Concrete Floor Coatings Market revenue to hit USD 45 Billion by 2035, says Research Nester
Key Concrete Floor Coatings Market players include AkzoNobel N.V., The Sherwin-Williams Company, PPG Industries, Inc., BASF SE, RPM International Inc., Sika AG, Asian Paints Limited, Kansai Paint Co., Ltd., The Dow Chemical Company, Tennant Company
New York, Jan. 31, 2024 (GLOBE NEWSWIRE) — The global concrete floor coatings market size is expected to expand at 12% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 45 billion by the end of 2035, up from a revenue of USD 15 billion in the year 2022. This is largely due to the growing industrial activities across the globe. Industrialization is the process of transforming the economy of a region by greatly increasing the manufacture of goods.
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For instance, in November 2023, industrial production increased by more than 0.1%, and manufacturing output rose by over 0.2%. Besides this, manufacturing currently makes up over 14% of the global GDP. As a result, there is an increasing demand for concrete floor coatings because they are a great choice for many different industrial and manufacturing settings, such as food and beverage businesses, healthcare, mining, and educational institutions, owing to their properties including impermeable, extremely robust, and resistant to a variety of substances.
Concrete Floor Coatings Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Residential segment to garner the highest growth
- Market in North America to grow at a significant rate
Rapid Urbanization Across the Globe to Boost Market Growth
More and more individuals are relocating to urban areas due to enhanced job prospects, industrialization, commercialization, modernization, and social advantages. For instance, more than 65% of people on the planet are expected to live in cities by 2050. This will result in a significant increase in the demand for housing as well as residential property, which is expected to create a huge demand for increasing demand for durable and aesthetic flooring solutions. Moreover, the least expensive are concrete coatings that can be used in many different contexts within the home such as garages, basements, patios, and bathrooms.
Concrete Floor Coatings Industry: Regional Overview
The global concrete floor coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Interior Design Industry to Drive the Growth in the Asia Pacific Region
The concrete floor coatings market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. India’s interior design market is growing because of rapid urbanization, increasing income levels, population growth, and the country’s increasing real estate value. For instance, India’s interior design market is expected to reach over USD 38 billion by 2027 from its 2020 valuation of around USD 23 billion. Moreover, in India, interior design makes up over 12% of the entire distribution of the design sector. As a result, there is a growing need for flooring options with distinctive and custom-made designs that are visually appealing flooring because they greatly enhance the overall aesthetics. Additionally, it is anticipated that the Indian construction sector will experience a notable upsurge fueled by the state’s spending on roads and the growing demand for urban homes, which will result in greater demand for durable concrete coating. By 2025, it’s anticipated that India’s building sector will generate around USD 1 trillion.
Growing Number of Restaurants to Drive Growth in the North America Region
The North America concrete floor coatings market is estimated to garner the largest revenue by the end of 2035. In the United States, the number of restaurants is growing since more of the average American budget is going toward eating out because they don’t feel like cooking. For instance, as of 2023, there were more than 749,400 restaurants in the US. Moreover, for most Americans, dining at restaurants is a cherished pastime as restaurants provide a range of meals and cuisines, as well as entertainment for their customers. These factors are expected to drive market growth in the coming years since there are several rules, statutes, and standards about restaurant flooring in the US. therefore, resin-coated concrete is the principal flooring material of choice for practically all restaurants owing to its multifunctionality and durability.
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Concrete Floor Coatings Segmentation by Application
The residential segment is anticipated to hold the largest revenue by the end of 2035. The growth can be attributed to the growing number of households. Particularly, in 2021, India had more than 302 million homes which is a year-over-year increase of around 1%. It is expected that a region’s growing number of households is influenced by factors such as changing family structures, rapid urbanization, rising population, and the growing popularity of one-person households. These factors can contribute to an increased need for concrete floor coatings since it is a great option for homeowners who wish to modernize the aesthetics of their houses. Moreover, residential concrete floor coatings provide a large assortment of superior decorative coatings, including metallic pigmented epoxy, vinyl flake, and solid colors, and offer outstanding durability and give the patio, cellar floor, or concrete floor a brand-new appearance.
Concrete Floor Coatings Segmentation by Parent Segment 2
The epoxy segment is anticipated to hold the largest revenue by the end of 2035. This is largely attributed to the growing consumption of epoxy resins. Epoxy resin is a composite material that is very adaptable and may be utilized for a multitude of purposes, such as in the production of materials and products used in building and construction applications, such as flooring, adhesives, plastics, paints, coatings, primers, and sealers. Particularly, more than 92,000 tonnes, or around 28% of the entire production, of epoxy resins are consumed by downstream consumers in the building industry. Epoxy flooring is usually put over concrete floors to give a smooth, long-lasting surface which can also be enhanced with paint chips, and polymer grit, that give a floor an anti-slip texture. Moreover, flooring in commercial and industrial settings is frequently coated with epoxy because it aids in boosting the load-bearing capability of the floor, and is incredibly resilient, adaptable, sustainable, and aesthetically pleasing for any surface. For instance, with an approximate adhesive force of around 1 thousand pounds per square inch, epoxy flooring exhibits exceptional adhesive properties.
A few of the well-known market leaders in the global concrete floor coatings market that are profiled by Research Nester are AkzoNobel N.V., The Sherwin-Williams Company, PPG Industries, Inc., BASF SE, RPM International Inc., Sika AG, Asian Paints Limited, Kansai Paint Co., Ltd., The Dow Chemical Company, Tennant Company, and other key market players.
Recent Development in the Concrete Floor Coatings Market
- The Sherwin-Williams Company introduced its new line of concrete coatings, called Dura-Plate 301W for use on concrete floors in commercial and industrial settings envisioned to offer durable protection against abrasion, impact, and chemical exposure.
- Sika AG acquired Bexel Consulting A/S to strengthen its position in the industrial coatings market, by providing it with access to advanced software technology for the design and optimization of coatings.
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