Floor Coatings Market Size, Share & Trends Analysis Report By Product (Polyaspartic, Epoxy, Polyurethane, Acrylic, MMA), By Component, By Application, By End-User, By Region, And Segment Forecasts, 2019 - 2025

Industry Insights

The global floor coatings market size was estimated at USD 2,490.2 million in 2018 and is expected to ascend at a CAGR of 6.6% over the forecast period. Rising construction industry and increasing use of coatings in commercial, industrial, and residential applications are factors favoring the market growth.

The coating protects floors from moisture, stains, cracks, and provides a high-performance, smooth, and durable surface, which lasts for several years and withstands heavy load. Application areas of floor coatings include warehouses, hospitals, manufacturing & industrial plants, showrooms, commercial & retail stores, garages, and airplane hangars among others. The growth of construction activities, globally, has been a significant factor contributing to the demand for floor coatings.

A growing population coupled with rising industrialization has encouraged governments of various countries to increase their construction spending to expand and accelerate infrastructural development. The U.S., China, India, Indonesia, the U.K., Saudi Arabia, and the UAE are among the countries that are majorly contributing to the growth of the global construction industry. The increasing construction expenditure across the world is thereby expected to create huge demand for floor coatings over the forecast period.

In recent years, the construction industry has witnessed a favorable growth in the U.S. on account of increasing infrastructural developments. Floor coatings are finding increased utilization in the construction industry for commercial & industrial applications. The construction industry in the U.S. is expected to witness favorable growth owing to new import tariffs, changing trade deals, a strong economy, proliferation of mega projects, focus on smart cities, and increasing household formation.

Furthermore, several other upcoming construction projects, such as JKF International Airport redevelopment & expansion, Atlanta Chattanooga High-Speed Rail Ground Transportation project, and similar others, are anticipated to create lucrative growth opportunities for the market in North America. However, the rising threat of substitutes such as tiles, carpet, and bamboo flooring is anticipated to hamper the market growth over the forecast period.

There has been a growing demand for tile flooring in residential and commercial applications owing to its benefits such as water, stain, odor, and bacterial resistance; low maintenance; insulation; anti-corrosion; and durability. Tiles are usually made of raw materials such as glass, sand, and clay. Floor tiles are being preferred over floor coatings in various residential spaces such as flats, apartments, single-family housing units, and others.

Component Insights

Based on components, the market has been segmented into a single component, double component, triple component, and others. The single-component was the largest segment occupying over 48.6% revenue share in 2018, followed by a double component. Growth in the residential sector, especially with infrastructure development including indoor playing grounds, walkways, and others, is anticipated to fuel the demand for single-component coatings.

Single component floor coatings offer excellent adhesion to the concrete surface and are economical, easy to apply, and impervious. They impart a semi-glossy finish to the surface. These properties make the coating suitable for use in various spaces including car parking, industrial facility, warehouses, basement areas, aircraft hangars, and others.

Application Insights

Major application segments in the global floor coatings market are concrete, wood, terrazzo, and others. Concrete was estimated as the largest application segment in 2018. Concrete floor coatings find application in various systems that are used to cover a bare concrete surface to enhance its appearance.

There is a set of defined color codes and regulations for concrete floor coating applications in several industries. There are different types of coatings for different applications like a concrete sealer, which requires the least amount of work before applying the sealer. Sealers are used to protect the concrete surface from food stains and chemical spillage as well as for the ease of cleaning.

End-User Insights

Residential, commercial, and industrial are the key end-user segments of the market. Industrial was the largest segment in 2018. It accounted for a revenue share of over 44.0% in the same year. The growing food industry, chemical processing, and manufacturing industries are propelling the demand for floor coatings in the industrial segment. Rapid industrialization along with the growth of infrastructure and manufacturing sectors boosted by the investment form both private and public sectors are projected to positively impact the industrial floor surface coatings market over the forecast period.

Product Insights

The product segments include epoxy, polyurethane, acrylic, polyaspartic, and methyl methacrylate. Epoxy was the dominant product segment in 2018 and it is anticipated to maintain its dominance over the forecast period. Epoxy surface coatings are widely used on concrete floors in several industrial and commercial applications such as commercial & retail stores, warehouses, showrooms, manufacturing plants, garages, hospitals, airplane hangar, and others.

These coatings provide decorative and high-gloss finish and are available in a variety of colors. For decoration purposes, epoxy floor coatings are applied on terrazzo flooring, chip flooring, and colored aggregate flooring. The coatings offer an easy to clean and chemically resistant flooring solution and can be directly applied over old and new concrete floors. Furthermore, properties such as resistance to oil stains & water, excellent abrasion, low VOCs, and less odor during installation are benefits that are fueling product demand among industrial and commercial applications.

Regional Insights

The Asia Pacific was the dominant regional segment occupying over 41.0% of the revenue share in 2018, followed by Europe. The region is projected to account for a significant share of the overall market over the forecast period on account of the ascending product demand from residential, commercial, and industrial sectors. China led the market in terms of both volume and revenue in the Asia Pacific region. Growing demand for green buildings in countries such as Australia, India, China, and New Zealand is expected to create ample growth opportunities for the market over the forecast period.

Floor Coatings Market Share Insights

The market is characterized by the presence of various well-established players, such as Akzo Nobel N.V.; Axalta Coating System; BASF SE; Kansai Paint Co., Ltd.; PPG Industries, Inc.; RPM International, Inc.; and Sherwin-Williams Company. The competitive rivalry is expected to remain high during the coming years as the key players are consistently engaged in expanding their product portfolio as well as geographical presence globally. Companies in the market compete based on product quality offered and technology used for the production of floor coatings.

Major players compete based on the application development capability and form strategic partnerships with regional players to minimize the risk of expanding into a new marketplace. Established players such as BASF SE are investing in research & development activities to increase their market offerings, which gives them a competitive edge over other players. For instance, in October 2018, BASF launched a new research & development facility in Dubai Science Park for construction materials including protective coatings, tile fixing products, repair mortars, waterproofing membranes, sealants, decorative flooring materials, and parking deck coatings. The initiative was undertaken to drive the company’s product development activities and cater to the growing construction industry in GCC countries.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For this study, Grand View Research has segmented the global floor coatings market report based on product, component, application, end-user, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • Epoxy

  • Polyaspartic

  • Polyurethane

  • Acrylic

  • Methyl Methacrylate

• Component Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • Single Component

  • Double Component

  • Triple Component

  • Others

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • Concrete

  • Wood

  • Terrazzo

  • Others

• End-User Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • Residential

  • Industrial

  • Commercial

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • U.K.

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE