Global Market Insights, Inc. has launched a report on Industrial Floor Coatings Market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.
Industrial floor coatings market is expanding owing to the rapid pace of industrialization worldwide. Rising awareness about the benefits of flooring depicts a surge in demand across various manufacturing sectors. Improved focus on reducing maintenance costs amidst harsh working conditions, such as heavy machinery, excessive heat, and chemical spills, will boost product penetration.
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According to the Asian Development Bank, Asian countries are expected to invest USD 9 trillion in infrastructure development between 2010 and 2020. A major share of these investments expected to be allocated in manufacturing industries to support the needs of the growing population, fueling the business growth over the forecast period.
Product segmentation: The report claims that the Product landscape of the Industrial Floor Coatings Market is subdivided into –
- Epoxy cementitious
- Methyl methacrylate (MMA)
Important pointers encompassed pertaining to the Product spectrum:
- Major details about the Product spectrum are provided in the report.
- The study elaborates on the remuneration forecast of each of the Product categories by the end of the anticipated duration.
- The market share which each of the Product segments account are mentioned in the study.
- Also, the most proliferating trends that the Product spectrum is characterized by are also entailed.
Several companies-initiated renovations incorporating floor coatings to achieve a reduction in wear and tear from heavy equipment. The product is generally used as a protective outer layer and it is applied to the ground surface. Growing need for high mechanical resistance to withstand wheels traffic in the plant will attract industries to adopt industrial floor coatings products.
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Lower temperature reduces product performance of floor coatings due to the presence of organic chemicals while coating production. This limited performance at certain temperature is likely to restrict industrial floor coatings market growth during the forecast period.
Epoxy market was accounted over USD 1.6 billion in 2017. The product is extensively used on flooring surfaces of manufacturing facilities, food & beverage plants and warehouses. The self-leveling layers that contribute to the protection and filling hairline crack on floors augmenting product demand. Superior properties, such as exceptional adhesion, high resistance to chemicals & solvents, and flexibility, are among the major factors propelling product profile.
Regional segmentation: As per the report, the Regional spectrum of the Industrial Floor Coatings Market is split into –
- North America
- Asia Pacific
- Latin America
Important pointers encompassed pertaining to the Regional spectrum:
- The report includes major details regarding the Regional spectrum of the Industrial Floor Coatings Market.
- The study mentions information about the revenue estimate of the Regional categories by the end of the forecast duration.
- The market share accounted for by each of the Regional segments are discussed in the report.
- The study also discusses the ongoing and future trends defining the Regional
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Food processing segment is anticipated to experience over 7.6% CAGR from 2018 to 2024. Higher adoption of coatings to ensure effective operations in the food processing plants is projected to boost the industry growth. In addition, measures are taken to ensure optimum hygiene and safety in processing plants strong supporting product landscape. Increasing investments in the food industry to tackle issues relating to food shortage and food wastage will augment the industrial floor coatings market demand.
Asia Pacific market captured more than 38% revenue share in 2017 and likely to observe over 8% CAGR up to 2024. Global manufacturing industry is mainly concentrated in Asian countries, particularly in China, Japan & South Korea. Regional growth was credited to China and Japan together contributed for over 30% of the global manufacturing output. For instance, in 2017, the Government of India announced the allocation of INR 6,000 crores for the establishment of 42 mega food parks to reduce food wastage, offering lucrative opportunities to the industrial floor coatings players in the region.
Industrial floors coatings market is highly fragmented in nature due to the huge presence of small manufacturing companies. Key companies include BASF, Sherwin-Williams, Roto Polymers, PPG Industries, Akzo Nobel, 3M, Kansai Paints, Axalta, Maris Polymer, and Florock Polymer. These companies are focusing on strategic collaboration with small companies to enhance position in the market.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.