(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Aug 30, 2021, 05:10 /Comserve / -- Floor Coatings Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Global Floor Coatings Market was valued at USD 8,931.43 million in 2020 and the market is projected to register a CAGR of more than 5% during the forecast period (2021-2026).
The construction industry's slowdown is making demand growth for floor coatings more difficult to achieve in 2020. The building and construction across major regions are expected to witness a period of low growth over the next two years driven by the economic downturn triggered due to the current outbreak. Especially, the commercial construction industry has been witnessing a great dip as of present condition. The lower demand across end-user industries, such as the construction industry's intensified growth decline and a slowdown in core industries, had a cascading impact on other user industries, resulting in an overall decline in the demand for floor coatings.
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- In short term, the increasing housing construction activities in the emerging economies of Asia-Pacific. However, there are strict regulations on VOCs released for floor coatings.
- The demand for floor coatings from industrial sector dominated the market studied and is expected to grow during the forecast period, owing to the increasing demand from the chemical industry.
- The promising performance of polyaspartic coatings is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe, with the largest consumption from China and India.
Key Market Trends
Growing Demand from Industrial Application
- The industrial segment is dominating the overall floor coating market. The core sector such as chemical, automotive, manufacturing, and other industries such as food and beverages, electrical and electronics, and so on, are some of the major consumers of floor coatings.
- The chemical sector is the most important industry of the era. Directly or indirectly, the application of chemicals is in almost every product manufactured today. This implies the importance of the chemical industry, globally. Being one of the most important industries, the right high-performance flooring is essential for research & development labs, production plants, and other facilities of the industry.
- In the industry, chemical resistance flooring, strict hygiene, and safety protocols play vital roles, to avoid risks related to damage, accidents, and health of the workers. Thus, considering the risks and the requirements of the chemical industry, floor coatings have become an important element of concern for the industry.
- In manufacturing facilities, floor coatings provide various beneficial properties to withstand heavy loads, high impact, or extreme abrasion. To protect the floors of manufacturing facilities, floor coatings tend to be the best choice.
- In the food and beverage industry, cleanliness and purity are of paramount importance. Hence, this industry must apply an appropriate protective coating on the concrete floor. Besides this, the risk of microbial growth, due to spillage, is high in the food and beverage industry. Consequently, these contaminants ultimately degrade the processed food's purity.
- To avoid such problems, the industry requires durable and thick floor coatings, in order to provide a protective barrier, which can help prevent contaminants from entering the concrete substrate and ensures a hygienic surface.
- The demand for floor coatings also rises during the period of maintenance on the manufacturing facilities. However, due to the sudden outbreak of the COVID-19 pandemic, the shutdown of manufacturing facilities has reduced the chances of maintenance, which has constrained the consumption of floor coatings, and thus, reduced the growth of the market.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific dominated the global market share. Increasing housing construction activities in the emerging economies of Asia-Pacific have also hugely contributed to the growth of the market studied.
- As the construction industry is dominated by state-owned and private enterprises, increased government and private expenditure in this regard are pushing the industry toward global primacy.
- In recent years, the entry of major construction players from the European Union, in China, has further boosted the growth of this industry.
- Besides, the consumption of floor coatings has been witnessing positive strides in China, owing to the significant growth of high-rise buildings in the country for the past five years. According to the Council on Tall Buildings and Urban Habitat, in 2019 alone, 56 high-rise buildings (over 200 meters in height) have been completed in the country.
- Moreover, the food processing industry is moving toward maturity in the country, witnessing moderate growth. Processed and packaged frozen foods are increasingly becoming popular, especially dairy, baby food, and confectionery products, which stands to be the driver for the food processing industry.
- The construction sector in India has been growing rapidly, with increased investment by the government. The Indian government's 'Housing for All by 2022' is also a major game-changer for the industry.
- Foreign Direct Investment (FDI) received in the construction development sector (townships, housing, built-up infrastructure, and construction development projects), from April 2000 to December 2019, stood at USD 25.37 billion, according to the Department for Promotion of Industry and Internal Trade (DPIIT).
- Furthermore, the real estate sector is expected to reach USD 9.30 billion in 2040, from USD 1.72 billion in 2019. the real estate sector in the country is expected to reach a market size of USD 1 trillion by 2030 from USD 120 billion in 2017, while contributing 13% of the country's GDP by 2025.
- Such factors are, in turn, boosting the demand for floor coatings in the region.
Competitive Landscape
The floor coatings market, in general, is a highly fragmented market, with no significant share to any particular company, and the same applies to all the subtypes of floor coatings. SIKA AG is the largest player in the market in almost all types of floor coatings. The other top companies in the market include The Sherwin-Williams Company, PPG Industries Inc., RPM International Inc., and Akzo Nobel N.V., among others.
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1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Awareness about the Advantages of Floor Coatings
4.1.2 Increasing Construction Activities across the Globe
4.2 Restraints
4.2.1 Strict Regulations on VOCs Released for Floor Coatings
4.2.2 Negative Impact of COVID-19
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Regulatory Policy Analysis
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Epoxy
5.1.2 Polyaspartics
5.1.3 Acrylic
5.1.4 Polyurethane
5.1.5 Other Product Types
5.2 Floor Material
5.2.1 Wood
5.2.2 Concrete
5.2.3 Other Floor Materials
5.3 Coatings Component
5.3.1 One-component (1K)
5.3.2 Two-component (2K)
5.3.3 Three-component (3K)
5.3.4 Other Components
5.4 End-user Industry
5.4.1 Residential
5.4.1.1 Indoor
5.4.1.2 Outdoor
5.4.2 Commercial
5.4.2.1 Parking Lots
5.4.2.2 Retail Outlets
5.4.2.3 Warehouses
5.4.2.4 Other Commercial Industries
5.4.3 Industrial
5.4.3.1 Chemical Industry
5.4.3.2 Food and Beverage Industry
5.4.3.3 Other Industries
5.5 Geography
5.5.1 Asia-Pacific
5.5.1.1 China
5.5.1.2 India
5.5.1.3 Japan
5.5.1.4 South Korea
5.5.1.5 Australia and New Zealand
5.5.1.6 Indonesia
5.5.1.7 Rest of Asia-Pacific
5.5.2 North America
5.5.2.1 United States
5.5.2.2 Canada
5.5.2.3 Mexico
5.5.3 Europe
5.5.3.1 Germany
5.5.3.2 United Kingdom
5.5.3.3 Italy
5.5.3.4 France
5.5.3.5 Russia
5.5.3.6 Rest of Europe
5.5.4 South America
5.5.4.1 Brazil
5.5.4.2 Argentina
5.5.4.3 Rest of South America
5.5.5 Middle-East and Africa
5.5.5.1 Saudi Arabia
5.5.5.2 South Africa
5.5.5.3 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
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