The Global concrete floor coatings market
exclusively supplies coatings for floors typically used in warehouse facilities, basements, garages, or food manufacturing plants. Such environments demand durability and resistance against wear and tear, heat, and abrasion, thereby highlighting the need for concrete floor coatings that have the ability to exhibit all such mechanical properties. For the past few years, the market has been experiencing high demand from many regions and end-user applications and still aims to play an important role for the next five years.
A well-researched market study from a leading market intelligence firm in the U.S. states that the concrete floor coatings market is set for rapid growth at a 6.8% CAGR from 2014 to 2020. Based on this growth rate, the market is expected to reach a value of US$1,176.9 million by the end of 2020, up from US$745.8 million in 2013. In terms of volume, the demand from the global concrete floor coatings market stood at 346.3 kilo tons in 2013, according to the same study.
Booming Construction Industry to Power Concrete Floor Coatings Market
The demand for concrete floor coatings is mainly led by high demand from the construction industry. Many regions in the world are experiencing a consistent rise in the construction industry on account of increasing awareness and rising government expenditure on infrastructure. The BRICS countries, five of the most rapidly developing economies in the world, as well as North America and the rest of Asia-Pacific are expected to hold a positive outlook towards improvements and enhancements in the construction industry, as a result boosting the global concrete floor market to a rapid growth rate in the near future.
Additionally, the concrete floor coatings market is also driven by growing demand for high-performance and sustainable coating materials. Today, the market includes a variety of film floors and trench lining materials coupled with a high demand for coatings made from renewable and environmentally friendly materials such as bio-based concrete. The demand for bio-based concrete floor coatings is likely to offer new opportunities for manufacturers involved in the concrete floor coatings market. Studies say that most concrete floor coating products are petroleum derivatives, and are thus subject to supply and price variations in the global petroleum products market.
Novel Bio-based Products Fueling Growth in Concrete Floor Coatings Market
Although castor oil-based emulsions, which are commonly used in waterborne polyurethane coatings as polyols, have consistently shown outstanding performance in the past, they have inherent issues such as poor appearance and transient pot life with flow properties. Keeping these aspects in mind, manufacturers of concrete floor coatings have undertaken several initiatives for the development of bio-based oil materials and coatings, which will initially be targeted towards the industrial and commercial sectors, where the demand for concrete floor coatings is high. The market now witnesses new castor oil-based polyol emulsions with improved formulations and pigments to increase their effectiveness in various applications. Such new market trends and introductions in the bio-based concrete floor coatings market have opened up new possibilities to reduce the weight of the coatings while maintaining the protective properties.
Epoxy-Based Concrete Floor Coatings Bring Flexibility and Toughness to Coating Systems Market
Epoxy based concrete floor coatings provide excellent protective properties and have gained widespread use in the applications of sealants, coatings, and adhesives. Owing to this, this product segment accounted for over 50% of the concrete floor coatings market in 2013, in terms of both volume and revenue.
This product segment is expected to witness continuous growth till 2020, due to new developments and formulations for superior performance. New and improved waterborne epoxy coatings have been developed in the market, which, when put to use with extremely low or near-zero VOC content, will offer high performance and reliability, especially in outdoor applications.