Concrete Floor Coating Market Size, Share & Trends Analysis Report By Product (Epoxy, Polyurethanes, Polyaspartic), By Application (Outdoor, Indoor), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global concrete floor coating market size was valued at USD 4.52 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2023 to 2030. The industry’s growth is mainly attributed to the increasing investments in green buildings across the U.S. Green buildings incorporate the use of eco-friendly and lightweight materials to maintain and improve the indoor air quality and efficiency of energy, water, and other resources. The concrete floor coatings are designed to be VOC-free and eco-friendly. This factor is expected to drive the market during the forecast period. The world is anticipated to witness inclined growth over the coming years. The growth is attributed to the rising infrastructure developments, business firms, and educational institutions majorly in the Asia Pacific region.

The growth of the construction industry and the rising use of coatings in industrial, commercial, and residential applications are driving the industry. The country contributed to the maximum share of the market owing to abundant resources and high buying power, which, in turn, is expected to drive the regional market’s growth in the coming years. Due to the carcinogenic and combustible nature of solvents, there are several laws in North American nations, such as the U.S., in terms of coatings manufacture. Powder-based coatings, on the other hand, are environmentally beneficial since they do not include solvents and thus do not produce Volatile Organic Compounds (VOCs), which cause air pollution.

Moreover, powder coatings are gaining popularity since they have an advantage over other coatings, in terms of environmental regulations, given their solvent-free and VOC-free nature. This is likely to propel market growth over the coming years. Epoxy, polyurethane, and polyaspartic are the majorly used products as concrete floor coatings across the globe. Product types analyzed in the report include acrylic, epoxy, polyurethane, polyaspartic, and others. Epoxy concrete floor coatings include solids, solvent-borne, and water-based epoxy coatings. Polyurethane concrete floor coatings cover moisture-cure, solvent-borne, solids, and water-based coatings. Other product types include polyuria-based coatings.

Product Insights

The epoxy segment dominated the market with a revenue share of 60.4% in 2022. It is attributed to the product’s great heat and chemical resistance, good adhesion, and good electrical insulation. Furthermore, the cheap cost of epoxy concrete floor coatings in comparison to their counterparts is likely to benefit the segment growth. The polyaspartic segment is anticipated to expand at the fastest CAGR during the forecast period as these products can perform at a wide range of temperatures. Based on product, the industry has been further segmented into epoxy, polyurethane, acrylic, polyaspartic, and others.

In addition, they exhibit properties, such as fast curing and high UV stability, which has helped increase their popularity. Polyaspartic coatings are more abrasion-resistant, flexible, and UV-stable than epoxy coatings, and unlike polyurethanes, they are not moisture-sensitive. Polyaspartic coatings are slowly replacing two-layer epoxy-based coat and urethane topcoat systems with one-coat solutions that cure rapidly and perform well. As a result, process productivity improves and polyaspartic coating demand grows. The traditional epoxy coating technique is widely used in various sectors due to its low cost, simplicity of application, and excellent results.

Application Insights

The indoor application segment dominated the market with a revenue share of 67.6% in 2022. This high share is attributed to the outdoor application segment which is anticipated to register the fastest CAGR over the forecast period. The increasing penetration of sports stadiums in the U.S. and Canada due to the popularity of sports like football, rugby, ice hockey, and tennis is expected to boost the role of flooring solutions. Based on application, the overall industry has been further bifurcated into indoor and outdoor applications.

The growing use of concrete floor coating as a flavoring agent and acidulant in the food and beverage industry has resulted in substantial expansion opportunities for manufacturers. In addition, concrete floor coating serves as an acidity controller, food preservative, and pharmaceutical excipient, as well as a precursor to polyesters and an active component in alkyd resins.

Regional Insights

Asia Pacific dominated the market with a revenue share of 38.4% in 2022. This growth is primarily attributed to the increasing construction industry across the globe. The COVID-19 pandemic had severely affected the supply value chain, which, in turn, is limiting the flow of raw materials and transportation of finished products. Furthermore, the liquidity crisis and weakened economy have dropped construction activities around the globe, which will decrease the market value demand soon.

A positive economic outlook and growth in the residential and non-residential construction sectors are expected to create growth opportunities for manufacturers, contractors, and service providers across the globe. However, one of the biggest threats is the uncertainty around the trade relationships with the U.S. Another potential risk is the Canadian high household debt, making households more vulnerable to an economic or interest rate shock.

Key Companies & Market Share Insights

Companies compete based on a wider scope of applications and product quality offered. For instance, according to recent search results, Seal for Life Industries, a subsidiary of Arsenal Capital Partners, acquired Verdia, Inc. and Mascoat Ltd. in 2022 for an undisclosed amount. This move is expected to enhance Arsenal's operational capabilities in the global infrastructure sector through increased offerings in sealing solutions and protective coatings. Mascoat Ltd. specializes in thermal insulation coatings, while Verdia, Inc. offers polyurethane concrete flooring systems, as well as formulations for polyaspartics, epoxies, and polyurethane.

Also, in February 2021, Tennant Company completed the sale of its coatings business, Tennant Coatings, to The Sherwin-Williams Company. Emerging players in the industry, such as Trucrete Surfacing Systems and Vanguard Concrete Coating, cater to their local markets as well as compete with other small-scale players based on product and price. Local players are expected to grow over the forecast period in the U.S. owing to their dedicated service and flexibility. Some prominent players in the global concrete floor coating market include:

• Trucrete Surfacing Systems

• The Sherwin-Williams Company

• North American Coating Solutions

• BASF SE

• Vanguard Concrete Coating

• Tennant Coatings

• Jotun

• Axalta Coating Systems

• Elite Crete Systems

• Stonhard

• PPG Pittsburgh Paints

• Key Resin Company

• BEHR Process Corp.

• Epmar Corp.

• Pratt & Lambert.

Concrete Floor Coating Market Report Scope

Global Concrete Floor Coating Market Report Segmentation

This report forecasts volume and revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global concrete floor coating market report based on product, application, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • Epoxy

  • Polyurethanes

  • Polyaspartic

  • Others

• Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • Outdoor

  • Indoor

• Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia