The demand for concrete floor coatings is primarily led by growth in the construction industry and increasing awareness about floor coatings globally.
Albany, NY -- (SBWIRE) -- 11/01/2016 -- Floor coatings are an important facet of the construction industry. These are used in a broad range of floor coating applications. Commercial applications of concrete floor coatings include outdoor applications (garage floors, walkways, patios, etc.) and indoor applications (residential floor coatings, commercial floors, industrial floors, restraints, etc.). In terms of revenue, the global concrete floor coatings market was valued at USD 745.8 million in 2013 and is expected to reach USD 1,176.9 million by 2020, growing at a CAGR of 6.8% from 2014 to 2020.
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Epoxy based concrete floor coatings accounted for the largest share of the concrete floor coatings market in terms of both volume and revenue with over 50% share in 2013. Polyaspartics based concrete floor coatings used for floor coating applications was the second largest product segment of concrete floor coatings, followed by others (polyurethane, acrylic, etc.). The concrete floor coatings industry exhibits a high degree of forward integration as most producers of concrete floor coatings are also engaged in the downstream activities. This forward integration provides participants with a distinct competitive advantage in terms of better customer retention and market dominance.
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The demand for concrete floor coatings is primarily led by growth in the construction industry and increasing awareness about floor coatings globally. Growth in urbanization and population in countries in Asia Pacific has provided an impetus to the demand for concrete floor coatings in the region. Growth in construction activities pertaining to commercial and residential sectors is expected to drive the demand for concrete floor coatings in the region. Recovering construction sector in developed economies is another important factor driving the growth of global concrete floor coatings. The construction industry in countries such as the U.S. has witnessed an up shift of late. This has further increased demand for concrete floor coatings, especially for outdoor applications, in the region.
With over 50% share, indoor floor coating was the largest application segment of concrete floor coatings in 2013. There has been an increase in demand for concrete floor coatings used for indoor floor coating applications due to the growing importance of floor coatings, particularly in the industrial and commercial sector. Growth of the concrete floor coatings market is likely to be restricted by volatility in prices and supply of raw materials. Most concrete floor coating products are petroleum derivatives, and are subject to price and supply variations. This puts an added pressure on manufacturers of concrete floor coatings. Demand for bio-based concrete floor coatings is expected to open up new opportunities for producers of concrete floor coatings in the near future.
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North America and Asia Pacific were the major markets for concrete floor coatings in 2013. With over 29% share in total consumption, Asia Pacific was the second largest regional market for concrete floor coatings in 2013. Leading manufacturers of concrete floor coatings have concentrated on capacity expansion in Asia Pacific to increase their production capacities. Recent growth in the construction industry is expected to be the major factor driving demand for concrete floor in the region. Thus, growing awareness about the importance of floor coatings in developed as well as emerging economies is expected to drive the demand for concrete floor coatings in the next few years.
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