Analysis of Concrete Floor Coatings market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global concrete floor coatings market is projected to grow at a CAGR of nearly 6% during the forecast period, 2021-2031. Currently, epoxy-based concrete floor coatings are dominating the global market.
With proliferation of building, construction, and renovation projects, demand for concrete floor coatings has been rising steadily since the past decade.
While main end-use industries such as residential, commercial, and other construction industries got battered by the outbreak of the COVID-19 pandemic earlier in the year 2020, recovery has started with the commencement of vaccination and the world bouncing back to the ‘new normal’.
The market outlook for concrete floor coatings remains positive, while creating lucrative growth scope for suppliers and manufacturers over the coming years.
A new study by Fact.MR provides an exhaustive overview of the global concrete floor coatings market, its growth, restraints, and new trends, with special focus on lucrative regions such as East Asia, North America, Europe, and others, for the forecast period of 2021 to 2031.
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Concrete floor coating manufacturers have witnessed steady rise in demand with increase in requirements for indoor and outdoor applications.
While demand for epoxy-based coatings has spiraled upward, expansion of the construction and building industry has further fuelled the sales of concrete floor coatings in the past years.
According to Fact.MR, the global concrete floor coatings market expanded at 3.8% CAGR (value) during the last 5 years from 2016 to 2020.
New innovations by top companies coupled with increase in investments on various research & development (R&D) activities are propelling market growth.
As the construction industry has got back on its feet after suffering a set-back due to the COVID-19 pandemic in 2020, key players are set to witness surge in demand for concrete floor coatings in the near future.
According to Fact.MR, the global concrete floor coatings market is subject to expand at close to 6% CAGR (value) through 2031.
Concrete floor coatings, being highly efficient in providing chemical and mechanical resistance and smooth finishing to concrete floors, are highly required in the construction industry.
According to the United States Department of Energy (DOE), Building America Program has been a source of innovations in residential building industry in America.
As stated by DOE, on 10th February 2020, the Building Technologies Office in America awarded US$ 26.3 million to 40 competitively selected projects, led by 29 organizations, to pursue innovations that can advance the goals of BTO’s Advanced Building Construction (ABC) with energy-efficient technologies and practices activities.
Such initiatives are aiding the steady growth of the building and construction industry, which, in turn, is fuelling the sales of concrete floor coatings.
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While concrete floor coatings are crucial for any building or construction project, there are a few restraining factors worth the attention of manufacturers. Despite being highly preferred as a coating material for concrete floors, epoxy coatings have some drawbacks, such as
However, concrete floor coating manufacturers are working hard and continuously investing in research & development activities to overcome these constraints.
Germany is the epicenter of the world’s largest concrete floor coatings market, Europe, and is set to exhibit hegemony during the forecast period.
Highly advanced building & construction industry and rise in the number of renovation projects are fuelling the sales of concrete floor coatings in Germany.
According to a report titled “European Construction Sector Observatory”, published by the European Commission (EC), Germany is the main contributor to the highly developed construction industry in Europe, while it significantly accounted for its GDP growth by 1.9% in 2016, compared to the previous year.
The United Kingdom has emerged as another lucrative market for concrete floor coatings in Europe.
Backed by growing number of manufacturing units and rise in number of industrial construction projects, the U.K. is highly progressive for concrete floor coating suppliers.
As stated in a report titled “Construction Sector Deal”, published by the Department of Business, Energy & Industrial Strategy of the Government of the United Kingdom on 22nd July 2019, the U.K. construction industry, encompassing contracting, product manufacturing, and professional services, had a turnover of around EUR 370 billion in 2016, adding EUR 138 billion as compared to the previous year.
The United States, being the leading country in the world’s second-largest market of concrete floor coatings, North America, is in the spotlight for suppliers and manufacturers.
Exponential growth of the construction industry and various governmental guidelines and initiatives for this sector are projected to further propel growth in the U.S. throughout the forecast period.
The United States Environmental Protection Agency (EPA) recently launched An Operations & Maintenance (O&M) program to efficiently track and ensure construction and renovation work for various commercial, industrial, or other buildings.
According to the Census Bureau of the United States, total seasonally adjusted annual spending on the construction industry in the U.S. was US$ 1490.39 billion as in 2020, and it is increasing gradually. This, in turn, is creating ample opportunities for concrete floor coating manufacturers in the United States.
Presently, China is leading in the third-largest concrete floor coatings market - East Asia, and is set to maintain this lead over the coming years as well. Sky-high demand from steadily expanding residential, commercial, and industrial construction sectors is bolstering growth in China.
China has the world’s largest construction market, regulated by various governmental laws which often act in the favor of concrete floor coating manufacturers. For instance,
Construction Law- The most important law in China’s construction industry, which provides a comprehensive legal system for the construction industry, including contracting awards, quality standards and supervision, and others.
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Presently, epoxy-based concrete floor coatings are dominating the market, and are projected to remain in the position over the coming years. Advantages of such coatings that make them highly preferred by end-use industries are-
Polyaspartic concrete floor coatings is another key segment in terms of product, which is propelling the growth of manufacturers.
According to Fact.MR, increase in requirement for concrete floor coatings for indoor and outdoor applications in residential, commercial, and other construction sectors is catering to the progress of concrete floor coating suppliers. As the construction industry is forecast to grow further, these segments are projected to raise the market value even more over the coming years.
The global concrete floor coatings market offers a highly competitive environment to its key players.
In order to hold their position through the cut-throat competition, key players are investing heavily while focusing on launching better quality products.
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Some of the top companies competing in the global concrete floor coatings market are BASF SE, Nippon Paint Co., Ltd., The Valspar Corporation, and others.
Germany, the United States, China, Japan, the United Kingdom, and a few others are lucrative markets for concrete floor coatings.
Presently, epoxy-based concrete floor coatings are the mostly sought-after in terms of product in this market space.
Currently, indoor and outdoor applications are fuelling the sales of concrete floor coatings.
Concrete floor coating manufactures are thriving on the rise in demand from the building and construction industry. However, there are a few challenging factors they are working on. For instance, epoxy-based concrete floor coatings have high demand, bu
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