Industrial floor coatings market is expanding owing to the rapid pace of industrialization worldwide.
Sellbyville, DE -- (SBWIRE) -- 05/09/2019 -- Global Market Insights recently introduced new report on global Industrial Floor Coatings market with an in-depth study providing complete analysis of the industry size, share and statistics for the period 2019 to 2024. It also provides complete overview of Industrial Floor Coatings industry considering all the major industry trends, market dynamics and competitive scenario.
Industrial floor coatings market is expanding owing to the rapid pace of industrialization worldwide. Rising awareness about the benefits of flooring depicts a surge in demand across various manufacturing sectors. Improved focus on reducing maintenance costs amidst harsh working conditions, such as heavy machinery, excessive heat, and chemical spills, will boost product penetration.
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Several companies-initiated renovations incorporating floor coatings to achieve a reduction in wear and tear from heavy equipment. The product is generally used as a protective outer layer and it is applied to the ground surface. Growing need for high mechanical resistance to withstand wheels traffic in the plant will attract industries to adopt industrial floor coatings products.
According to the Asian Development Bank, Asian countries are expected to invest USD 9 trillion in infrastructure development between 2010 and 2020. A major share of these investments expected to be allocated in manufacturing industries to support the needs of the growing population, fueling the industrial floor coatings market growth over the forecast period.
Epoxy market was accounted over USD 1.6 billion in 2017. The product is extensively used on flooring surfaces of manufacturing facilities, food & beverage plants and warehouses. The self-leveling layers that contribute to the protection and filling hairline crack on floors augmenting product demand. Superior properties, such as exceptional adhesion, high resistance to chemicals & solvents, and flexibility, are among the major factors propelling product profile.
Double component market is projected to observe over 7.2% CAGR from 2018 to 2024. The products are mainly used in the environment that require corrosion protection in the various industry. The high durability and mechanical resistance from friction is a key factor driving product demand. It offers ease of application and major benefits such as chemical resistance, abrasion resistance, prevention of bacterial growth, easy cleanup fostering industrial floor coatings market share.
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Food processing segment is anticipated to experience over 7.6% CAGR from 2018 to 2024. Higher adoption of coatings to ensure effective operations in the food processing plants is projected to boost the industry growth. In addition, measures are taken to ensure optimum hygiene and safety in processing plants strong supporting product landscape. Increasing investments in the food industry to tackle issues relating to food shortage and food wastage will augment the industrial floor coatings market demand.
Asia Pacific industrial floor coatings market captured more than 38% revenue share in 2017 and likely to observe over 8% CAGR up to 2024. Global manufacturing industry is mainly concentrated in Asian countries, particularly in China, Japan & South Korea. Regional growth was credited to China and Japan together contributed for over 30% of the global manufacturing output. For instance, in 2017, the Government of India announced the allocation of INR 6,000 crores for the establishment of 42 mega food parks to reduce food wastage, offering lucrative opportunities to the industrial floor coatings players in the region.
The Industrial Floor Coatings market report offers detailed competitive landscape of the global market. It includes companies, industry statistics, market share analysis and product portfolio of the major industry participants. The report provides detailed segmentation of the Industrial Floor Coatings market based on product, technology, end user and region.
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Industrial floors coatings market is highly fragmented in nature due to the huge presence of small manufacturing companies. Key companies include:
- Roto Polymers
- PPG Industries
- Akzo Nobel
- Kansai Paints
- Maris Polymer
- Florock Polymer
These companies are focusing on strategic collaboration with small companies to enhance position in the market.
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