Global Industrial Floor Coating Market Set For 6.6% Growth, Reaching $7.63 Billion By 2028
Industrial Floor Coating Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What is the industrial floor coating market size in 2024 and what will the growth rate be?
The industrial floor coating market has demonstrated significant growth in recent years. It is set to expand from $5.53 billion in 2023 to $5.92 billion in 2024 at a compound annual growth rate CAGR of 7.0%. The historic period saw growth driven by a range of factors, including industrial expansion, an emphasis on safety and durability, increased chemical resistance, a demand for easy maintenance, and a rise in compliance with regulations.
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What is the growth forecast for the industrial floor coating market?
The industrial floor coating market is anticipated to witness solid growth in the upcoming years. The market is expected to reach $7.63 billion in 2028, growing at a CAGR of 6.6%. This forecasted period's growth can be attributed to rising sustainability, increasing demand for hygienic surfaces, increasing use in industrial applications, and a growing pharmaceutical and healthcare industry. The major trends observed during the forecast period include an increase in sustainable coating solutions, high-performance epoxy coatings, decorative floor coatings, and fast-curing technologies.
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What are the driving forces behind the growth of the industrial floor coating market?
The process of industrialization across the globe significantly contributes to the growth of the industrial floor coating market. Industrial floor coatings are designed to meet the highest industry standards in chemical and corrosion resistance. These coatings are commonly used in chemical plants, warehouses, and manufacturing floors. For instance, Asian countries are projected to invest $9 trillion in infrastructure development for industrialization and urbanization, hence fueling the growth of the industrial floor coating market.
Who are the key industry players in the industrial floor coating market?
Noteworthy companies operating in the industrial floor coating market include PPG Industries Inc., AkzoNobel N.V., The Sherwin-Williams Company, A&I Coatings, Dow Chemical Company, Asian Paints PPG Pvt Ltd., Nora Systems Inc., RPM International Inc., Daw SE Group, CPC Floor Coatings, Cipy Polyurethanes Pvt. Ltd., Apurva Private Limited, ArmorPoxy Inc., Axalta Coating Systems Ltd., Conren Ltd., Florock Polymer Flooring, Grand Polycoats, Michelman Inc., BASF SE, Cornerstone Flooring LLC, Don Construction Products Ltd., Fosroc Inc., North American Coating Laboratories, Henkel AG & Co. KGaA, Jotun A/S, The Tennant Company, Stonhard Inc., Behr Process Corporation, 3M Company, The Lubrizol Corporation, Royal DSM N.V., Nippon Paint Co. Ltd., Elite Crete Systems Inc., Dur-A-Flex Inc., Key Resin Company, and Tnemec Company Inc.
What are the emerging trends in the industrial floor coating market?
New product launches stand out as a key trend in the industrial floor coating market. Companies are unveiling innovative and superior coating products to expand their customer base and revenues. For instance, in 2021, Sika Group, a Swiss specialty chemical company, launched a new technology for ESD coatings. Sikafloor-2350 ESD is a self-leveling system for concrete or cement screeds particularly suitable for areas with low electrostatic charge requirements. In the same year, Unilin Technologies introduced the Unicoat waterproof coating for flooring.
The industrial floor coating market covered in this report is segmented into:
1 Resin Type: Epoxy, Polyurethane, Hybrid, Other Resin Types
2 Flooring Material: Concrete, Mortar, Terrazzo, Other Flooring Material
3 Technology: Water-Borne, Solvent-Borne
4 Component: One-Component, Two-Component, Three-Component, Four-Component
5 End-Use Sector: Manufacturing, Aviation & transportation, Food processing, Science & technology, Other End-User Sector
Regional Insights: Is Asia-Pacific leading the way in the industrial floor coating market?
Asia-Pacific was the largest region in the industrial floor coating market in 2023. It is also anticipated to be the fastest-growing region during the forecast period. The regions covered in this industrial floor coating market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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