Floor Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Floor Coatings Market is Segmented Product Type (Epoxy, Polyaspartics, Acrylic, Polyurethane, and Other Product Types), Floor Material (Wood, Concrete, and Other Floor Materials), Coatings Component (One-component (1K), Two-component (2K), Three-component (3K), and Other Components), End-user Industry (Residential, Commercial, and Industrial), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers the market sizes and forecasts in revenue (USD million) and volume (kilo ton) for all the above segments.

Market Snapshot

Floor Coatings Market Overview
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >5 %
Floor Coatings Market Major Players

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Market Overview

The floor coatings market was valued at USD 8,931.43 million in 2020, and it is projected to register a CAGR of more than 5% during the forecast period (2021-2026).

The construction industry's slowdown made the demand growth for floor coatings more difficult to achieve in 2020. The building and construction across major regions are expected to witness a period of low growth over the next two years driven by the economic downturn triggered due to the COVID-19 outbreak. The commercial construction industry, especially, has been witnessing a great dip due to the present condition. The lower demand across end-user industries, such as the construction industry's intensified growth decline and a slowdown in core industries, had a cascading impact on other industries, resulting in an overall decline in the demand for floor coatings.

In the short term, the housing construction activities in the emerging economies of Asia-Pacific are likely to increase. However, there are strict regulations on VOCs released for floor coatings.

The demand for floor coatings from the industrial sector dominated the market studied, and it is expected to grow during the forecast period due to the increasing demand from the chemical industry. The promising performance of polyaspartic coatings is likely to act as an opportunity in the future.

Asia-Pacific dominated the market across the globe, with the largest consumption from China and India.

Scope of the Report

Floor coatings are durable, protective layers applied to surfaces that are subjected to extreme wear or corrosion. Warehouses, chemical plants, and production floors are examples of typical applications. The market is segmented by product type, floor material, coatings component, end-user industry, and geography. By product type, the market is segmented into epoxy, polyaspartics, acrylic, polyurethane, and other product types. By floor material, the market is segmented into wood, concrete, and other floor materials. By coatings component, the market is segmented into one-component (1K), two-component (2K), three-component (3K), and other components. By end-user industry, the market is segmented into residential, commercial, and industrial. The report also covers the market sizes and forecasts for the floor coatings market in 18 countries across the major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million) and volume (kilo ton).

Product Type
Epoxy
Polyaspartics
Acrylic
Polyurethane
Other Product Types
Floor Material
Wood
Concrete
Other Floor Materials
Coatings Component
One-component (1K)
Two-component (2K)
Three-component (3K)
Other Components
End-user Industry
Residential
Indoor
Outdoor
Commercial
Parking Lots
Retail Outlets
Warehouses
Other Commercial Industries
Industrial
Chemical Industry
Food and Beverage Industry
Other Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Australia & New Zealand
Indonesia
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Russia
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Growing Demand for Industrial Applications

The industrial segment is dominating the overall floor coatings market. The core sectors such as chemical, automotive, manufacturing, and other industries such as food and beverages and electrical and electronics, among others, are some of the major consumers of floor coatings.

The chemical sector is the most important industry of the era. Directly or indirectly, chemicals are used in almost every product manufactured today. This implies the importance of the chemical industry globally. Being one of the most important industries, the right high-performance flooring is essential for research and development labs, production plants, and other facilities of the industry.

In the industry, chemical resistance flooring, strict hygiene, and safety protocols play vital roles in avoiding the risks related to damage, accidents, and the health of workers. Thus, considering the risks and the requirements of the chemical industry, floor coatings have become an important element of concern.

In manufacturing facilities, floor coatings provide various beneficial properties to withstand heavy loads, high impact, or extreme abrasion. To protect the floors of manufacturing facilities, floor coatings tend to be the best choice.

In the food and beverage industry, cleanliness and purity are of paramount importance. Hence, this industry must apply appropriate protective coatings on the concrete floor. Besides this, the risk of microbial growth due to spillage is high in the food and beverage industry. Consequently, these contaminants degrade the processed food’s purity. To avoid such problems, the industry requires durable and thick floor coatings to provide a protective barrier, which can help prevent contaminants from entering the concrete substrate and ensures a hygienic surface.

The demand for floor coatings also rises during the period of maintenance in manufacturing facilities. However, due to the sudden outbreak of the COVID-19 pandemic, the shutdown of manufacturing facilities has reduced the chances of maintenance, which has constrained the consumption of floor coatings, and thus, retrained the growth of the market.

Floor Coatings Market Key Trends

The Asia-Pacific Region is Expected to Dominate the Market

Asia-Pacific dominated the global market share. Increasing housing construction activities in the emerging economies of Asia-Pacific have also hugely contributed to the market growth.

As state-owned and private enterprises dominate the construction industry, increased government and private expenditure in this regard are pushing the industry toward global primacy.

In recent years, the entry of major construction players from the European Union in China has further boosted the growth of this industry.

Besides, the consumption of floor coatings has been witnessing positive strides in China, owing to the significant growth of high-rise buildings in the country for the past five years. According to the Council on Tall Buildings and Urban Habitat, in 2019 alone, 56 high-rise buildings (over 200 meters in height) were completed in the country.

Moreover, the food processing industry in the country is moving toward maturity, witnessing moderate growth. Processed and packaged frozen foods are increasingly becoming popular, especially dairy, baby food, and confectionery products, which stands to be the driver for the food processing industry.

The construction sector in India has been growing rapidly, with increased investment by the government. The Indian government's ‘Housing for All by 2022’ is also a major game-changer for the industry.

Foreign direct investment (FDI) received in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) from April 2000 to December 2019 stood at USD 25.37 billion, according to the Department for Promotion of Industry and Internal Trade (DPIIT).

Furthermore, the real estate sector is expected to reach USD 9.30 billion in 2040, from USD 1.72 billion in 2019. The real estate sector in the country is expected to reach a market size of USD 1 trillion by 2030 from USD 120 billion in 2017, contributing 13% of the country’s GDP by 2025.

Such factors are boosting the demand for floor coatings in the region.

Floor Coatings Market Growth Rate

Competitive Landscape

The floor coatings market, in general, is a highly fragmented market, with no significant share to any particular company, and the same applies to all the subtypes of floor coatings. SIKA AG is the largest player in the market in almost all types of floor coatings. The other top companies in the market include The Sherwin-Williams Company, PPG Industries Inc., RPM International Inc., and Akzo Nobel NV, among others.

Recent Developments

In January 2019, Sto SE & Co. KGaA acquired 50.1% company shares of VIACOR Polymer GmbH, Rottenburg am Neckar, which came into effect from January 1, 2020. VIACOR works in the field of industrial floors and sports floor coatings under its PORPLASTIC brand.

In March 2018, PPG acquired ProCoatings, a leading architectural paint and coatings wholesaler based in the Netherlands. This acquisition will give PPG's business even more opportunities to serve consumers and expand the company's footprint in this market.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Awareness about the Advantages of Floor Coatings

      2. 4.1.2 Increasing Construction Activities across the Globe

    2. 4.2 Restraints

      1. 4.2.1 Strict Regulations on VOCs Released for Floor Coatings

      2. 4.2.2 Negative Impact of COVID-19

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Regulatory Policy Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Epoxy

      2. 5.1.2 Polyaspartics

      3. 5.1.3 Acrylic

      4. 5.1.4 Polyurethane

      5. 5.1.5 Other Product Types

    2. 5.2 Floor Material

      1. 5.2.1 Wood

      2. 5.2.2 Concrete

      3. 5.2.3 Other Floor Materials

    3. 5.3 Coatings Component

      1. 5.3.1 One-component (1K)

      2. 5.3.2 Two-component (2K)

      3. 5.3.3 Three-component (3K)

      4. 5.3.4 Other Components

    4. 5.4 End-user Industry

      1. 5.4.1 Residential

        1. 5.4.1.1 Indoor

        2. 5.4.1.2 Outdoor

      2. 5.4.2 Commercial

        1. 5.4.2.1 Parking Lots

        2. 5.4.2.2 Retail Outlets

        3. 5.4.2.3 Warehouses

        4. 5.4.2.4 Other Commercial Industries

      3. 5.4.3 Industrial

        1. 5.4.3.1 Chemical Industry

        2. 5.4.3.2 Food and Beverage Industry

        3. 5.4.3.3 Other Industries

    5. 5.5 Geography

      1. 5.5.1 Asia-Pacific

        1. 5.5.1.1 China

        2. 5.5.1.2 India

        3. 5.5.1.3 Japan

        4. 5.5.1.4 South Korea

        5. 5.5.1.5 Australia & New Zealand

        6. 5.5.1.6 Indonesia

        7. 5.5.1.7 Rest of Asia-Pacific

      2. 5.5.2 North America

        1. 5.5.2.1 United States

        2. 5.5.2.2 Canada

        3. 5.5.2.3 Mexico

      3. 5.5.3 Europe

        1. 5.5.3.1 Germany

        2. 5.5.3.2 United Kingdom

        3. 5.5.3.3 Italy

        4. 5.5.3.4 France

        5. 5.5.3.5 Russia

        6. 5.5.3.6 Rest of Europe

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Rest of South America

      5. 5.5.5 Middle-East and Africa

        1. 5.5.5.1 Saudi Arabia

        2. 5.5.5.2 South Africa

        3. 5.5.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Akzo Nobel NV

      2. 6.4.2 ArmorPoxy

      3. 6.4.3 Asian Paints

      4. 6.4.4 BASF SE

      5. 6.4.5 Epoxy-Coat

      6. 6.4.6 Henkel AG & Co. KGaA

      7. 6.4.7 Jotun

      8. 6.4.8 Kansai Nerolac Paints Limited

      9. 6.4.9 LATICRETE International Inc.

      10. 6.4.10 Mapei

      11. 6.4.11 Maris Polymers

      12. 6.4.12 NIPSEA Group (Nippon Paint)

      13. 6.4.13 PPG Industries Inc.

      14. 6.4.14 Sika AG

      15. 6.4.15 StoCretec GmbH

      16. 6.4.16 Tambour

      17. 6.4.17 Teknos Group

      18. 6.4.18 The Sherwin-Williams Company

      19. 6.4.19 Tikkurila Oyj

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Popularity of Eco-friendly Bio-based Floor Coatings

    2. 7.2 Promising Performance of Polyaspartic Coatings

**Subject to Availability

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Frequently Asked Questions

The Floor Coatings Market market is studied from 2016 - 2026.

The Floor Coatings Market is growing at a CAGR of >5% over the next 5 years.

The Floor Coatings Market is valued at 8931 Million USD in 2016.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

PPG Industries, Inc., The Sherwin-Williams Company, Akzo Nobel N.V., RPM International Inc., Sika AG are the major companies operating in Floor Coatings Market.

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