(MENAFN- Evertise Digital)
The SNS Insider report reveals that the concrete floor coating market was valued at USD 4.75 billion in 2023 and is expected to reach USD 7.21 billion by 2031, demonstrating a CAGR of 5.5% from 2024-2031.
The construction industry's growth, coupled with the rising use of coatings in these diverse sectors, fueling the concrete floor coating market's expansion.
The expansion of the construction industry, coupled with the growing utilization of coatings in industrial, commercial, and residential applications, is fueling the demand for concrete floor coatings. North America, particularly the United States, holds a significant market share due to the abundance of resources and high purchasing power.
Market Analysis
The market is characterized by intense competition, with companies striving to expand their product portfolios and enhance the quality of their offerings. The shift towards powder-based coatings, which are solvent-free and do not emit volatile organic compounds (VOCs), is gaining traction due to stricter environmental regulations.
The increasing need for infrastructure development, driven by population growth and rapid industrialization, is creating lucrative opportunities for the concrete floor coating market. The rising adoption of epoxy coatings, renowned for their durability and abrasion resistance, is further boosting market growth. However, regulatory restrictions on the use of VOC solvents in concrete floor coatings pose a potential challenge to market expansion.
Get a Report Sample of Concrete Floor Coating Market @
Some of the Key Players Included are:
Tennant Coatings Vanguard Concrete Coating BASF SE Trucrete Surfacing Systems PPG Pittsburgh Paints North American Coating Solution The Sherwin-Williams Company Elite Crete Systems Pratt & Lambert Florock Axalta Coating Systems
Recent Developments
In 2022, Seal for Life Industries acquired Verdia, Inc. and Mascoat Ltd., strengthening its presence in the sealing and protective coatings sector. In May 2022, TSR Concrete Coatings merged with Ninja Coatings and PolyPro Concrete Coatings, forming a comprehensive platform for residential concrete coating solutions. In June 2022, ReVamp Companies acquired Next Level Concrete Coatings LLC., expanding its network of top residential concrete coating businesses. In Feb 2021, Tennant Company divested its coatings business, Tennant Coatings, to The Sherwin-Williams Company.
Segment Analysis
By Product, the epoxy coating segment leads the market, accounting for approximately 61.5% of revenue share in 2023, due to its superior heat and chemical resistance, excellent adhesion, and electrical insulation properties. By Application, the indoor application segment holds the largest market share, while the outdoor application segment is expected to witness the fastest CAGR, driven by the increasing popularity of sports stadiums and outdoor flooring solutions.
By Product
Epoxy Acrylic Polyurethanes Polyaspartic Others
By Application
Impact of the Russia-Ukraine War
The ongoing conflict between Russia and Ukraine has disrupted supply chains, hindering the transportation of raw materials and finished products. The resulting economic instability and weakened economies have led to a decline in construction activities, impacting the demand for concrete floor coatings.
Make Enquiry About Concrete Floor Coating Market Report@
Impact of Economic Slowdown
Economic slowdowns can adversely affect the construction industry, leading to reduced investments and project delays. This, in turn, can dampen the demand for concrete floor coatings. However, government initiatives to stimulate economic growth and infrastructure development can help mitigate the impact of an economic downturn.
The Asia-Pacific region dominates the concrete floor coating market, accounting for a significant share of global revenue in 2023.
This growth is primarily driven by the expanding construction industry, with Asia-Pacific projected to contribute USD 7.5 trillion to global construction output by 2030.
North America , led by the U.S. and Canada, is the second-largest market, with a positive economic outlook and robust growth in the residential and non-residential construction sectors. However, trade uncertainties and high household debt in Canada pose potential risks to market growth.
Key Takeaways
The concrete floor coating market is expected to reach USD 5.33 billion by 2031, driven by the increasing demand for eco-friendly and sustainable construction materials. The growing focus on green building projects and the expanding construction industry are key drivers of market growth. The epoxy coating segment and the indoor application segment hold the largest market shares. The Russia-Ukraine war and economic slowdowns can negatively impact market growth, while government initiatives to stimulate economic growth and infrastructure development can provide a boost.
Buy the Latest Version of Concrete Floor Coating Market Report 2024-2031 @
About Us :
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
Contact Us:
Akash Anand – Head of Business Development & Strategy
...
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
MENAFN26052024005025011514ID1108257805
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.