The Industrial Floor Coatings Market would exceed USD 7.5 billion by 2028, says Global Market Insights Inc.
The growth of the industrial floor coatings market is driven by growing construction spending coupled with a rising number of small-scale manufacturers in Asia Pacific will spur the market growth from 2022 to 2028. Additionally, the rising aviation industry and the development of new airports will offer new growth opportunities to the industry in the coming years, says this report.
SELBYVILLE, Del., June 21, 2022 /PRNewswire/ -- As per the report published by Global Market Insights Inc., the global Industrial Floor Coatings Market was estimated at USD 4.74 million in 2021 and is projected to surpass a valuation of USD 7.5 billion by 2028, progressing at a CAGR of 7.2% from 2022 to 2028. The report covers a comprehensive analysis of the market size and estimations, wavering market trends, drivers & opportunities, major investment pockets, top winning strategies, and the competitive scenario.
The polyurethane segment is expected to reach around USD 865 million by 2028. Polyurethane offers high impact and abrasion resistance compared to epoxies. It is UV stable, chemical- & solvent-resistant, and can tolerate extreme temperatures. The aforementioned features coupled with the smooth & seamless finish offered makes polyurethane ideal for usage in food & beverage facilities where temperature swings are frequent.
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The four-component segment is projected to reach around USD 1.8 billion by 2028. Four component floor coating is ideal for facilities that require self-leveling floor coatings. The ability to withstand friction and wheel traffic are factors luring the consumers to utilize the product. It has high durability and offers different grades of slip resistance based on the customer's requirement. Epoxy resins, grade aggregates, pigments, and amine curing agents are the main constituents of these products.
The terrazzo segment from industrial floor coatings market is projected to witness CAGR of around 5% in the next few years. Terrazzo is a flooring material formulated by integrating the remains of stone clippings, marbles & tiles. It is growing in popularity as a green product owing to its recycled nature. Terrazzo floor coating mainly utilizes epoxies and provides high-performance characteristics such as stain resistance, impact resistance, durability, negligible bacteria growth & easy maintenance. The product is increasing in popularity as a replacement for concrete owing to its environmental-friendly nature and aesthetic appeal.
Key reasons for global industrial floor coatings market growth:
- Growing construction spending along with rising count of small-scale manufacturers.
- Increasing FDI inflows accompanied by favorable government policies.
- Strong outlook for the manufacturing & food processing industries along with technological advancements.
The aviation & transportation segment is expected to account for around 16.5% share in industrial floor coatings market by 2028. The aviation & transportation industries require high-quality industrial floor coating as their floors are subjected to oils, chemicals, solvents, fuels, tire tracks, heavy machinery & vehicles, and other contaminants. The absence of an ideal flooring system can result in floors absorbing dangerous chemicals and developing stains, creating safety hazards.
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Europe to maintain its top status in terms of revenue:
Europe industrial floor coatings market is likely to grow at a CAGR of 5.4% through 2028 owing to a strong presence of manufacturing companies, catering to the product demand. Favorable government regulations on eco-friendly products owing to huge R&D initiatives from companies are strongly supporting market growth across the region owing to the improved product demand globally.
Leading market players:
Key industrial floor coatings industry players are Sherwin-Williams, Plexi-Chemie Inc., Sika AG, Nora Systems GmbH, Florock Polymer Flooring Systems, PPG Industries, The Lubrizol Corporation, Koninklijke DSM, Akzo Nobel, Ardex Group, ArmorPoxy, The Dow Chemical Company, Axalta Coating Systems, Asian Paints, Tambour, BASF, and Roto Polymers & Chemicals, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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