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.
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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