Global Concrete Floor Coatings Market: Overview
Concrete floor coatings are widely used for protecting concrete floors from tear and wear, abrasions, and provides resistance from harsh climatic conditions. They are employed in both commercial and residential structures. As builders and consumers are gaining awareness about the several benefits of concrete floor coatings, thus it is expected that the market will grow substantially over the next couple of years. The growing sales of concrete floor coatings is mainly driven by the rising awareness regarding floor coatings and growing construction activities. The market is likely to maintain a stable growth owing to this trend. Concrete floor coatings are known know for serving the purpose of shielding concrete floors from thermal shocks and chemical attacks. The high growth prospectus of the buildings and construction industry in developing as well as developed regions is projected to trigger the growth of the global concrete floor coatings market.
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Leading companies in the global market for concrete floor coatings have adopted strategies such as intense marketing, mergers, acquisitions, joint ventures, investment, expansion, partnerships, and agreements in order to gain additional market share and establish a leading position in the market. The growth of the market is anticipated to be restricted by the volatile supply and prices of raw materials. Thus, the growing demand for bio-based concrete floor coatings is an opportunity which manufacturers can capitalize on.
The global concrete floor coatings market is projected to rise at a 6.80% CAGR between 2014 and 2020. The market is expected to be worth US$1.1 bn by 2020 from a valuation of US$0.7 bn in 2013.
Indoor Floor Coatings to Emerge as Leading Revenue Generator for Market
The indoor floor coatings segment emerged dominant in terms of popularity and high consumption with a share over 50%. Recently, there has been a substantial increase in the demand for concrete floor coatings employed in applications of indoor floor coatings due to the rising prominence of floor coatings, especially in the commercial and industrial sector. Based on product type, the global concrete floor coatings market was led by epoxy based concrete floor coatings in 2013 with a share of approximately 50% in the same year. The second most popular product type was polyaspartics based concrete floor coatings. The high demand for epoxy coatings can be attributed to its low cost and benefits such as resistance to chemicals and heat, better insulating properties, and excellent adhesion.
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Asia Pacific to Give Neck-to-Neck Competition to North America
Region-wise, North America led the market in 2013 closely followed by Asia Pacific in terms of consumption. Although North America continues to be the leading market, the market in Asia Pacific is expected to challenge North America with full force. The growing population and urbanization in Asia Pacific has given impetus to the sales if concrete floor coatings in the region in the last few years and this trends is likely to gain traction in the near future as well. The market in North America is growing owing to the recovering construction sector, especially in the U.S.
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