Albany, NY -- (SBWIRE) -- 11/09/2017 -- Transparency Market Research has released a new market report titled "Concrete Floor Coatings Market - North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the north america concrete floor coatings market was valued at US$325.0 mn in 2014 and is expected to reach US$546.8 mn by 2023, expanding at a CAGR of 6.0% from 2015 to 2023.
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Concrete floor coatings play a pivotal role in protecting concrete floors in various construction applications. These coatings are extensively used across the globe to protect concrete floors from abrasion, chemical attacks, and thermal shock. Demand for concrete floor coatings in North America is primarily driven by recovering construction industry and increasing awareness regarding importance of floor coatings. Furthermore, implementation of the National Infrastructure Plan by the Government of Mexico is anticipated to boost demand for concrete floor coatings in Mexico during the forecast period. These factors are expected to be chiefly fuel the concrete floor coatings market in the near future. Volatility in supply and price of raw materials used in the production of concrete floor coatings is expected to be a key challenge for market participants.
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In terms of demand, epoxy-based concrete floor coatings was the dominant product segment in North America, accounting for over 55% share in 2014. Demand for epoxy-based concrete floor coatings is expected to witness robust growth in the near future, particularly in Mexico, due to its easy availability and low cost. Rapid curing rate, better wear and tear resistance, and better UV protection and high abrasion resistance offered by polyaspartic coatings are expected to be primary factors fueling demand for polyaspartic-based concrete floor coatings. These properties are anticipated to primarily propel the concrete floor coatings market in the next few years.
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The U.S. was the largest market for concrete floor coatings in 2014 in North America, followed by Canada and Mexico. The U.S. accounted for the large market share in 2014 due to high demand for concrete floor coatings in garage coating as well as commercial floor coating applications. Concrete floor coatings are extensively used in garage floor coating application in North America due to its various physical properties such as high abrasion resistance and high wear and tear resistance. Furthermore, recovering construction industry in the U.S. is expected to provide an impetus to the concrete floor coatings market in North America.
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Major participants in the concrete floor coatings industry include BASF SE, Sherwin-Williams, RPM International Inc., The Valspar Corporation, and PPG Industries.