Flooring has various warehouses expanding into Westchester County , they service the Hudson Valley, and Long Island has been influential in the flooring industry as commercial installers for over 60 years.
December 2021 - a private equity firm specializing in investments in industrial growth companies, Arsenal Capital Partners, has announced Seal For Life Industries, its global industrial coatings platform, has acquired two privately owned specialty industrial coatings companies named Verdia, Inc., and Mascoat Ltd.
In May 2021 , BASF Refinish Coatings collaborated with its industry partners across its value chain to jointly seek an optimal path to achieve the new VOC emission target, at its Annual Dealers Conference in China which will help it manufacture more eco-friendly industrial floor coatings.
Industrial Floor Coatings Demand from 2017 to 2021 Vs Future Projections for 2022 to 2029
From 2017to2021, demand for industrial floor coatings expanded at under 5% CAGR to reach around US$ 6 billion . Sales have exhibited an especially high trends across key industrial hubs such as China , the U.S and other Asian economies, attributed to heavy industrialization experienced in the past few years.
Amid the COVID-19 pandemic, the Industrial Floor Coating Market declined to be valued at a little over US$ 5 billion in 2020, as abrupt cessation of manufacturing activities led to significant shortfalls in industrial production across key verticals. Fortunately, demand for bio-based coatings is likely to open up ample expansion opportunities, prompting an expansion rate of over 3% CAGR to reach nearly US$ 7 billion by 2029.
The Asia Pacific region held the largest share of the market.
The Asia Pacific is expected to witness the fastest growth in the global floor coatings market owing to the rising industrial infrastructure development activities by market player's activity in emerging Asia-Pacific countries. Despite the volatile growth in the real estate sector, the Chinese government has seen significant growth in railway and road infrastructure, leading to strong growth in the Chinese private & government industrial construction industry in recent years.
Key reasons for global Industrial Floor Coating Market growth:
Growing construction spending along with rising count of small-scale manufacturers.
Increasing FDI inflows accompanied by favourable government policies.
Strong outlook for the manufacturing & food processing industries along with technological advancements.
Revenue in USD billion and CAGR from 2017 to 2025
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa
U.S., Germany, U.K., France, China, India, Japan, South Korea, UAE
Sherwin-Williams, Akzo Nobel, Sika AG, RPM International, Dow Chemical, PPG Industries, and Kansai Paints, BASF SE.
Report customization (equivalent up to 8 analyst's working days) with purchase. Addition or alteration to country, regional & segment scope.
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Increasing Demand for Environment-Friendly Coatings
The shifting preferences of consumers across the globe towards eco-friendly coating
Industrial Floor Coatings Market: Competition Landscape
Detailed profiles of providers of Industrial floor coatings have been included in the report to evaluate their financials, key product offerings, recent developments, and strategies
Key players operating in the global Industrial floor coatings market are
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Key Market Segments: Industrial Floor Coating Market
Industrial Floor Coating Market by Resin Type, 2022-2029, (USD Billion)
Industrial Floor Coating Market by Component, 2022-2029, (USD Billion)
Industrial Floor Coating Market by End User, 2022-2029, (USD Billion)
Industrial Floor Coating Market by Region, 2022-2029, (USD Billion)
Industrial Floor Coatings: Market Dynamics
Industrial flooring is engineered to meet the highest industry standards for resistance to corrosion and chemicals. These coatings are used in chemical plants, warehouses, and manufacturing floors. For example, Asian countries are expected to invest $9 trillion in infrastructure development for industrialization and urbanization. Thus, increasing industrialization will drive the industrial flooring market. Currently, Japan still outstrips China in terms of infrastructure investment in Southeast Asia . In 2018, investments from Japan totaled $367 billion , compared with $255 billion from China . Japan also leads in the number of infrastructure projects, with a commitment of 240 projects, compared with 210 for China . Vietnam is by far the biggest beneficiary of Japanese infrastructure investment in the region, with $209 billion worth of pending projects, including a high-speed rail line worth $209 billion . Cost 58.7 billion USD connecting Hanoi and Ho Chi Minh City . Meanwhile, China moved $93 billion of investment into infrastructure in Southeast Asia , equivalent to 36% of total investment in Indonesia .
Industrial Floor Coating Market: Major Trends and Drivers
The increasing demand in the global Industrial Floor Coating Market can be attributed to factors such as the rising need for high performing flooring while maintaining an aesthetic appearance in the industrial flooring environment. Furthermore, increasing industrialization in countries across the world is also propelling the demand in the global Industrial Floor Coating Market. Some of the most salient benefits offered by the solutions in the global Industrial Floor Coating Market are also acting as the primary driving forces, shaping the demand dynamics in the global Industrial Floor Coating Market. These benefits and characteristics include non-porous nature, cost effectiveness, and easy cleaning functionality. Additionally, the strict regulatory guidelines and policies pertaining to efficient as well as safe functioning of industrial operations is also anticipated to fuel the demand in global Industrial Floor Coating Market in coming years.
Explore Exactitude Consultancy's Comprehensive Coverage on Chemical & Materials
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The global flexible epoxy resin market is expected to grow at a 3.74% CAGR from 2020 to 2029. It is expected to reach above USD 864.1 million by 2029 from USD 621.2 million in 2021. https://exactitudeconsultancy.com/reports/7111/flexible-epoxy-resin-market
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Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.
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