Floor Coatings Market Major Companies Operating in the Globally by 2027, Fortune Business Insights™
The global
floor coatings market size is projected to reach USD 4,734.9 million by 2027,
exhibiting a CAGR of 7.8% during the forecast period. Rising preference for
sustainable flooring solutions will be a central factor driving the growth of
this market, shares Fortune Business Insights™ in its report, titled “Floor Coatings Market
Size, Share & Industry Analysis, By Resin (Epoxy, Polyaspartic,
Polyurethane, and Others), By Component (One-Component, Two-Component,
Three-Component, and Others), By Flooring Material (Concrete, Wood, Terrazzo,
and Others), By End-use (Industrial, Commercial, and Residential), and Regional
Forecast, 2020-2027”. With growing
pollution from buildings and infrastructures in urban areas, consumers are
showing increasing inclination towards adopting flooring products that have low
levels of volatile organic compounds (VOCs) and low carbon emissions. As a
result, several floor coating manufacturers are developing sustainable flooring
solutions to meet this changing consumer behavior. For example, Ecoflor, a
UK-based flooring company, has developed Smooth PU (polyurethane) and Liquid
Vinyl floors that have long life expectancy and can be re-sealed or modified
within premises. As a result, these floors are not only sustainable but are
also cost-effective. Similarly, US-based Liquid Floors has been offering green
epoxy floor coatings that have zero VOC content. Thus, the widening
availability of green floor coatings will hugely benefit the growth of this
market.
As per the
report, the global floor
coatings market share value stood at USD 2,687.7 million in 2019. The report also provides the following:
·
Comprehensive evaluation of the
various market drivers and trends;
·
Granular analysis of the challenges
facing the market;
·
Careful segmentation of the market;
and
·
In-depth study of the competitive
milieu and regional prospects of the market.
Market
Restraint
Slowdown
in Construction Activities Worldwide amid COVID-19 to Hinder Market Progress
Central to the factors boosting the floor
coatings market growth is the booming demand for construction, especially in
the developing economies of India and China. According to Oxford Economics, for
instance, 57% of the global growth in the construction industry will be led by
India, China, and the US by 2030. However, the outbreak of the COVID-19
pandemic has dampened the energies of the construction industry. A recent
survey by the Royal Institution of Chartered Surveyors in the UK revealed that
on-site productivity at construction sites is expected to fall by 12%, while
only 20% of the stalled projects are predicted to restart amid the pandemic. Contracting
construction operations will have a direct bearing on the market for floor
coatings as these materials are extensively deployed in residential and
commercial spaces. With construction projects being executed with reduced
workforce and social distancing measures, the bounce-back of the construction
industry is anticipated to be sluggish.
Browse
summary:
https://www.fortunebusinessinsights.com/floor-coatings-market-102341
Regional Insights
Governmental
Support to Construction Projects to Propel the Asia Pacific Market
At USD 1,136.4 million,Asia Pacific dominated the floor
coatings market share in 2019 on account of the strong support from the
governments in the region to construction activities and infrastructural
development. The policies are particularly geared towards promoting and building
sustainable urban infrastructures, since urban populations in countries such as
India and China are rapidly expanding.
The market in North America is slated to
experience stable growth on account of the widespread presence of
globally-recognized flooring manufacturers in the region. Moreover, advanced
floor coatings are being speedily adopted by manufacturing plants across the US
and Canada to ensure safety of workers in these spaces. In Europe, on the other
hand, high purchasing power of consumers is encouraging the adoption of more
sophisticated and premium flooring solutions, which is creating numerous
opportunities for market players in the region.
Competitive
Landscape
Strategic
Product Releases & Acquisitions to Energize Market Competition
Key players in this market are developing and
strategically launching products to expand their footprint in the floor
coatings domain. In addition, to further strengthen their market position and
gain a tactical edge, companies are increasingly entering into agreements to
acquire fellow competitors.
Industry
Developments:
·
September
2020: PPG Industries introduced a comprehensive line
of floor coating offerings, which includes, top coats, base coats, and prime
coats. The products are designed according to the working environment, thus
ensuring their optimum performance.
·
August
2020:Nippon Paint Holdings purchased 100% stake in
the Australia-based paint company, DuluxGroup Ltd, for an estimated value of
291.7 billion yen. Nippon Paints aims at broadening its business horizons
across Australia and New Zealand with this acquisition.
List of
Key Companies Profiled in the Floor Coatings Market Report:
·
Kansai Paint Co.,
Ltd (Osaka, Japan)
·
DSM (Heerlen, Netherlands)
·
ADCOS NV (Malle, Belgium)
·
Asian Paints Ltd. (Mumbai, India)
·
The Sherwin-Williams Company (Ohio, U.S.)
·
BASF SE (Ludwigshafen, Germany)
·
PPG Industries, Inc. (Pennsylvania, U.S.)
·
Tennant Coatings (Minneapolis, U.S.)
·
Nippon Paint Holdings Co.(Singapore)
·
Jotun (Sandefjord, Norway)
·
Akzo Nobel N.V. (Amsterdam, Netherlands)
·
RPM International Inc. (Ohio, U.S.)
Request a
sample PDF ( includes COVID-19 Impact Analysis):
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