APAC industrial floor coatings marketed is estimated to reach USD 2.9 billion by 2024. Favorable FDI norms coupled with government investments to expand the manufacturing sector will drive the regional growth.
Sellbyville, DE -- (SBWIRE) -- 11/19/2018 -- Industrial floor coatings market is expected to witness strong application potential in the food and beverage processing industry. While working in the food processing industry, it is quite important to keep all the areas clean – especially the floor. Certain food constituents such as blood, sugar, acids, oils, fats, etc. often fall onto the floors, which are highly susceptible to infections and contaminations. In response to this fact, it is highly important to maintain the sanitary standards of the floors, which has provided a major thrust to the demand of industrial floor coatings market from this application. As per estimates, in 2017, industrial floor coatings market size from food processing was valued at USD 1.5 billion and is further expected to grow at an appreciable pace over 2018-2024.
Many of the food processing industries rely on the epoxy type of coatings, which are highly durable and withstand strong chemical resistance & thermal shocks. Contributing to over 50% of the overall industrial floor coatings market, epoxy is estimated to be register a y-o-y growth of 6% over 2018-2024.
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Industrial Floor Coatings Market size is estimated to exceed USD 7 billion by 2024; according to a new research report by Global Market Insights, Inc. Favorable macroeconomic conditions coupled with rising industrialization in emerging nations will drive the industry share. According to the Asia Development Bank, Asian countries are expected to invest USD 9 trillion for infrastructure development between 2010 and 2020 to augment industrialization and urbanization. This will create a surge in the number of manufacturing facilities, thereby fueling industrial floor coatings demand.
Industrial floor coatings are widely used in food & beverage processing facilities to maintain quality, purity & hygiene. Rising urbanization has influenced consumption patterns, increased disposable income will make processed foods affordable for a larger share of the populace. This will foster growth in the food processing industry and create substantial opportunities for the product.
- Industrial Floor Coatings Market, by Application
- Food processing
- Aviation & transportation
- Industrial Floor Coatings Market, by Flooring Material
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Many industries and manufacturing plants witness repeated spills or a high likelihood of oils, grease, or liquids on the floor. In addition to this, floors of warehouses and manufacturing units also need to withstand wear and tear, created by heavy machinery, high impacts, and excessive heat. Subject to this fact, industrial floor coatings market is gaining huge demand from this application, on account of thriving profoundly on the cusp of rapid industrialization and urbanization. The prominent economies of Asia Pacific including China, Malaysia, India, Vietnam, and Japan promise great potential for the growth of industrial floor coatings industry, owing to rapid infrastructural development. As per estimates, APAC industrial floor coatings market is expected to record a CAGR of 8% over 2018-2024.
The concrete flooring material is witnessing noticeable demand from the manufacturing and warehouses applications. Owing to its superior properties of wear & tear, prevention from abrasion, scratch resistance, and ease of maintenance with excellent aesthetics, industrial floor coatings marker share from concrete materials stood at USD 3 billion in 2017 and is likely to grow at CAGR of 7.5% over 2018-2024.
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Europe market is characterized by the presence of key industrial floor coatings manufacturers such as BASF, Dow Chemical and AkzoNobel. Strong demand from both domestic and international markets for major industrial output such as automotive, chemical and food will create lucrative opportunities for industrial floor coverings market in the region.
Global industry share is moderately fragmented with the presence of both multinational and regional players. Akzo Nobel, Dow Chemical, Sika AG, Kansai Paints and PPG Industries are among the major industry players. Other notable participants include BASF, Asian Paints, DSM and Sherwin-Williams. Mergers & acquisitions, product portfolio expansion and supply agreements are key strategies adopted major industry players to gain market share.
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