North America Concrete Floor Coatings Market Size, Share & Trends Analysis Report By Product (Acrylic, Epoxy, Polyurethane, Polyaspartic), By Application (Outdoor, Indoor), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The North America concrete floor coatings market size was estimated at USD 534.05 million in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 6.9% from 2022 to 2030. The industry growth is mainly driven by 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 & 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. North America is anticipated to witness an inclined growth over the coming years. The growth is attributed to the rising infrastructure developments, business firms, and educational institutions majorly in the U.S.

The growth of the construction industry, as well as 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 over 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 in North America. 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

Based on products, the industry has been further segmented into epoxy, polyurethane, acrylic, polyaspartic, and others. The epoxy product segment led the industry and accounted for more than 55.2% share of the overall revenue in 2021 owing 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 its counterparts is likely to benefit the segment growth. The polyaspartic segment is anticipated to grow at the fastest CAGR during the forecast period, as these products can perform at a wide range of temperatures.

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

Based on applications, the overall industry has been further bifurcated into indoor and outdoor applications. The outdoor application segment dominated the industry in 2021 and accounted for the maximum share of more than 56.5% of the overall revenue. The outdoor application segment is anticipated to witness the fastest CAGR over the forecast period. The increasing penetration of sports stadiums in the United States and Canada due to the popularity of sports like football, rugby, ice hockey, and tennis is expected to boost the role of flooring solutions.

The growing relevance of flooring solutions is expected to drive the product demand in outdoor sports stadium applications. A shift in urban living and increased awareness about safety in business parking lots are driving the product demand. Indoor use of the product includes garages, basements, and commercial and residential building interiors. The expanding application breadth of floor coatings in areas, such as industrial applications, due to their ability to provide heat and wear resistance is expected to drive market demand in interior applications over the next seven years.

Regional Insights

Both, in terms of volume as well as revenue generated, the U.S. has dominated the North America region in 2021. The growth of the market in the country is primarily driven by the increasing construction industry across the U.S. 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 in the near future.

A positive economic outlook and growth in the residential, as well as non-residential construction sectors, are expected to create growth opportunities for manufacturers as well as contractors and service providers across Canada. However, one of the biggest threats is the uncertainty around the trade relationships with the United States. 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, 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 North America concrete floor coatings market include:

• Trucrete Surfacing Systems

• The Sherwin-Williams Company

• North American Coating Solution

• 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

North America Concrete Floor Coatings Market Report Scope

North America Concrete Floor Coatings Market Segmentation

This report forecasts revenue growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For this study, Grand View Research has segmented the North America concrete floor coatings market report based on product, application, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Epoxy

  • Polyurethane

  • Polyaspartic

  • Acrylic

  • Others

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Indoor

  • Outdoor

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico