Market Trends of Asia-Pacific Floor Coatings Industry
This section covers the major market trends shaping the APAC Floor Coatings Market according to our research experts:
Growing Demand for Floor Coatings in the Industrial Applications
- The Industrial Application is dominating the overall floor coatings market. The core sector is construction, chemical, manufacturing, and other such food and beverages industries, providing demand for Floor coatings in the region.
- In Asia-Pacific, Rapid industrialization and the development of manufacturing and processing plants in the countries like China, Japan, and South Korea are expected to fuel demand for floor coatings in the Pharmaceutical, Food and Beverage, and Industrial Plants.
- In Asia-Pacific, China serves as one of the significant Chemical markets in terms of production and consumption. Many major companies in the market studied have their chemical plants in China, accounting for more than 35% of global chemical sales-resulting in the demand for floor coatings.
- In the food and beverage industry, The risk of microbial growth from spills is high. As a result, these contaminants reduce the purity of processed foods. To avoid such issues, the industry requires durable and thick floor coverings that act as a protective barrier, preventing pollutants from entering the concrete substrate and ensuring a clean surface.
- For Instance, In April 2020, BMW began constructing a 3.2-square-kilometer plant in InTiexi, China. The expanded facility is expected to help BMW manufacture 150,000 EVs a year. The new plant is scheduled to start manufacturing vehicles by the end of 2022.
- Thus, the industrial application segment will likely dominate the market during the forecast period.
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China to Dominate the Market
- In the Asia-Pacific region, China dominated the market share, with rising consumption from the construction, chemical, manufacturing, and other industries such as food and beverages, providing demand for Floor coatings in the region.
- The construction industry in China is expanding significantly. According to the National Bureau of Statistics of China, in 2021, the construction output in China was valued at approximately CNY 29.31 trillion. Creating a major scope for floor coatings used during construction activities to enhance the building properties.
- China's growth has been driven mostly by rapid development in the residential and commercial construction sectors supported by the growing economy. In China, the housing authorities of Hong Kong launched several measures to push start the construction of low-cost housing. The officials aim to provide 301,000 public housing units in 10 years till 2030.
- In Mar 2021, Allnex Announced a Design to Accelerate the Construction of a Manufacturing Base for Environmental Protection Resins in Zhejiang Province, China. The 100,000 square-meter new plants will produce environmentally friendly resins, with the aim to promote green innovation and meet the growing demands of China
- In July 2022, Covestro announced that it had broke ground for the construction of two new production facilities in Shanghai, China. The new plant for polyurethane dispersions (PUDs), as well as a further line for polyester resins, from which PUDs are produced and are used in more environmentally compatible coatings and adhesives for a wide range of applications, including construction, furniture among others.
- All the aforementioned factors are expected to act as driving factors for the Floor coatings market during the forecast period.
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