Concrete Floor Coatings Market 2024 Analysis Methodology, High Rate of Growth and Future Trends 2033

Custom Market Insights (CMI) reports that the Global Concrete Floor Coatings Market, valued at USD 5.8 billion in 2021, will reach USD 8.3 billion by the end of 2030, growing at a CAGR of approximately 6.5% from 2022 to 2030.

Concrete Floor Coatings – Durability and Style

Concrete floor coatings are also identified as protective coatings. Generally, floor coatings are exhibited in a liquid and semi-solid form which is applied to cure concrete and enhances the durability and aesthetic looks of floorings. Concrete floor coatings possess various properties such as it is resistant to water, chemical, flame, UV, colour, and gloss. Owing to these properties it has a wide range of applications in various end-use industries that including automotive, textile, residential, commercial, medical, and others.

Market Drivers

Increasing demand from the building & construction sector acts as one of the critical factors responsible for the growth of the global concrete floor coatings market. Floor coatings are preferred over conventional coatings material due to their low volatile organic content and water retention capacity.

Concrete floor coatings are extensively used in the construction sector because they resist corrosion, water, flame, chemical spills, and more. For instance, an article published by Invest India in July 2022 predicts that the construction industry will reach $1.4 trillion by 2025. In response, builders predominantly use polysiloxane-based floor coatings to protect infrastructure from corrosion, acid rain, chemical spills, and other issues. These factors are expected to drive up the demand for floor coatings in the construction sector

Restraints

High production cost

However, the lack of skilled labour is restricting the expansion of the global concrete floor coatings market during the forecast period. Furthermore, the high price of concrete coatings restraining the overall growth of the market. In addition, high production costs and the requirement for advanced machinery will slow down the market.  On the other hand, manufacturers are switching to alternative substitutes for concrete floor coatings due to high production costs and rising prices of raw materials.

Opportunities

Escalation in the electronics and automotive sector

The proliferating growth of the automotive sector has witnessed the significant growth of the concrete floor coatings market. Several key manufacturers, including TATA Motors, Mahindra, Hyundai, Tesla, Ford, Audi, and others, embed automotive displays, human-machine interfaces, and automated systems in luxurious cars. They use waterproof coatings for longer durability, self-healing, hardness, and self-cleaning applications. These coatings possess various properties such as thermal insulation, anti-fingerprint, resistant to corrosion, and others. Thus, the growth of the automotive sector will drive the demand for concrete floor coatings in the upcoming years.

Challenges

Rising competitors

Over the forecast period, concrete floor coatings are new to the market and gaining an edge over completion may be a challenging factor.

Report highlights

Based on type, the segment includes epoxy, polyaspartic, acrylic, and polyurethane.

1. Epoxy Coatings – Market Leader and Growth Forecast

It provides a high-performance, smooth, economical, and durable surface that can last many years and withstand heavy loads. Additionally, it maintains the shiny look of vehicles in the automotive sector due to which the demand for epoxy-based concrete coatings has escalated in the market.

2. Rising Epoxy Coatings Demand – Trends and Growth

In addition, the growing global population, changing lifestyles, and increased focus on hygiene have driven up the demand for concrete coatings. These coatings now see extensive use in the medical sector, household appliances, and both commercial and residential sectors. These factors are escalating the demand for epoxy based-concrete floor coatings during the forecast period.

3. Indoor vs. Outdoor – Revenue Forecast

Based on the application, the segment is indoor and outdoor. It is expected that the global indoor application segment is expected to generate 1,110 million in revenue and is anticipated to hold a dominant position during 2022 -2031.

4. Indoor Concrete Coatings – Demand Surge Factors

The growing global population, increased demand for building and construction, and rapid expansion in the commercial and residential sectors have escalated the demand for floor coatings in indoor applications. The application of concrete floor coatings in household, residential, and commercial buildings enhances aesthetic appeal and offers resistance to corrosion, heat, water, UV, and other factors, making it a cost-effective choice and boosting its demand in indoor applications.

5. Residential Segment Leads in Concrete Coatings Market

Based on application, the global concrete floor coatings market is studied across residential, commercial, industrial, and others. Analysts expect the global residential end-user segment to hold a dominant position from 2022 to 2031, with a total share of 46%.

6. Residential Sector Drives Concrete Coatings Market

The residential end-user industry dominates the floor coatings market and will likely remain the leading segment during the forecast period. Concrete floor coatings serve as a high-performance material widely used in residential construction to protect infrastructure from UV radiation, sunlight, corrosion, and other factors. In addition, the growing population across the globe, rapid urbanization, and industrialization have witnessed significant growth in the floor coatings market. It extensively maintains the aesthetic appearance of flooring and protects floors from oil, stains, and abrasion. These factors are expected to increase potential sales in the concrete floor coatings market over the outlook period.

Key Developments

1. February 2022

Daw DE has launched its new floor coatings and its related materials. The new product is named DISBON 404 Acrylic Floor Sealer, Dispobox 442 Garage Sealer, and others. This strategic launch has widened the DAW DE’s product portfolio for concrete floor coatings.

2. September 2020

PPG Industries, Inc., has launched its new range of floor coatings named PPG general purpose floor coatings, PPG wear-resistant floor coatings, and among others. This strategic launch has enhanced PPG’s product portfolio for concrete floor coatings.

Regional Snapshots

Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific is the dominant region in the concrete floor coatings market and accounted for 54% of the total market share during the forecast period.

The utilization of  floor coatings has increased in the sectors. Such as building & construction, automotive, electronics, and others are key market trends in the Asia-Pacific region.

The building & construction sector is one of the booming sectors in the Asia-Pacific region. For instance, according to an article published by Invest India in August 2022. The construction Industry in India is expected to reach $1.4 Tn by 2025. Due to a robust increase in the urban population. Which will significantly enhance the demand for concrete floor coatings where it gives protection to infrastructure during the uncertain weather conditions. It also protects the windows, doors, and floor slab surface from rain, moisture, UV radiation, and other elements.

Key Players

• BASF SE
• The Sherwin-Williams Company
• Akzo Nobel N.V.
• ArmorPoxy
• RPM International Inc.
• Axalta Coating Systems, Ltd.
• Sika AG; PPG Industries, Inc.
• 3M
• The Lubrizol Corporation
• Trucrete Surfacing Systems
• BEHR Process Corporation,
• PPG Industries
• Tennant Coatings

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