The global industrial floor coating market size is projected to grow from USD 5.5 billion in 2019 to USD 6.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 4.6% from 2019 to 2024
NEW YORK, Jan. 28, 2020 /PRNewswire/ --
Increase in the industrial and commercial construction is projected to drive the overall growth of the industrial floor coating market across the globe from 2019 to 2024.
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The global industrial floor coating market size is projected to grow from USD 5.5 billion in 2019 to USD 6.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 4.6% from 2019 to 2024. The global industrial floor coating industry has witnessed high growth primarily because of the increasing industrial construction worldwide. Industrial expansion in the emerging economies and increasing need to protect floors from chemical attack as well as environmental conditions is another key factor contributing towards the increasing growth of the industrial floor coating sector over the next few years.
In terms of both value and volume, the epoxy segment is projected to grow at the highest CAGR during the forecast period.
The epoxy segment of the industrial floor coating market is projected to grow at the highest CAGR during the forecast period, in terms of value as well as volume.The unique combination of adhesion, chemical resistance, and physical properties of epoxy provides high protection to industrial floors against severe corrosive environments.
Further, it is extensively used for flooring applications in industrial facilities such as refineries, chemical plants, and production.
In terms of both value and volume, the concrete segment is projected to lead the industrial floor coating market from 2019 to 2024.
Growth of concrete segment in the industrial floor coating industry is primarily attributed to various factors, such as its low cost, superior durability, and tensile strength.Coatings protect concrete floors from degradation due to contamination and also prevent the growth of microbes on the floor surfaces.
It also provides concrete flooring with excellent chemical resistance, ease of maintenance, enhanced aesthetic appeal, and superior structural performance.
The food processing segment is projected to lead the industrial floor coating market from 2019 to 2024.
Floors in the food processing sectors are exposed to food by-products, such as sugar solution, hot oils, fats, and natural food acids which can cause damage to the flooring because of their corrosive nature.It can infiltrate uncoated concrete floors, resulting in bacterial growth, ultimately degrading the quality and purity of processed food.
Floors in the food processing facilities are likely to provide harborage to pests, especially in the joints of walls and floors. To avoid these consequences, the food processing industry needs to apply floors coatings in their processing facilities, which in turn boost the demand for industrial floor coatings in this sector.
In terms of both value and volume, the Asia Pacific industrial floor coating market is projected to contribute to the maximum market share during the forecast period.
In terms of value, the Asia Pacific region is projected to lead the global market from 2019 to 2024 due to the strong demand from countries such as China, Australia, India, Japan, and South Korea.This demand in these mentioned countries is due to the tremendous growth of the industrial construction opportunities in these countries, due to the low-cost labor and cheap availability of lands.
The demand is also driven by the increasing industrial, infrastructural & construction, marine, and automotive industries.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the industrial floor coating market.
•?By Company Type: Tier 1: 35%, Tier 2: 40%, and Tier 3: 25%
•?By Designation: C-Level Executives: 40%, Directors: 35%, and Others*: 25%
•?By Region: North America: 20%, Europe: 30%, Asia Pacific: 35%, Middle East & Africa: 10%, and
South America: 5%
*Others include sales managers, marketing managers, and product managers.
The global industrial floor coating market comprises major manufacturers, such as PPG Industries, Inc. (US), AkzoNobel N.V. (The Netherlands), The Sherwin-Williams Company (US), BASF SE (Germany), and RPM International Inc. (US).
Research Coverage
The market study covers the industrial floor coating market across various segments.It aims at estimating the market size and the growth potential of this market across different segments based on resin type, flooring material, component type, technology, end-use sector, and region.
The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the industrial floor coating market.
Key Benefits of Buying the Report
The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall industrial floor coating market and its segments and sub-segments.This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
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