The growth of the concrete floor coatings market is ascribed to the growing industrial sector across the Middle East and APAC says this report.
Press Release – updated: Sep 9, 2020 05:00 EDT
SELBYVILLE, Del., September 9, 2020 (Newswire.com) – Based on Global Market Insights Inc., report, the concrete floor coatings market was estimated at $1.41 billion in 2019 and is slated to exceed $1.77 billion by 2026, registering a CAGR of 6.2% from 2020 to 2026. The report provides a detailed analysis of the key investment avenues, competitive scenarios, market estimations as well as size, major winning strategies, drivers and opportunities, wavering industry trends.
Concrete floor coatings are majorly utilized in the construction industry for providing concrete floors with a protective layer. Given that concrete floor systems are extensively used in warehousing and manufacturing facilities due to low cost and their versatility, product demand from these avenues is likely to be the highest. Moreover, the rising number of manufacturing units across emerging economies will fuel the product demand further. The product is also utilized for enhancing the aesthetic aspects of flooring solutions in commercial spaces. The growing demand for new office spaces would further boost the concrete floor coatings market outlook. Subsequently, robust construction output in APAC, due to strong infrastructure investment, will most notably drive industry growth over the coming years.
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In terms of application, the indoor application segment is slated to witness robust growth due to the growing manufacturing sector. In 2019, the indoor application segment held around 65% demand share and is slated to witness substantial growth over the coming years. The key factor responsible for the segment growth is the rising demand for commercial and residential construction across all developing markets.
Key reasons for concrete floor coatings market growth:
- Increasing construction activities across the residential sector.
- Growing warehousing demand across Europe and North America.
- Growing demand for polyurethane concrete floor coatings.
2026 forecasts anticipate the ‘industrial’ end-use segment showing appreciative growth:
Favorable government policies coupled with increasing FDI inflows across APAC and Latin America are fueling industrialization in the regions. Subsequently, the product demand across the industrial end-use sector is likely to reach approximately $1.3 billion by the end of the analysis timeline. The various incentives provided by numerous governments for promoting manufacturing and easing by FDI norms have further contributed to the enormous growth of the manufacturing industry across Latin America and Asia-Pacific, which would create favorable opportunities for the concrete floor coatings market segment.
Europe and North America to witness remunerative growth:
The concrete floor coatings market in Europe is slated to witness substantial growth owing to favorable regulatory guidelines and norms regarding multifunctional and smart coatings. In 2019, the region accounted for around 25% demand share. The rapidly growing construction industry in Western Europe is the main factor responsible for the regional market growth. Moreover, increasing developments and initiatives for reducing the VOC emission levels as well as the toxic levels from these coatings by key players like Henkel and BASF is slated to drive the sales of eco-friendly concrete floor coatings in the region.
Meanwhile, in 2019, the North America concrete floor coatings market held a prominent demand share and is expected to grow at a CAGR of more than 5.5% through the forecast time period. The concrete floor coatings market in North America is majorly driven by rapidly increasing flooring applications across industry verticals like manufacturing, aerospace, and construction.
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Leading market players:
Prominent market players analyzed in the concrete floor coatings industry report include Vanguard Concrete Coating, The Sherwin-William Company, Nippon Paint Co. Ltd., The Stonhard Group, Behr Process Corporation, and Henkel Corporation among many others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights Inc.