Floor Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Concrete Floor and Epoxy Coatings Market Analysis Report is Segmented by Product Type (Epoxy, Polyaspartics, Acrylic, Polyurethane, and Other Product Types), Floor Material (Wood, Concrete, and Other Floor Materials), 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) for all the above segments.

Floor Coatings Market Size

Floor Coatings Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 4.36 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Floor Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Floor Coatings Market Analysis

The Global Floor Coatings Market size is estimated at USD 6.71 billion in 2023, and is expected to reach USD 8.30 billion by 2028, growing at a CAGR of 4.36% during the forecast period (2023-2028).

Due to the COVID-19 outbreak construction activities were halted worldwide which resulted in lower demand in the year 2020. However, in the years 2021 and 2022, these activities resumed and have helped the demand for floor coatings reach pre-pandemic levels.

  • Growing awareness about the advantages of floor coatings and increasing housing construction activities in emerging economies are expected to drive the market over the forecast period.
  • However, strict regulations on VOCs released from floor coatings and concrete polishing is expected to hinder market growth.
  • The increasing popularity of eco-friendly bio-based floor coatings and the promising performance of polyaspartic coatings will act as an opportunity for the growth of the market during the forecast period.
  • Asia-Pacific dominated the market across the world, with the largest consumption from China and India.

Floor Coatings Market Trends

Growing Demand from 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 September 2022, a Chinese CDMO (Contract Development and Manufacturing Organization), AsymchemLabs, announced a plan to invest CNY 4 to 5 billion (USD 557 million to USD 697 million) in a production facility to manufacture chemical raw materials. The facility would be built in Jiangsu TaixingEconomic Development Zone, Shanghai, China. The focus of the site would be research and development, along with the manufacturing of chemical raw materials and small-molecule drug substances.
  • The United States has been witnessing numerous investments in the food & beverage sector. For instance, the number of projects in this sector to observe construction is Red Bull North America's USD 740 million worth 2 million-square-foot processing and distribution facility in Concord, North Carolina; Dairy cooperative DairgoldUSD 500 million worth 400,000-square-foot processing facility in Port of Pasco, Washington (completion scheduled for 2023); Biotics Research Corporation USD 9 million worth 88,000-square-foot warehouse, laboratory, and office facility in Rosenberg, Texas (completion scheduled for 2023).
  • Further, in the United States, according to the United States Department of Agriculture (USDA), the total export of processed food products for the year 2022 was worth USD 38 billion.
  • Thus, owing to such trends, the industrial application segment is likely to dominate the market during the forecast period.
Floor Coatings Market, CAGR, By End-user Industry, 2023-2028

The Asia-Pacific Region is Expected to Dominate the Market

  • The construction industry in Asia-Pacific is expected to become the largest and fastest-growing industry across the world, both in the residential and commercial sectors, with approximately a 45% share of the global construction spending coming from the region.
  • The construction sector is a key player in China's continued economic development. China is amid a construction mega-boom. According to the National Bureau of Statistics of China, The value of construction output accounted for 31.2 trillion yuan (USD 4.5 trillion) in 2022, up from 29.3 trillion yuan (USD 4.2 trillion) in 2021, China is expected to spend nearly USD 13 trillion on buildings by 2030, creating a positive outlook for the industry.
  • The Government of India has been actively boosting housing construction, as it aims to provide homes to about 1.3 billion people. The country is likely to witness around USD 1.3 trillion of investment in housing over the next seven years and is likely to witness the construction of 60 million new homes in the country. The availability of affordable housing in the country is expected to rise by around 70% by 2024.
  • In Japan, in August 2022, housing starts increased by more than 4.5% with respect to July 2022. After witnessing a decrease in new dwelling construction (815.3 thousand) in the year 2020, the sector bounced back registering approximately 855.5 thousand new dwelling construction in the year 2021.
  • Such trends in the region are expected to drive the market growth for floor coatings in the region over the forecast period.
Floor Coatings Market - Growth Rate by Region

Floor Coatings Industry Overview

The floor coatings market is a highly fragmented market, with no significant share to any particular company. Some of the players in the industry include (not in any particular order) Sika AG, Akzo Nobel N.V., PPG Industries, Inc., RPM International Inc., and The Sherwin-Williams Company.

Floor Coatings Market Leaders

  1. PPG Industries, Inc.

  2. The Sherwin-Williams Company

  3. Akzo Nobel N.V.

  4. RPM International Inc.

  5. Sika AG

*Disclaimer: Major Players sorted in no particular order

Floor Coatings Market Concentration
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Floor Coatings Market News

  • In May 2023, Sika AG completed the acquisition of MBCC Group. Through this acquisition, Sika AG has expanded its portfolio of decorative floor coatings.
  • In March 2023, BASF SE announced that it has started the production of its first bio-based polyol, Sovermol which is designed for applications like flooring coating, waterpipe coating, adhesive, and putty applications. The production facility was started at Mangalore, India to serve the growing market in the Asia-Pacific.

Floor Coatings Market Report - 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

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Strict Regulations on VOCs Released for Floor Coatings

      2. 4.2.2 Benefits of Concrete Polishing over Floor Coatings

    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. 5. MARKET SEGMENTATION (Market Size in Volume)

    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 End-user Industry

      1. 5.3.1 Decorative (Including Residential and Commercial)

      2. 5.3.2 Industrial

      3. 5.3.3 Car Parks

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 Italy

        4. 5.4.3.4 France

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 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 Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Akzo Nobel N.V.

      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 S.p.A

      11. 6.4.11 PPG Industries Inc.

      12. 6.4.12 Saint-Gobain (Maris Polymers)

      13. 6.4.13 Sika AG

      14. 6.4.14 Sto Ltd

      15. 6.4.15 Teknos Group

      16. 6.4.16 The Sherwin-Williams Company

      17. 6.4.17 Tikkurila

    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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Floor Coatings Industry Segmentation

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, 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 end-user industry, the market is segmented into Decorative, Industrial, and Car Park. The report also covers the market size and forecasts for the floor coatings market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (Kilo tons).

Product Type
Epoxy
Polyaspartics
Acrylic
Polyurethane
Other Product Types
Floor Material
Wood
Concrete
Other Floor Materials
End-user Industry
Decorative (Including Residential and Commercial)
Industrial
Car Parks
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
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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Floor Coatings Market Research FAQs

The Floor Coatings Market is projected to register a CAGR of 4.36% during the forecast period (2024-2029)

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

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Floor Coatings Market.

The report covers the Floor Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Floor Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Floor Coatings Industry Report

Statistics for the 2024 Floor Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Floor Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Floor Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)