Global Concrete Floor Coatings Market: Snapshot
Coatings for concrete floors are majorly used for guarding concrete floors from abrasions and wear and tear. Another factor that has made the concrete floor coatings popular among the customer is the fact that protects concrete floors from harsh climatic conditions. These concrete floors are majorly used in commercial and residential structures. Concrete floor coatings are also known to protect the floors from chemical attacks and thermal shocks. Rise in awareness among consumers and builders regarding the benefits that one can get by using concrete floor coatings is fueling the growth of the market. Apart from this, the rise in construction activities across the world. Attributed to this trend the market is likely to have a stable growth rate. Increase in uptake of various projects by buildings and construction industry in developed as well as developing countries is likely to boosts the market growth.
Major vendors present in the global concrete floor coatings market have accepted various types of strategies to have a strong hold in the region such as mergers, intense marketing, joint ventures, acquisitions, partnerships, agreements, and investment. However it has been noticed that the unstable availability of raw materials and its cost us likely to deter the growth of the market. This had led to the emergence of alternative product such as bio-based concrete floor coatings.
According to Transparency Market Research, the global concrete floor coatings market is prognosticated to grow at CAGR of 6.80% between the 2014 and 2020. By the end of the forecast period, the market is likely to be valued at US$1.1 bn from a worth of US$0.7bn in 2013.
Indoor Floor Coatings to Hold Major Share Due to Rise in Industrial and Commercial Sector
The global concrete floor coatings market is bifurcated on the basis of application and product type. On the basis of application the market is segregated into indoor and outdoor. Between these two, indoor floor coatings segmented held a major share of around 50%. Indoor floor coatings accounted for the major share due to rise in demand particularly from industrial and commercial sector. On the basis of product, the market is bifurcated into polyaspartics, polyurethane,acrylic, and epoxy. Amongst the pack, epoxy based concrete floor coatings held a major share of 50% in 2013. Following the epoxy based concrete floor, polyaspartics based concrete floor coatings is second most popular and used by the builders and construction industry. Due to low benefits and several benefits that comes along with such as better insulating properties, excellent adhesion, and resistance to heat and chemicals, makes the epoxy coatings more favorable.
Asia Pacific to Be On Par With North America
On the basis of geography, the market is split into North America, Asia Pacific, Europe, and Rest of World. Among them, North America held a major share in the overall market which is attributable to the emerging construction sector particularly in the U.S. On the other hand, Asia Pacific is likely to challenge North America in years to come. Emerging countries such as India, China, and Japan have witnessed a serious boosts in the construction activities in last few years, this going to support the Asia Pacific to grow. Apart from this, incessant rise in population accompanied with rapid urbanization is ascribing to the growth of the market in this region. The global floor coatings market is fragmented in nature due to the presence of large number of players. The leading players in the market are likely to invest more in order to get better results from research and development. This leads to product differentiation which helps the organization the strength and brand recognition. Some of the major players in the market are Nippon Paint Co., DAW SE, Behr Process Corp, Royal DSM, and BASF SE.
- Others (including acrylic, polyurethane, etc.)
- North America
- Asia Pacific
- Rest of the World (RoW)