Concrete Floor Coatings Market: Introduction
According to a recent report by Transparency Market Research (TMR), the global concrete floor coatings market is likely to expand at a steady CAGR of 6.4% during the forecast period from 2021 to 2031. The market was valued at US$ 1.1 Bn in 2020 and is projected to reach US$ 2.2 Bn by the end of 2031.
The global floor coatings market is anticipated to witness a highly fragmented competitive scenario, owing to large number of players operating in the market. Some of the major players in the market are Royal DSM, Nippon Paint Co., BASF SE, DAW SE, and Behr Process Corp. These firms are indulging extensively into long-term trade contracts with their end users, especially in construction application, to have a strong foothold in the market and increase their global reach. Leading firms are estimated to increase their investment in terms of capital, stressing more on research and development activities, along with improved product quality to meet consumer requirements.
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Rise in Industrialization to Fuel Market Growth
Increase in sales of concrete floor coatings is supported mainly by notable growth in development activities, activated broadly due to high industrialization and rise in urbanization across the world. The growing awareness about safety given by concrete floor coatings from thermal shocks and chemical attacks is also fueling the global market. Manufacturers and customers are becoming aware about the advantages of concrete floor coatings. Thus, the market is expected to expand considerably over the next couple of years. The growth of the building & construction sector in developed and developing regions is anticipated to trigger the global concrete floor coatings market.
Fluctuation in Raw Material Cost to Hinder Market Growth
While the global market for concrete floor coatings represents a noteworthy future, the unstable cost of raw materials may deter the development scope of the market during the forecast period. Nevertheless, rise in demand for concrete floor coatings in industrial and commercial buildings in developing economies is anticipated to lower the negative impact in the near future.
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Concrete Floor Coatings Market Drivers
Increase in sale of concrete floor coatings is supported mainly by notable growth in development activities, activated broadly due to high industrialization and rise in urbanization. The growth of the building & construction sector in developed and developing regions is anticipated to drive the global concrete floor coatings market.
Concrete floor coatings are used extensively in outdoor and indoor infrastructural settings. However, the indoor segment is estimated to experience a comparatively higher demand, owing to the propelled use of floor coatings in commercial construction and industrial sector. Geographically, Asia Pacific is anticipated to lead the global concrete floor coatings market over the next few years, due to increase in the number of well-settled manufacturers and production plants in the region.
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Concrete Floor Coatings Market Players
Key players profiled in the report are Nippon Paint Co., DAW SE, Behr Process Corp, Royal DSM, and BASF SE. Leading players in the market are likely to focus on investments to obtain better results from research and development.
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