According to Custom Market Insights (CMI), The Global Concrete Floor Coatings Market Size was valued at USD 5.8 Billion in 2021 and is estimated to reach USD 8.3 billion by the end of 2030 at a CAGR of approximately 6.5% during the forecast period 2022-2030.
Concrete floor coatings are also identified as protective coatings. Generally, concrete floor coatings are exhibited in a liquid and semi-solid form which is applied to cure concrete and enhances the durability and aesthetic looks of floorings. Concrete floor coatings possess various properties such as it is resistant to water, chemical, flame, UV, colour, and gloss. Owing to these properties it has a wide range of applications in various end-use industries that including automotive, textile, residential, commercial, medical, and others.
Market Drivers.
Increasing demand from the building construction sector acts as one of the critical factors responsible for the growth of the global concrete floor coatings market. Concrete floor coatings are preferred over conventional coatings material due to their low volatile organic content and water retention capacity.
Concrete floor coatings are used extensively in the construction sector as it is resistant to corrosion, water, flame, chemical spill, and others. For instance, according to an article published by Invest India in the year July 2022, the construction industry is expected to reach $1.4 trillion by 2025. In response to this, polysiloxane-based concrete floor coatings are used predominantly in the building infrastructure for protecting them against corrosion, acid rains, chemical spills, and others. These factors are anticipated to increase the demand for concrete floor coatings in the construction sector.
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Restraints.
High production cost
However, the lack of skilled labour is restricting the expansion of the global concrete floor coatings market during the forecast period. Furthermore, the high price of concrete coatings restraining the overall growth of the market. In addition, high production costs and the requirement for advanced machinery will slow down the market. On the other hand, manufacturers are switching to alternative substitutes for concrete floor coatings due to high production costs and rising prices of raw materials.
Opportunities.
Escalation in the electronics and automotive sector
The proliferating growth of the automotive sector has witnessed the significant growth of the concrete floor coatings market. The growing adoption of automotive displays, human-machine interface, and automated systems are being embedded in luxurious cars by several key manufacturer players including TATA Motors, Mahindra, Hyundai, Tesla, Ford, Audi, and others. Waterproof coatings are majorly employed for longer durability, self-healing, hardness, and self-cleaning applications. These coatings possess various properties such as thermal insulation, anti-fingerprint, resistant to corrosion, and others. Thus, the growth of the automotive sector will drive the demand for concrete floor coatings in the upcoming years.
Challenges.
Rising competitors
Over the forecast period, concrete floor coatings are new to the market and gaining an edge over completion may be a challenging factor.
Report highlights.
Based on type, the segment includes epoxy, polyaspartic, acrylic, and polyurethane.
The epoxy product segment dominated the market in 2021 and is expected to grow over the forecast period with 42% of the total market share. Epoxy concrete floor coatings are extensively used in building materials, automotive, electronics, medical devices, and others. It provides a high-performance, smooth, economical, and durable surface that can last many years and withstand heavy loads. Additionally, it maintains the shiny look of vehicles in the automotive sector due to which the demand for epoxy-based concrete coatings has escalated in the market.
In addition, the growing global population, change in lifestyle, and increased focus on hygienic activities have enhanced the demand for concrete floor coatings which it is extensively used in the medical sector, household appliances, and commercial residential sector. These factors are escalating the demand for epoxy based-concrete floor coatings during the forecast period.
Based on the application, the segment is indoor and outdoor. It is expected that the global indoor application segment is expected to generate 1,110 million in revenue and is anticipated to hold a dominant position during 2022 -2031.
This is attributed to the fact that the growing population across the globe, the increase in the demand for building construction, and exponential growth in the commercial and residential sectors have escalated the demand for concrete floor coating in indoor applications. Mainly it is applied in the indoor application of household, residential and commercial buildings for meaningful aesthetic looks and it is cheap and resistant to corrosion, heat, water, UV, and others have enhanced the demand for concrete flooring coating in indoor applications.
Based on application, the global concrete floor coatings market is studied across residential, commercial, industrial, and others. It is expected that the global residential end-user segment to hold a dominant position during 2022 -2031 with a total share of 46%.
The residential end-user industry dominates the concrete floor coatings market and is expected to remain the dominant segment during the forecast period. Concrete floor coatings are considered a high-performance material that is widely employed in the residential construction activity to protect the infrastructure from UV radiation, sunlight, corrosion, and other factors. In addition, the growing population across the globe, rapid urbanization, and industrialization have witnessed significant growth in the concrete floor coatings market. It is extensively used to maintain the aesthetic looks of flooring, and protect the floors from oil, stain, and abrasion. These factors are anticipated to increase the potential sales of the concrete floor coatings market over the outlook period.
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Key Developments:
February 2022: Daw DE has launched its new concrete floor coatings and its related materials. The new product is named DISBON 404 Acrylic Floor Sealer, Dispobox 442 Garage Sealer, and others. This strategic launch has widened the DAW DE’s product portfolio for concrete floor coatings.
September 2020: PPG Industries, Inc., has launched its new range of concrete floor coatings named PPG general purpose floor coatings, PPG wear-resistant floor coatings, and among others. This strategic launch has enhanced PPG’s product portfolio for concrete floor coatings.
Regional Snapshots.
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is the dominant region in the concrete floor coatings market and accounted for 54% of the total market share during the forecast period.
The utilization of concrete floor coatings has increased in the sectors such as building construction, automotive, electronics, and others are key market trends in the Asia-Pacific region.
The building construction sector is one of the booming sectors in the Asia-Pacific region. For instance, according to an article published by Invest India in August 2022, the construction Industry in India is expected to reach $1.4 Tn by 2025 due to a robust increase in the urban population which will significantly enhance the demand for concrete floor coatings where it gives protection to infrastructure during the uncertain weather conditions. It is also used for protecting the windows doors, and floor slab surface from rain, moisture, UV radiation, and others.
Key Players
- BASF SE
- The Sherwin-Williams Company
- Akzo Nobel N.V.
- ArmorPoxy
- RPM International Inc.
- Axalta Coating Systems, Ltd.
- Sika AG; PPG Industries, Inc.
- 3M
- The Lubrizol Corporation
- Trucrete Surfacing Systems
- BEHR Process Corporation,
- PPG Industries
- Tennant Coatings
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