Industrial Floor Coating Market to Spread a Predictable Worth of $6.8 billion by 2024| MarketsandMarkets™ Report
Industrial floor coatings are paint or epoxy-based coatings that are designed for use on concrete, steel, and other industrial flooring surfaces. These coatings protect the floor from wear, abrasion, and chemical damage while also improving aesthetics. Factory floor coatings, warehouse floor coatings, auto repair shops, and other commercial or industrial applications use industrial floor coatings. The need to protect and maintain concrete and steel surfaces in industrial settings drives demand for industrial floor coatings. The need to reduce cleaning and maintenance costs while also providing a safe working environment is also driving demand.
The global industrial floor coating market size is projected to grow from USD 5.5 billion in 2019 to USD 6.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast year. The growth of this market is attributed to the industrial expansion in emerging economies as well as increasing need to protect, maintain, and repair floors in industrial and commercial facilities.
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Due to the presence of a large number of chemical and automotive manufacturing companies in the region, the Asia Pacific region is expected to be the largest market for industrial floor coatings. The region’s demand for industrial floor coatings is expected to rise as construction activities in India and China expand. Furthermore, rising demand for industrial floor coatings in the pharmaceutical and food and beverage industries is expected to drive the Asia Pacific market. Furthermore, the presence of some of the region’s leading players in the industrial floor coatings market is expected to contribute to the market’s growth.
The industrial floor coating market has been dominated by large players, such as the Sherwin-Williams Company (US), PPG Industries, Inc. (US), BASF SE (Germany), AkzoNobel N.V. (The Netherlands), and RPM International Inc. (US). These players have adopted various growth strategies, such as expansions, investments, new product developments, acquisitions, partnerships, and divestitures, to increase their market shares and enhance their product portfolios.
Acquisitions accounted for the largest share of all the strategic developments that took place in the industrial floor coating market between March 2016 and December 2019. Key players such as PPG Industries, Inc. (US), AkzoNobel N.V. (The Netherlands), RPM International Inc. (US), The Sherwin-Williams Company (US), and Axalta Coating Systems Ltd. (US) adopted these strategies to strengthen their business portfolios and presence in the industrial floor coating industry.
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PPG Industries, Inc. (US) is financially and strategically well placed and has a strong customer base. It caters to a huge customer base in various markets, such as consumer products, industrial, construction markets, and transportation. It gives high importance to research and developmental activities. It aims to expand its existing distribution network to serve the customers better. Further, it also aims to innovate and expand its existing product portfolio for industrial and performance coatings.
AkzoNobel N.V. (The Netherlands) is a diversified chemical company, and one of the leading manufacturers as well as a supplier of paints and coatings. It has a strong customer base and operates in various countries of Europe, North America, Asia Pacific, South America, and the Middle East. AkzoNobel aims to provide high-quality products and solutions to its customers by utilizing its knowledge and expertise in the performance coating sector. The wide range of products enables it to cater to different segments. AkzoNobel invests heavily in R&D to develop new and improved products and adopt strategies, such as acquisitions and expansions, to grow at a rapid pace in the paints & coatings business.
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