Floor Coatings Market to Grow by USD 1.96 Billion from 2024-2028, New Product Launches Driving Revenue Growth, Report on AI's Role in Market Transformation - Technavio

NEW YORK, Sept. 3, 2024 /PRNewswire/ -- Report with the AI impact on market trends- The global floor coatings market size is estimated to grow by USD 1.96 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.27% during the forecast period. Increase in new launch of floor coatings is driving market growth, with a trend towards rising number of m and a among vendors. However, fluctuations in prices of raw materials poses a challenge. Key market players include Akzo Nobel NV, Arkema SA, Asian Paints Ltd., Axalta Coating Systems Ltd., BASF SE, Behr Process LLC, Benjamin Moore and Co., Dudick Inc.,, Dur-A-Flex Inc., Elite Crete Systems, Dow Inc., Hempel AS, Jotun Group, Nippon Paint India Pvt. Ltd., PPG Industries Inc., RPM International Inc., Rust Oleum Corp., Sakshi Coating Pvt. Ltd., Sika AG, The Sherwin Williams Co., Tnemec Co. Inc., and The Valspar Corp..

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Key Market Trends Fueling Growth

The Floor Coatings Market is experiencing steady growth due to increasing demand for durable and attractive flooring solutions. Businesses and homeowners prioritize floor coatings for their longevity, ease of maintenance, and aesthetic appeal. Market leaders innovate with advanced technologies, such as nanotechnology and waterborne coatings, to cater to evolving consumer preferences. The market is expected to expand further due to rising construction activities and infrastructure development projects worldwide. 

The Floor Coatings Market is experiencing significant growth due to increasing construction spending and activities in various sectors. Warehouses, hospitals, manufacturing plants, industrial facilities, showrooms, commercial retail stores, garages, and airplane hangars are major consumers of floor coatings. Tiles, carpet, bamboo flooring, tile flooring, concrete, wood, terrazzo, epoxy, polyurethane, acrylic, polyaspartic, methyl methacrylate are popular types of floor coatings. Single, double, and triple component coatings are in demand. Industries like dairy cooperative Dairgold, Biotics Research, and Concrete floor coatings are using water-based, self-healing, anti-microbial, and photocatalytic floor coatings. Epoxy-based coatings are popular in manufacturing facilities and chemical plants. The construction sector's population growth is driving the demand for floor coatings. AsymchemLabs, a leading player, offers VOCs-compliant polyaspartic coatings to cater to the market trends.

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Market Challenges

• The Floor Coatings Market is experiencing steady growth due to increasing demand for durable and attractive flooring solutions. Businesses and homeowners prioritize floor coatings for their longevity, easy maintenance, and aesthetic appeal. Key players in the industry focus on research and development to offer innovative products and solutions. The market is segmented by type, application, and region. Asia Pacific holds a significant share due to rapid industrialization and infrastructure development. North America and Europe follow closely due to replacement and renovation activities.
• The Floor Coatings Market faces several challenges in various sectors. For floor types like concrete, wood, terrazzo, epoxy, polyurethane, acrylic, and polyaspartic, single component coatings offer ease of application but may lack durability compared to double or triple component coatings. In industries such as manufacturing facilities and chemical plants, epoxy-based coatings dominate due to their resistance to harsh chemicals. However, the use of organic solvents in these coatings contributes to VOC emissions, posing environmental and health concerns. Residential construction also utilizes water-based floor coatings for lower VOCs. Self-healing, anti-microbial, and photocatalytic coatings are gaining popularity for their added benefits. Companies like AsymchemLabs, Dairy cooperative Dairgold, and Biotics Research innovate in this space, developing new technologies for concrete floor coatings. The construction sector's growth, driven by population growth and industrialization, increases the demand for floor coatings. However, labor costs and production capacity remain challenges for manufacturers. Additionally, environmental regulations and human health concerns necessitate the development of eco-friendly and safe alternatives. Current floor coatings must balance durability, cost, and sustainability.

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Segment Overview

This floor coatings market report extensively covers market segmentation by

1. Type
• 1.1 Epoxy
• 1.2 Acrylics
• 1.3 Polyurethane
• 1.4 Others
2. End-user
• 2.1 Industrial
• 2.2 Commercial
• 2.3 Residential
3. Geography
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Epoxy- The Floor Coatings Market is experiencing steady growth due to increasing demand for durable and attractive flooring solutions. Businesses and homeowners prioritize floor coatings for their protective and aesthetic benefits. Key players in this market focus on product innovation and expanding their geographical reach to cater to this demand. Market size is expected to grow, driven by factors like rising construction activities and increasing consumer awareness.

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Research Analysis

The Floor Coatings market encompasses a wide range of applications, including warehouses, hospitals, manufacturing plants, industrial facilities, showrooms, commercial and retail stores, garages, airplane hangars, and construction sites. With increasing construction spending and activities, the demand for durable and aesthetically pleasing floor coatings is on the rise. Tiles, carpet, bamboo flooring, and tile flooring are some of the traditional flooring options, but the market is witnessing a shift towards advanced floor coatings such as single component, polyaspartic coatings, concrete floor coatings, water-based floor coatings, self-healing floor coatings, anti-microbial floor coatings, and photocatalytic floor coatings. Single component coatings offer ease of application and quick curing, while double and triple component coatings provide superior durability and protection. The market caters to both residential and manufacturing facilities, with a focus on providing sustainable and eco-friendly solutions. Companies are investing in research and development to introduce innovative floor coatings with unique properties, such as self-healing and photocatalytic capabilities.

Market Research Overview

The Floor Coatings Market encompasses a wide range of applications, including warehouses, hospitals, manufacturing plants, industrial facilities, showrooms, commercial retail stores, garages, airplane hangars, and construction sites. The market is driven by construction spending and activities, with a focus on various types of flooring such as tiles, carpet, bamboo, tile, concrete, wood, terrazzo, epoxy, polyurethane, acrylic, polyaspartic, methyl methacrylate, and more. These coatings come in different components, including single, double, and triple, and are used on various surfaces. The market caters to both residential and manufacturing facilities, chemical plants, and production facilities. Factors influencing the market include construction sector growth, population, industrialization, infrastructure development, labor, vaccination programs, and environmental concerns. VOCs, self-healing, anti-microbial, and photocatalytic floor coatings are gaining popularity due to their unique properties. Organic solvents and environmental impact are key considerations, as are human health concerns and the suitability of coatings for concrete surfaces.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Epoxy
• Acrylics
• Polyurethane
• Others
• End-user
• Industrial
• Commercial
• Residential
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio