Industrial Floor Coatings Market is slated to reach $7.01 billion by 2026, says Global Market Insights Inc.
The rapidly expanding construction industry in Asia Pacific along with the manufacturing sector and increasing FDI investments in the manufacturing industries of developing economies will propel the industrial floor coatings market growth, says this report.
SELBYVILLE, Del., January 6, 2021 (Newswire.com) - According to the report published by Global Market Insights Inc., the global industrial floor coatings market size was estimated at $5.24 billion in 2019 and is estimated to hit $7.01 billion by 2026, registering a CAGR of 6.9% from 2020 to 2026. The report provides a comprehensive analysis of the market size & estimations, drivers & opportunities, major investment pockets, competitive scenario, wavering market trends, and top winning strategies.
Changing consumer preferences toward the adoption of seamless floors in manufacturing facilities owing to huge commercial spaces are stimulating the industrial floor coatings market demand. Most manufacturing companies focus on increasing production facilities owing to rising consumer demand for hygiene standards. Huge product applications in the warehouse, manufacturing, aerospace & transportation, and food processing industries are expected to contribute to the market revenue. However, raw material price fluctuations will create challenges for industry participants. Moreover, the ongoing Covid-19 pandemic will also hamper market growth in the near future.
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The polyurethane segment is expected to reach 610 USD million by 2026. Polyurethane offers high impact and abrasion resistance when compared to epoxies. It is UV stable, chemical- and solvent-resistant, and can tolerate extreme temperatures. Features coupled with its smooth and seamless finish make it ideal for usage in food & beverage facilities, where temperature swings are frequent. A rise in the food processing industry will drive polyurethane coatings demand.
The single-component segment is expected to register a 4% CAGR by 2026. It offers convenience and easy usage. They are available in a ready-to-use form and do not have a limited pot life. This enables the user to set up faster, spray quickly, and save the left-over coating for future use. The product also offers advantages such as low VOCs, solvent-free cleanup, low odor, and no flammability. The aforementioned benefits will drive the industrial floor coatings market segment.
The terrazzo flooring material segment held around 5% demand share in 2019. Terrazzo is a flooring material formulated by integrating the remains of stone clippings, marbles, & tiles. It is growing in popularity as a green product owing to its recycled nature. The product is increasing in popularity as a replacement for concrete owing to its environmental-friendly nature and aesthetic appeal.
The Aviation & transportation segment revenue will reach over USD 1,315 million by 2026. The industries require high-quality industrial floor coatings as their floors are subject to oils, chemicals, solvents, fuel, tire tracks, heavy machinery & vehicle, and other contaminants. The absence of an ideal flooring system can result in floors absorbing dangerous chemicals and developing stains, creating safety hazards. Increasing demand for industrial floor coatings to cater to the challenges will fuel the industrial floor coatings market.
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Germany, France, the UK, and Italy majorly contribute to regional growth owing to the strong presence of manufacturing companies catering to the product demand. Favorable government regulations on eco-friendly products owing to huge R&D initiatives from companies strongly support market growth across regions. The Europe region will hold close to a 15% demand share in 2026.
The market has witnessed a large number of mergers & acquisitions due to its fragmented state. Sherwin-Williams, PPG Industries, Axalta Coating System, Kansai Paints, Asian Paints, AkzoNobel, and BASF SE all acquired one of more companies in the past four years. M&A will continue to dominate the industrial floor coatings industry during the forecast period.
Read the latest blog on "Industrial floor epoxy coatings to witness increased demand across various applications": https://www.altcoinbeacon.com/2020/12/23/industrial-floor-coating-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.
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Source: Global Market Insights Inc.
