Demand for Epoxy-based Concrete Floor Coatings to Rise on Account of Revolutionary Developments in Construction Industry: Fact.MR
Published : 09 Feb 2021 Industry: Chemical & Materials
Concrete floor coatings, which are mechanical and chemical stress-resistant layers on concrete floors, have high requirement in building, construction, and renovation industries. With these key end-use industries growing rapidly, demand for epoxy-based and other concrete floor coatings is spiraling upward.
According to data revealed by the Government of the United Kingdom in its report titled "Industrial Strategy: Government and Industry in Partnership", the global building & construction industry is highly progressive and expected to grow by over 70% by 2025 compared to the year 2013.
According to Fact.MR analysis, the global concrete floor coatings market is predicted to expand at close to 6% CAGR through 2031.
Key Takeaways from Concrete Floor Coatings Market Study
- Epoxy-based coatings to witness highest demand.
- Asia Pacific to lead the global concrete floor coatings market, with its epicenters in India and China.
- The United States remains lucrative in the North America concrete floor coatings market.
- Germany to take the spotlight in Europe’s market.
- Japan, Mexico, the United Kingdom, Canada, and a few other countries to emerge heavyweights for concrete floor coating manufacturers.
- Rise in demand from indoor and outdoor segments to propel market growth.
“Steady growth of the building & construction industry has been fuelling the sales of concrete floor coatings, especially epoxy-based coatings, since the past decade,”says a Fact.MR analyst.
Increase in Requirement from Construction Industry Fuelling Sales
Growth of the construction industry is raising demand for concrete floor coatings across geographies. According to Invest India, the National Investment Promotion and Facilitation Agency of India, the Indian construction industry, in value terms, is anticipated to record a CAGR of 15.7% to reach US$ 738.5 billion by 2022. As per the report, the construction industry in India contributes 55% share in the steel industry, 15% in the paint and coatings industry, and 30% in the glass industry.
According to a report titled “China- Country Commercial Guide”, published by the International Trade Administration, China is the world’s largest construction market, with the industry forecasted to grow at an annual average of 5.2% in real terms from 2021 to 2029. This, in turn, will pave new paths for manufacturers of concrete floor coatings over the coming years.
Who is Winning in this Space?
With competition getting tighter, key players in the global concrete floor coatings market are emphasizing on diversifying their products. For instance,
- BASF SE launched Ucrete MF40AS Industrial Flooring System, BASF High Performance Epoxy Floor Coatings, and others, in 2016.
- Nippon Paint Co. launched its new Nippon Multipurpose Floor Coatings, and others, in 2018.
More Valuable Insights on Concrete Floor Coatings Market
In its latest report, Fact.MR offers an unbiased analysis of the global concrete floor coatings market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of application (indoor and outdoor) and product (epoxy-based, polyaspartic, and other products), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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Consultant - Chemicals & Materials