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.
As per the report, the global market 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.
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.)
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.
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.
- 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, Dulux Group 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.