Concrete floor coatings market growing at CAGR over 7% up to 2024

Epoxy concrete floor coatings market share led the overall industry and accounted for more than 50% of the overall business size in 2015.

Concrete Floor Coatings Market size is poised to exceed USD 1.5 billion by 2024; according to a new research report by Global Market Insights, Inc.

Elevating construction industry, particularly in the BRICS nations will positively boost the global concrete floor coatings market share over the projected timespan. The overall construction industry revenue in BRICS nations was approximately USD 2.5 trillion in 2015 and is likely to mark USD 8 trillion in 2024, with projected gains close to 11% CAGR. In addition, China accounted for roughly around 50% of the total construction industry revenue of BRICS nations in 2015. Thus, the country is likely to observe highest growth amongst other countries.

Flooring is an integral part of residential and commercial construction structures. It holds significance in applications across residential houses, commercial institutions (workplace, hospitals, shopping malls), transport infrastructure (railways, airports), and manufacturing facilities. The product is majorly used in the industry to offer superior resistance from harsh climatic conditions, wear & tear and abrasions. In addition, the global flooring market size is likely to witness promising gains close to 6% CAGR from 2016 to 2024, which shall positively impact on the concrete floor coatings market size in the coming years.

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Petrochemical derivative are the major raw materials used in the global concrete floor coatings market share. Thus, wavering petrochemical price trends may hamper the overall business growth by 2024. Additionally, stringent regulations legislations regarding product applications across sensitive industries such as pharmaceutical laboratory and food processing units may obstruct industry growth in the coming years. However, product manufactures are engaged in developing bio-based product, which will open business growth opportunities by 2024.

U.S. concrete floor coatings market size, by application, 2013 - 2024 (USD Million)

In 2015, epoxy led the global concrete floor coatings market size and was valued more than USD 400 million. The product owing to its superior resistance against abrasion, chemical and impact is widely used across industrial (manufacturing facilities), public infrastructure (airports, schools & colleges, railway stations) and residential structures (staircase, parking). In addition, low cost in comparison with other corresponding product further complements demand.

Polyaspartics will witness growth more than 7% over the projected timespan. The product offers optimum characteristics along with excellent protection from harmful UV rays, which makes is appropriate across outdoor applications. Polyurethane will observe promising growth in the coming years due to development of bio-based polyurethane coating. Additionally, supporting government norms towards use of bio-based raw materials in coatings will stimulate the polyurethane concrete floor coatings market size by 2024.

Concrete floor coatings market size for outdoor will exhibit gains more than 6.5% from 2016 to 2024. Increasing investment by the government across the globe to improve their public infrastructure has positively influenced the product demand. Across outdoor applications, the product is used in garages, driveways, walkways and pathways for improving the strength and durability of concrete floor.

 

In 2015, indoor applications accounted for the major chunk in the overall global concrete floor coatings market share. Upcoming construction projects in the residential as well as commercial sector will boost the product demand by 2024. Furthermore, consumer awareness regarding flooring solutions to improve floor life will subsequently boost the industry growth.

North America concrete floor coatings market size in 2015 was more than USD 300 million. Increasing renovation and remodeling practices in the residential segment is the major factor contributing high product demand in the region. In addition, robust end-user industries such as, food & beverage, pharmaceutical and automotive will stimulate product demand for flooring applications. Asia Pacific will experience highest growth close to 8% by 2024. Elevating construction business, including both commercial as well residential, in China, Japan and India will be the chief regional concrete floor coatings market growth contributor.

The global concrete floor coatings market was highly competitive in 2015 due to prevalence of major companies in the industry ecosystem. Some of the major industry contributors include BASF, PPG Industries, Henkel Corporation, Sika Corporation, Behr Process Corporation, The Valspar Corporation, Royal DSM N.V., Vanguard Concrete Coating, Nippon Paint, The Sherwin-William Company, The Stonhard Group, Rodda Paint Co., Epmar Corporation, and RPM.

Read GlobeNewswire News:

https://globenewswire.com/news-release/2017/04/27/973354/0/en/Concrete-Floor-Coatings-Market-to-hit-1-5bn-by-2024-Global-Market-Insights-Inc.html

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