Floor coatings provide solutions to enhance the performance of floors in industrial, commercial, and residential facilities, increasing the durability of flooring materials. These coatings offer benefits such as easy moving and ease of maintenance, ensuring excellent finishing, which appeals to customers. This, as a result, has raised the trends of floor coating and eventually increased the market growth of these materials.
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Additionally, benefits of floor coatings that offer joint-free and seamless finish to avoid cracks or crevices harboring dust, dirt, and bacteria, are another factor contributing to the market growth. According to Market Research Future (MRFR), the global market for floor coatings is estimated to witness outstanding growth by 2022, in terms of volume and value. In its recently published analysis, MRFR also asserts that the market would surpass its previous growth records at a 7.2%CAGR throughout the forecasted period (2016 – 2022).
Increased globalization and rapid industrialization is key driving force behind the growth of the market. Moreover, rapid economic growth is leading to changes in industry trends. The long shelf life of floor coatings offers a cost-effective and low maintenance decorative, protection approach, which is a significant aspect that provides impetus to the market growth. Besides, the availability of different varieties of floor coatings that can be used for various purposes across the industries fosters market growth.
Also, the increased preference for environment-friendly products, which are sustainably harvested recycled, or reclaimed sources, is boosting the growth of the market. Rapid industrialization and improving economic conditions majorly drive the global floor coatings market. Additionally, properties such as slip resistance, puncture resistance, microbial protection, waterproofing, and decorative finish are pushing the market.
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The report is segmented into four market dynamics to widen the scope of understanding,
By Resin Types: Epoxy, Polyaspartic, and Polyurethane, among others.
By Coating Component: 1K, 2K, and 3K, among others.
By End-user: Residential, Commercial, and Industrial.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
The floor coatings market appears to be highly competitive, owing to the presence of numerous well-established vendors. Since the low product differentiation and the availability of a wide range of similar products, vendors aim to develop their products uniquely and minimize the brand recall of their products through effective marketing communications. High growth potential that the market demonstrates is expected to attract several new entrants during the anticipated period.
These players compete based on price, quality, innovation, service, reputation, distribution, and promotion. Local players are extending their foothold in the market by offering products at lower prices, which attracts end-users.
Major players increasingly adopt strategic approaches such as mergers acquisitions, collaboration, expansion, and product/ technology launch. To extend their geographic reach and maximize their profit shares, these players are focusing on increasing their market value.
The Asia Pacific region holds the largest as in around 35% of the share in the global floor coating market. Factors such as the rise in the number of construction activities led by the brisk industrialization in rapidly developing economies, China and India attribute to the regional market growth. Moreover, substantially large investments in the building and construction sector to elevate infrastructure development have been fueling the market demand in the APAC.
China led by the growing construction activities accounts for the major revenue-generating market and the leader in the APAC floor coatings market. Also, less stringent norms and standards for safety and environmental compliance along with the easy availability of cost-competitive labor force is attracting major players across the industries to set up their production facilities in the APAC countries.
North America and European floor coatings market accounts for the second and third-largest market, respectively. Advancements in the coating development techniques and related technologies majorly drive the market in these regions. Besides, the increasing number of industries in these regions is, in turn, generating colossal market demand. Population growth is expected to create substantial demand for new houses and hence increased supply for the product.
Players leading the global floor coatings market include Sherwin Williams Company Inc (US), BASF SE (Germany), The Dow Chemical Company (US), The Arkema Group(France), Akzo Nobel NV (Netherlands), Asian Paints PPG Pvt. Ltd (India), RPM Internationals Inc.(US), Nora Systems Inc.(Germany), Tambour (Israel), and Maris Polymers (Europe), among others.
Industry/ Innovation/ Related News:
July 8, 2019 ---- Two leading private equity, securities, and investment management companies in North America ATL Partners and British Columbia Corporation announced the acquisition of Valence Surface Technologies LLC, a leading surface finishing platform in the region. Valence provides critical surface treatments to aerospace and defense components that require complex finishing that meet engineering specifications.
Investment management companies further mentioned that over the past few years, they have been building Valence into a market-leading platform and now look forward to expanding the Company's capabilities and geographic footprint as they seek to offer additional, differentiated services to our growing customer base.
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