Concrete Floor Coatings Market to hit $1.5 billion by 2024: Global Market Insights, Inc
OCEAN VIEW, Del., Nov. 15, 2017 /PRNewswire-iReach/ — Global Concrete Floor Coatings Market is poised to witness a major upswing with the soaring construction industry worldwide. On the global level, the total construction spending crossed a mark of USD 7 trillion and is foreseen to record USD 13 trillion by 2024. Flooring is an integral part of the construction industry, and finds wide application in the residential and commercial sectors. Concrete floor coatings are majorly used in flooring applications to provide resistance against harsh climatic conditions and abrasion. The overall construction industry in the BRICS nations has been depicting promising growth prospects and is expected to grow at an annual rate of 11% over 2016-2024. The growth of concrete floor coatings market is dependent on two factors – the massive growth in the construction industry and the simultaneous expansion of the flooring industry. Escalating renovation and new infrastructural projects are expected to enlarge the scope of the business. As per a report by Global Market Insights, Inc., Concrete floor coatings market is projected to record a 7% CAGR over 2016-2024 and exceed a market valuation of USD 1.5 billion by 2024.
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Petrochemical derivative are the major raw materials used in the global concrete floor coatings market share. Thus, wavering petrochemical price trends may hamper the overall business growth by 2024. Additionally, stringent regulations legislations regarding product applications across sensitive industries such as pharmaceutical laboratory and food processing units may obstruct industry growth in the coming years. However, product manufactures are engaged in developing bio-based product, which will open business growth opportunities by 2024.
In 2015, epoxy led the global concrete floor coatings market size and was valued more than USD 400 million. The product owing to its superior resistance against abrasion, chemical and impact is widely used across industrial (manufacturing facilities), public infrastructure (airports, schools & colleges, railway stations) and residential structures (staircase, parking). In addition, low cost in comparison with other corresponding product further complements demand.
Polyaspartics will witness growth more than 7% over the projected timespan. The product offers optimum characteristics along with excellent protection from harmful UV rays, which makes is appropriate across outdoor applications. Polyurethane will observe promising growth in the coming years due to development of bio-based polyurethane coating. Additionally, supporting government norms towards use of bio-based raw materials in coatings will stimulate the polyurethane concrete floor coatings market size by 2024.
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Concrete floor coatings market size for outdoor will exhibit gains more than 6.5% from 2016 to 2024. Increasing investment by the government across the globe to improve their public infrastructure has positively influenced the product demand. Across outdoor applications, the product is used in garages, driveways, walkways and pathways for improving the strength and durability of concrete floor.
In 2015, indoor applications accounted for the major chunk in the overall global concrete floor coatings market share. Upcoming construction projects in the residential as well as commercial sector will boost the product demand by 2024. Furthermore, consumer awareness regarding flooring solutions to improve floor life will subsequently boost the industry growth.
North America concrete floor coatings market size in 2015 was more than USD 300 million. Increasing renovation and remodeling practices in the residential segment is the major factor contributing high product demand in the region. In addition, robust end-user industries such as, food & beverage, pharmaceutical and automotive will stimulate product demand for flooring applications. Asia Pacific will experience highest growth close to 8% by 2024. Elevating construction business, including both commercial as well residential, in China, Japan and India will be the chief regional concrete floor coatings market growth contributor.
Browse key industry insights spread across 122 pages with 137 market data tables & 12 figures & charts from the report, “Concrete Floor Coatings Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
The global concrete floor coatings market was highly competitive in 2015 due to prevalence of major companies in the industry ecosystem. Some of the major industry contributors include BASF, PPG Industries, Henkel Corporation, Sika Corporation, Behr Process Corporation, The Valspar Corporation, Royal DSM N.V., Vanguard Concrete Coating, Nippon Paint, The Sherwin-William Company, The Stonhard Group, Rodda Paint Co., Epmar Corporation, and RPM.
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Global Industrial Floor Coatings Market size was over USD 3.5 billion in 2016 and will surpass 1,300 kilo tons by 2024. Rapid industrialization, rising government expenditure on infrastructure and manufacturing facilities will positively influence industrial floor coatings market growth. Shift in consumer preference for improved finishing ability with high mechanical strength and chemical resistance flooring will encourage product penetration.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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