The worldwide floor coatings industry has been experiencing explosive growth over the past few years, led by the rapid expansion of residential, commercial, industrial infrastructure. The demand for aesthetics, better performance, and sustainability is making market players think out of the box. Modern homes and office spaces demand flooring solutions that are not only aesthetic but also smart and sustainable. Meanwhile, industrial applications require solutions that are durable and offer efficient performance. The industry trend is moving toward developing more efficient and sustainable processes in flooring practices.
Floor coatings serve as protective layers for surfaces against wear, stress, corrosion, and others. They find a broad range of applications, from houses and commercial spaces to manufacturing plants and warehouses. Different varieties of coatings, such as epoxy-based and polyurethane-based, are utilized for not just coating but also for covering stains and resurfacing.
Fortune Business Insights™ predicts that the market for floor coatings could be worth USD 4,734.9 million by 2027. It is estimated that the global market will grow at 7.8% CAGR during 2020-2027. Akzo Nobel N.V., BASF SE, the Sherwin-Williams Company, PPG Industries, Inc., Nippon Paint Holdings Co., Asian Paints Ltd., Kansai Paint Co., Ltd., and DSM are among the notable companies in the industry.
Highlighted below are some of the major upcoming trends in the industry as well as the challenges faced by market players during the COVID-19 pandemic.
Why are Floor Coatings Gaining Traction in Industrial Applications?
Floor coatings are durable, protective layers applied on surfaces prone to heavy wear or corrosion. They provide a durable, smooth, and high-performance surface that can withstand heavy loads and ensure protection against moisture, cracks, or damage. Furthermore, they offer high impact and extreme abrasion resistance to protect floor surfaces. Common areas of application for these coatings include homes, showrooms, commercial offices, hospitals, retail outlets, manufacturing and industrial facilities, warehouses, and garages.
The use of floor coatings is expanding across various industries. In the chemical industry, for example, they are applied to ensure high-performance flooring for R&D labs, production units, and other facilities. These solutions offer high chemical resistance, help maintain strict hygiene standards, and adhere to safety protocols, helping prevent the risk of damage and accidents. In the food & beverage sector, coatings are used to minimize the risk of microbial growth due to spillage. As contaminants can degrade the quality and purity of processed foods, there is a strong demand for thick and durable coatings that not only form a protective barrier but also ensure good hygiene.
While industrial applications hold a notable share of the global market, residential and commercial applications are slated to create monumental demand over the next several years. The thriving construction sector worldwide and subsequent infrastructure development will boost tile flooring demand, bringing favorable opportunities for market players.
Why is Asia Pacific a Lucrative Revenue Ground for Key Players?
Construction spending in Asia Pacific continues to surge rapidly due to growing population, rapid urbanization, and continuous industrial expansion. The Asian Development Bank (ADB) projects that developing Asia Pacific countries will need to invest USD 1.7 trillion per year through 2030 to maintain the current growth momentum. Increased construction investments to accelerate infrastructure development will boost the market in this region.
Homeowners are increasingly spending on home décor and aesthetics. Tile flooring is a notable trend across Asia Pacific, especially in residential and commercial sectors. It is growing in popularity, owing to benefits such as exceptional resistance to water, stain, odor, and bacteria. In addition, it requires less maintenance, offers superior insulation, robust durability, and excellent anti-corrosion properties. Furthermore, the rapid expansion of commercial working spaces is creating new opportunities for manufacturers and suppliers of floor coatings.
How will the Floor Coatings Industry Fare in the Forthcoming Years?
Floor coatings continue to emerge as a highly sought-after solution for industrial, commercial, and residential applications. The COVID-19 pandemic dented the growth of this market significantly and created various unanticipated challenges for product manufacturers. However, as the effects of COVID-19 subside and construction activity gets back on track, the market is anticipated to boom in the next few years.