U.S. Concrete Floor Coatings Market Size, Share & Trends Report

U.S. Concrete Floor Coatings Market Size, Share & Trends Analysis Report By Product (Epoxy, Polyurethane), By Application (Commercial, Residential, Industrial), By End User (DIY, Professional), By Division, And Segment Forecasts, 2021 - 2028

  • Published Date: Feb, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-1-68038-554-0
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 80

Report Overview

The U.S. concrete floor coatings market size was valued at USD 304.8 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.3%. Rising demand for coatings as a protective medium in the flooring sector is projected to be a favorable factor driving the market growth. Concrete floor coatings are used for providing high-temperature resistance to indoor and outdoor areas as well as for protecting floors in commercial and residential buildings against wear & tear. These products are also used for protecting the floors of non-building structures in power, metal, and environmental protection industries. The growth of the U.S. construction sector coupled with the positive outlook towards manufacturing sectors is anticipated to boost the demand for concrete floors, which, in turn, will have a positive impact on the market development.

The U.S. concrete floor coatings market size, by product, 2016 - 2028 (USD Million)

Furthermore, the rising demand for residential, commercial, and industrial structures in the U.S. is anticipated to boost the consumption of effective flooring solutions for providing corrosion, thermal, and wear & tear resistance. Growing construction spending in the country owing to economic development is also expected to support market growth. The country is characterized by a low-risk environment, a stable economy, and a robust financial sector. These factors have provided a multitude of opportunities for investors in recent years, which are likely to trigger infrastructure spending in the country. This, in turn, is projected to have a positive impact on the product demand.

The U.S. government has passed numerous regulations to improve the infrastructure including water supply systems at a domestic level for environmental protection. For instance, in October 2018, the U.S. Senate approved America’s Water Infrastructure Act. The bill focuses on new water projects that will be carried out by the Army Corps of Engineers and includes several provisions directly addressing the drinking water infrastructure. As a result, non-building structures, such as waste disposal and water supply systems, in the country are anticipated to foresee an increased product penetration.

However, the rising threat from substitutes, such as hardwood, tiles, and marble, is anticipated to hamper the market growth over the forecast period. There has been a growing demand for the aforementioned substitute materials for residential and commercial applications as these flooring solutions are easier to install and require relatively lesser-skilled labor for installation as compared to concrete floors. In addition, the outbreak of Covid-19 in the country resulted in a halt or slowdown in the construction activities in the first half of 2020, which negatively affected the product demand. However, the construction companies are recommencing their operations while adhering to the government guidelines. This is projected to fuel the overall market growth over the forecast period.

Product Insights

The epoxy product segment led the market and accounted for more than 40.0% share of the overall revenue in 2020. These coatings exhibit properties, such as excellent adhesion, heat and chemical resistance, and favorable electrical insulation, which have led to their increased popularity in concrete floor coating formulations. In addition, the lower costs of these products compared to their counterparts are expected to have a favorable impact on the segment growth over the forecast period. However, these products are ineffective during UV exposure as the UV light reacts with the coated surface to form radicals. This may hamper the segment growth to some extent.

The U.S. Environmental Protection Agency (EPA) has framed numerous directives intended for reducing GHG emissions, which is anticipated to restrict the application scope of hazardous chemicals. Epoxy concrete floor coatings contain polycarbonate, which is declared hazardous by the EPA. Thus, strict regulations regarding VOC emissions coupled with growing awareness about eco-friendly alternatives, such as powder coatings, are anticipated to challenge the segment growth over the forecast period.

Application Insights

The commercial application segment led the market and accounted for 54.01% share of the overall revenue in 2020. Improvement in the manufacturing sectors, including automotive and industrial, in the U.S. is expected to upscale the demand for coatings. The strong foothold of commercial spaces as well as corporate houses in the U.S. owing to the well-established infrastructure, trained workforce, and close access to production units on a domestic level is expected to be a favorable factor for the segment growth.

Residential applications include garages, patios, walkways, and basements for new houses and townhouses. The residential construction sector in the country is primarily driven by the growth in single-family housing units. According to the United States Census Bureau, 903,000 single-family homes and 352,000 multi-family units were completed in 2019. Moreover, single-family housing units comprise additional features, such as larger garages. The additional features of single-family housing units are directly linked to an increased usage of concrete flooring for various operations.

Patios are exposed to extreme temperatures, moisture, and other environmental factors like dirt and grime, which creates the need to protect patio surfaces. For instance, in summer, the surface is exposed to extreme heat and UV rays, which can lower the build quality of the patio. As a result, flooring solutions, such as concrete floor coatings, are used as they are easy to clean & maintain and offer resistance against weather, moisture, UV, and abrasion.

End-user Insights

The professional end-user segment led the market and accounted for 75.0% of the revenue share in 2020. The segment is anticipated to maintain its dominance over the forecast period. Professional concrete floor coating application is more durable as compared to DIY. Trained professionals use specialized equipment, such as shot blaster or diamond grinder, to mechanically clean and abrade the floor to ensure the coatings adhere appropriately to the concrete and not peel or delaminate over time.

Thus, the application done by professionals is cost-effective in the long run. The Do-It-Yourself (DIY) segment is expected to witness the fastest growth rate of 4.5% during the forecast period. It is primarily gaining popularity in the residential segment owing to the low cost incurred as compared to professional applications. However, lower durability as compared to professional is expected to hamper the DIY segment growth during the forecast period.

Division Insights

The South division segment led the market and accounted for more than 40.0% share of the overall revenue in 2020. An increasing number of government initiatives for providing affordable homes is expected to fuel the growth of the construction industry, thereby, propelling product demand in this division. For instance, in April 2019, the Mayor of Atlanta, Georgia, in partnership with Atlanta Housing and Invest Atlanta, announced a funding of USD 60 million for affordable housing projects to create and preserve more than 2,000 new affordable housing units in the city of Atlanta.

Furthermore, the increasing focus of the government on the construction of educational institutes is anticipated to fuel the product demand in the region. For instance, in June 2019, the government of North Carolina announced a state budget of USD 24 billion as part of the new state-wide school construction and salary increases initiative. Moreover, increasing demand for green buildings, owing to the rising awareness about the benefits associated with it coupled with increasing concerns over sustainability, is anticipated to increase the number of construction activities in the region. This, in turn, is projected to augment product demand over the forecast period.

Concrete Floor Product Insights

The polished product segment led the market and accounted for more than 52% share of the revenue in 2020. The polishing of concrete floors results in the generation of a tremendous amount of slurry that crews must collect and dispose of. This disadvantage is expected to increase demand for coated floors restraining the market growth of polished floors. A rise in the building and construction expenditure in the country is expected to strengthen the demand for coated floors. The increase in raw material and transportation costs has considerably eroded the profit margins of manufacturers.

However, technological developments aimed at increasing production efficiency have countered the issue of a rise in raw material prices to some extent. Epoxy-based concrete floor coatings account for a significant share of the market due to their properties, such as toughness, improved dimensional stability, and superior resistance to abrasion and UV light. In addition, their adhesion to a variety of substrate surfaces including concrete, metal, fiber, and glass is expected to fuel the demand over the forecast period. Factors, such as the availability of innovative construction solutions that require low maintenance and durability, are expected to positively affect the market growth.

Concrete Floor Application Insights

The commercial application segment led the market in 2020 and accounted for more than 54% of the overall revenue share. The construction of hospitals and healthcare facilities is witnessing a growth in the country owing to the growing geriatric population. The government of the country is taking various measures to increase funding viability for new hospitals. Moreover, real estate development and increasing remodeling number projects are expected to propel the product demand in this application segment over the forecast period.

The U.S. concrete floor market share, by application, 2020 (%)

The residential segment is anticipated to witness lucrative growth owing to the numerous upcoming real estate projects in the country. Furthermore, the rise in consumer disposable income and consequent growing consumer attention toward home improvement are anticipated to drive the segment growth over the forecast period. A rising number of the construction of single-family housing is also expected to fuel the product demand in the country. In addition, re-insulation and refurbishment of old houses are likely to contribute to the segment growth.

Key Companies & Market Share Insights

The market is highly fragmented with the presence of several key players. The key players face intense competition from each other as well as from regional players, who have strong distribution networks and good knowledge about suppliers and regulations.

The companies in the market compete on the basis of product quality offered and the technology used for the production. However, established players compete on the basis of products that have a wider scope of application and new technologies used in product formulations. Furthermore, the raw materials used in the manufacturing process play a significant role in determining the price of the final product. The fluctuation in prices of raw materials, such as epoxy resin and polyurethane, and their demand from other application industries are expected to hamper the market over the forecast period. Some of the major companies in the U.S. concrete floor coatings market include:

  • The Sherwin-Williams Company

  • Henkel AG & Co. KGaA

  • PPG Pittsburgh Paints

  • Behr Paint Company

  • EPMAR Corporation

  • Sika Corporation

U.S. Concrete Floor Coatings Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 313.0 million

Revenue forecast in 2028

USD 420.0 million

Growth rate

CAGR of 4.3% from 2021 to 2028 (Revenue-based)

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Concrete floor coatings volume in kilotons, revenue in USD million, and CAGR from 2021 to 2028

Concrete floor volume in million square feet, revenue in USD million, and CAGR from 2021 to 2028

Report coverage

Volume forecast, revenue forecast, competitive landscape, growth factors, and trends

Segments covered

Product, application, end-user, division

Division scope

Northeast, Midwest, South, West

Key companies profiled

The Sherwin-Williams Company; Henkel AG & Co. KGaA; PPG Pittsburgh Paints; Behr Paint Company; EPMAR Corp.; Sika Corp.

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Segments Covered in the Report

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the U.S. concrete floor coatings market report on the basis of product, application, end-user, and division:

  • U.S. Concrete Floor Coatings Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)

    • Epoxy

    • Polyurethane

    • Polyaspartic

    • Other

  • U.S. Concrete Floor Coatings Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)

    • Residential

      • Garages

      • Patios

      • Walkways

      • Basements

    • Commercial

      • Restaurants & Breweries

      • Supermarkets and Retail Stores

      • Educational Institutions

      • Other Commercial

    • Industrial

  • U.S. Concrete Floor Coatings End-User Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)

    • Do-It-Yourself (DIY)

    • Professional

  • U.S. Concrete Floor Coatings Division Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)

    • Northeast

    • Midwest

    • South

    • West

  • U.S. Concrete Floor Product Outlook (Volume, Million Square Feet; Revenue, USD Million, 2016 - 2028)

    •   Coated

      • Epoxy

      • Polyurethanes

      • Polyaspartics

      • Others

    • Polished

  • U.S. Concrete Floor Application Outlook (Volume, Million Square Feet; Revenue, USD Million, 2016 - 2028)

    • Residential

    • Commercial

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