Floor Coatings Market: Overview
Floor coatings have typically been used for surfaces that undergo wear, corrosion, or stress, such as in large warehouses, manufacturing facilities, and chemical plants. In recent years, they have been utilized in protection of surfaces in residential, commercial, and industrial floors around the world. The drive for floor coatings market evolution is underpinned by constant advances in the chemistries of paints, their curing techniques, and expanding product portfolio of manufacturers. Different types of floor coatings, notably including epoxy-based and polyurethane, have been key to driving sales in the floor coatings market. These have been used in resurfacing applications or in covering stains and damage in some cases.
Other key product types in the floor coatings market can include polyaspartic, methyl methacrylate, and acrylic. Floor coating products also contain sealers and sealants. Some of the major areas that contribute to the growth of the floor coatings market are used in retail stores, showrooms, garages, hospitals, and airplane hangar, and the surface may consist of mainly of wood and concrete. Of these, concrete has spurred a large revenue streams for manufactures and vendors in the floor coatings market.
Floor Coatings Market: Key Trends
Over the years, different product varieties have been developed to meet the required features of floor coatings. Manufacturers in the floor coatings market have to meet specialized characteristics of end users such as wear resistance, refractoriness, and low electrical resistivity. Growing demand for increasing the surface strength of concrete surfaces has spurred new product development avenues for manufacturers on a large scale. The utilization of floor coatings for concretes has spurred the growth of the floor coatings market.
Strides being made in infrastructural developments in both developing ad developed countries has spurred the demand for floor coatings. Spending of governments to support the construction of commercial spaces in urban spaces is a key trend invigorating demand in the floor coatings market. Of the various key application areas, concrete floor coatings have been propelling the rapid expansion of the market. Rapid pace of industrialization in various parts of the world is boosting the demand for floor coatings for residential construction.
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Floor Coatings Market: Competitive Analysis and Key Developments
The landscape is characterized by high intensity of competition. Floor coating manufacturers are keen on expanding their product portfolio, especially for concrete floors. Most players are focusing on offering end users better techniques of applying apart from better performance from their products. Numerous chemical companies in the floor coatings market are spending on research and development activities that can overcome traditional solvent-based products.
Top players in the floor coatings market are leaning on consolidating their position by targeting new markets and new geographies. To this end, key players are getting into strategic partnerships with some regional players. A case in point is some of the recent strategic moves by BASF SE. Some top players are setting sights on meeting unmet needs and untapped revenue potential in the floor coatings markets. An example is growing attention of players for meeting the end-user demand in GCC countries.
Some of the top players in the floor coatings market are:
- Sherwin-Williams Company
- RPM International Inc.
- PPG Industries, Inc.
- Kansai Paint Co., Ltd.
- BASF SE
- Axalta Coating System
- Akzo Nobel N.V.
Floor Coatings Market: Regional Assessment
Among the various regions in the floor coatings market, Europe and North America are key regional markets. Asia Pacific accounted for a large market share in the global landscape. Rise in commercial construction activities in numerous economies in recent years has spurred the demand for floor coatings. The Asia Pacific market is expected to rise at promising pace during the forecast period. Key revenue generating regions are India, Australia, New Zealand, and China.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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