Industrial Floor Coatings Market
Industrial Floor Coatings Market Analysis By Binder Type (Epoxy Industrial Floor Coatings, Polyaspartic Industrial Floor Coatings), By End-Use (Manufacturing, Food Processing, Aviation & Transportation) & By Region - Global Market Insights 2023 to 2033
Analysis of Industrial Floor Coatings Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Industrial Floor Coatings Market Growth Outlook (2023 to 2033)
The global market for industrial floor coatings will grow from US$ 5.5 billion in 2023 to US$ 7.3 billion in 2033. Over the forecast period, the market is expected to experience a slow growth rate of 3.0%.
Industrial floor coatings provide resistance against corrosive liquid and handle the heavy impact of constant traffic. These coatings are applied in almost all industrial set-ups to increase the life of the floor.
Report Attributes |
Details |
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Industrial Floor Coatings Market Size (2022A) |
US$ 5.3 Billion |
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Estimated Market Value (2023E) |
US$ 5.5 Billion |
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Forecasted Market Value (2033F) |
US$ 7.3 Billion |
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Global Market Growth Rate (2023-2033) |
3.0% CAGR |
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North America Market Share (2022) |
23.0% |
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Key Companies Profiled |
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Growth Comparison of Industrial Floor Coatings Market
Rapid industrialization and urbanization are leading to higher number of manufacturing facilities which would ultimately increase the demand for floor coatings.
Manufacturers are focusing on developing a formulation that does not contribute towards carbon emission along. The conventional structure of the floor is porous which allows the water & other chemicals to penetrate inside the internal structure and degrade it internally. Thus, industrial floor coating not only provides a finished look to the floor but also provides external protection.
- Growth Factors for Short Term (2023-2026): Floor coatings are highly demanded in manufacturing units to sustain the pressure of equipment as well as resist the chemical released or spilled during the production process. The market is growing at a linear pace owing to the constant demand from the manufacturing set-ups.
- Factors for Medium-Term Growth (2026-2029): Increasing demand for formulations that do not contain VOCs are expected to experience a surge considering the regulations imposed by the government to limit carbon emission.
- Long Term Growth Opportunities (2029-2033): Manufacturers are adopting ground-breaking strategies to curb the demand pool and gain high-profit margins. This is likely to drive the industrial floor coatings market.
Market Dynamics Outlook
“Robust Flooring Demand from Industrial Set-Up to Drive the Market Growth”
In most developing economies, the manufacturing sector represents 8.0% to 10.0% of the country’s GDP. This sector attracts a lot of capital investment and business expenditure to carry out research & development activities. Thus, manufacturing infrastructure needs a strong foundation to ease the operational process. Also, if the initial base is fixed with robust industrial floor coatings, the overall maintenance cost of the base infrastructure will be reduced for a long-term period.
Though the initial cost of applying floor coatings in the industrial set-up is quite expensive, it can be subsided by the long-term benefits and reduction in future maintenance costs. The additional benefit of applying floor coatings in industries is that it provides a smooth surface for transportation and does not put much pressure on forklift drivers while transferring the goods, especially in areas like loading docks and aisles.
“Bio-Based Formulations to Provide New Trajectory to the Market Growth “
The current share of bio-based coating formulations is very less in the global market. However, there are rising concerns over the use of chemicals contributing to carbon emission, due to which, the bio-based formulations will eventually hold a substantial share at the end of the forecast period.
Bio-based floor coating formulations are being developed with no deterioration in performance to cater to the industry requirement as well as address environmental concerns. In general, biomass such as aspartic acid, bio-PU, and renewable biopolymers are used for the development of industrial floor coating formulations.
“Supply Chain Disruption Along with Rising Raw Material Prices to Restrict the Market Growth”
Due to global geopolitical issues, manufacturing companies face a lot of market uncertainty at the moment. Unexpected international barriers are disrupting the supply chain network and making it difficult for manufacturers to overcome trade barriers. These barriers range from rising energy costs to unanticipated fluctuations in the cost of raw materials.
Production is becoming more difficult due to a lack of readily available raw materials, and the volatility in commodity prices may not be a one-time occurrence. It is possible to efficiently generate revenue for businesses that have a dynamic adaptability to manage fluctuations in the costs of raw materials. Therefore, market instability has a negative effect on the market and impacts the growth of the industrial floor coatings market in light of the current situation.
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Country-wise Insights
Why there is High Demand in the U.S. for Industrial Floor Coatings?
In the U.S., the manufacturing sector drives 20% of national capital investment and 70.0% of business R&D expenditure. Bolstering investment in this particular sector indicates the future establishment of manufacturing units across the country driving the demand for the industrial floor coatings
The key to the growth of industrial floor coatings products in the U.S. is the establishment of adequate infrastructure solutions to provide employment as well as ensure the safety of employees working in the manufacturing unit. The various technical features of these coatings formulations such as temperature resistance, chemical resistance, microbial resistance, etc. would drive the market growth in the forecast period.
Why China is termed a Prominent Market for Industrial Coatings Solutions?
China is the hub for manufacturing set-ups owing to the easy availability of resources around the region. China’s industrial production expanded by 1.3% YoY in December 2022. Though the manufacturing units have been affected due re-emerging pandemic, the market has responded in a slow yet positive aspect to overall demand.
As the economy rebounds, the chances of the establishment of more manufacturing would lead to the increased consumption of floor coatings accelerating the overall demand in the market.
Category-wise Insights
Why Epoxy based Industrial Floor Coatings captured most of the coatings market?
Epoxy-based coating not only protects the external extremities but also are capable of insulating properties. Epoxy-based coatings can be applied to a wide range of surfaces such as concrete, glass, metal, steel, plastics, and many more.
Additionally, the usage of epoxy coatings in industrial flooring helps to maintain hygiene and allows the use of strong chemicals. Epoxy binder coatings have captured more than 50.0% of the market share in 2022 expanding at a CAGR of 4.0% by the end of the forecast period.
Why Manufacturing sector is the Highest Demand Creator for Industrial Floor Coatings?
Manufacturing Sector is the largest consumer of industrial floor coatings owing to infrastructure requirements for an efficient production process. Also, rapid industrialization and surging trade volume have increased the demand for industrial floor coatings.
The broadening manufacturing sector is expected to increase the requirement for industrial floor coatings and the market is expected to increase at a CAGR of 5.0% by the end of the forecast period.
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Key Strategies Followed by Key Manufacturers
Prominent industrial floor coatings manufacturers are 3M, A&I Coatings, Akzo Nobel N.V, PPG Industries, BASF SE, Grand Polycoats, ArmorPoxy, Pro Maintenance Inc., and Roto Polymers and Chemicals.
Sustainable technologies and optimization systems are being utilized by the world's leading producers of industrial floor coatings for a variety of end users. New product designs are being developed by major manufacturers to address issues related to product efficiency and ease of application. Additionally, the manufacturers are opting for digitalization in the supply chain network to reduce and optimize the cost margin.
For instance, In May 2021, BASF refinish coatings collaborated with various industries partners to optimize the value chain along with the development of an eco-friendly formulation to comply with environmental regulations
Fact.MR has provided detailed information about the price points of key manufacturers of industrial floor coatings positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Industrial Floor Coatings Industry Research
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By Binder Type :
- Epoxy
- Polyaspartic
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By End Use :
- Manufacturing
- Aviation & Transportation
- Food Processing
- Other
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By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
- FAQs -
The market is expected to reach around a valuation of US$ 7.3 billion by 2023
By the end of the forecast period, it is anticipated that the market will grow at a CAGR of 3.0%.
Epoxy-based binder type formulations are most likely to account for more than 50.0% of the market share.
Manufacturing units is anticipated to be the largest consumer of industrial floor coatings.
In 2022, the global market for industrial floor coatings was worth US$ 5.3 billion
Industrial Floor Coatings Market
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