Feb 10,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Industrial Floor Coating Market.
It was estimated prior to this unanticipated outbreak that the Industrial Floor Coating Market was expected to grow at a CAGR of 5.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Industrial floor coating is a liquid, transparent material that is applied over the floor, which hardens when dried to provide a walking surface. It is defined as a thin layer of coating on the floor structure to protect the floor from exposure and harmful chemicals. Industrial floor coating contributes to the aesthetic appeal and provides anti-skid and abrasion protection. These coatings provide resistance to abrasion and chemicals and offer maintenance, repair, and protection solutions for a wide range of flooring requirements in commercial and industrial sectors. Industrial floor coatings also offer sustainable solutions to improve the performance of the floors in the commercial and industrial buildings by increasing the durability of concrete and other flooring materials.
The prime factor contributing to the demand for industrial floor coatings is mainly the high growth of industrial and commercial construction industries across the world. Advantages of industrial floor cleaning products such as low maintenance cost, moisture resistance, corrosion resistance, and cost effectiveness are the other factors that are driving the growth of the market. Increasing demand for industrial floor coating products from manufacturing, aviation, and transportation sectors is also propelling the market growth.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the resin type, the market is segmented as epoxy, polyurethane, hybrid, and others. The epoxy segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Superior properties such as excellent adhesion, high mechanical strength, and improved chemical resistance are benefitting its rising demand in the manufacturing sector.
Based on the application type, the industrial floor coating market is segmented as manufacturing, food processing, aviation & transportation, warehousing, and others. The manufacturing segment dominates the market, owing to rapid industrialization in emerging economies offering attractive opportunities to increase production capacity.
In terms of regions, Asia-Pacific is estimated to be the largest market for industrial floor coating products during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. The growth of the market is mainly driven by the growing construction and manufacturing sectors in the major economies of the region. Strong presence of manufacturing companies in the region is stimulating the product demand. Numerous applications of industrial floor coatings in food processing, heavy equipment & machinery, logistics & warehouse, and chemical industries is boosting the further growth of the region.
Some of the major players in the industrial floor coating market are-