ALBANY, New York, January 7, 2016 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Concrete Floor Coatings Market - North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the North America concrete floor coatings market was valued at US$325.0 million in 2014 and is expected to reach US$546.8 million by 2023, expanding at a CAGR of 6.0% from 2015 to 2023.
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Concrete floor coatings play a pivotal role in protecting concrete floors in various construction applications. These coatings are extensively used across the globe to protect concrete floors from abrasion, chemical attacks, and thermal shock. Demand for concrete floor coatings in North America is primarily driven by recovering construction industry and increasing awareness regarding importance of floor coatings. Furthermore, implementation of the National Infrastructure Plan by the Government of Mexico is anticipated to boost demand for concrete floor coatings in Mexico during the forecast period. These factors are expected to be chiefly fuel the concrete floor coatings market in the near future. Volatility in supply and price of raw materials used in the production of concrete floor coatings is expected to be a key challenge for market participants.
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In terms of demand, epoxy-based concrete floor coatings was the dominant product segment in North America, accounting for over 55% share in 2014. Demand for epoxy-based concrete floor coatings is expected to witness robust growth in the near future, particularly in Mexico, due to its easy availability and low cost. Rapid curing rate, better wear and tear resistance, and better UV protection and high abrasion resistance offered by polyaspartic coatings are expected to be primary factors fueling demand for polyaspartic-based concrete floor coatings. These properties are anticipated to primarily propel the concrete floor coatings market in the next few years.
The U.S. was the largest market for concrete floor coatings in 2014 in North America, followed by Canada and Mexico. The U.S. accounted for the large market share in 2014 due to high demand for concrete floor coatings in garage coating as well as commercial floor coating applications. Concrete floor coatings are extensively used in garage floor coating application in North America due to its various physical properties such as high abrasion resistance and high wear and tear resistance. Furthermore, recovering construction industry in the U.S. is expected to provide an impetus to the concrete floor coatings market in North America.
The report segments the concrete floor coatings market in North America as follows:
Concrete Floor Coatings Market - Product Segment Analysis
- Others (acrylic, polyurethane, etc.)
Concrete Floor Coatings Market - Application Segment Analysis
Concrete Floor Coatings Market - Regional Analysis
Epoxy Concrete Floor Coatings Segment to Register Maximum Demand in North America by 2023
The North America concrete floor coatings market is segmented on the basis of product, application, and region. By product, the North America concrete floor coatings market is classified into epoxy, poly-aspartic, and others. In 2014, epoxy concrete floor coatings were the most used floor coatings across North America for various applications. High durability and ease of application are the major factors driving the epoxy concrete floorings segment. The poly-aspartic floor coatings segment is expected to register considerable growth in the years to come due to the faster curing time of this type of concrete floor coatings. As most of the manufacturers of concrete floor coatings are engaged in various downstream activities, the North America concrete floor coatings market exhibits a high level of forward integration. This forward integration offers a competitive advantage to the market participants in terms of market dominance and better customer retention.
Based on region, the North America concrete floor coatings market is divided into the U.S., Mexico, and Canada. BASF SE, RPM International Inc., PPG Industries Inc., Sherwin-Williams, and The Valspar Corporation are some of the leading companies operating in the North America concrete floor coatings market. Entry of new companies is expected to increase the level of competition for the leading players in the years to come.
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Outdoor Floor Coating Segment Accounts for 55% in 2014, to Lead till 2023
By application, the North America concrete floor coatings market is classified into indoor and outdoor. In 2014, in terms of revenue, the outdoor floor coating segment accounted for 55% of the North America concrete floor coatings market. Increasing awareness about the importance of floor coatings in the commercial and industrial sectors has propelled the North America concrete floor coatings market in the recent past. Rising demand for bio based floor coatings is predicted to generate new opportunities for the leading players operating in the North America concrete floor coatings market in the years to come.
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