Concrete floor coatings market to earn significant revenue via outdoor applications, U.S. to drive industry growth over 2016 to 2024
Escalating infrastructure development activities across the globe will generate lucrative growth opportunities for concrete floor coatings market. Of late, the construction sector has been experiencing a slew of renovation and remolding projects, which will contribute significantly to the industry growth. The governments of various countries have also begun to invest heavily across the construction sector. Rising investments for myriad residential and public sector development projects will influence concrete floor industry size noticeably. According to Global Market Insights, Inc., “Concrete floor coatings market was valued at USD 850 million in 2015 and will record an annual growth rate of more than 7% over the period of 2016 to 2024.”
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Indoor and outdoor are the key applications of concrete floor coatings market. In 2015, indoor applications led the application landscape of the concrete floor coatings industry and will collect significant revenue over the years ahead. The growth can be attributed to the escalating use of the product across various commercial and residential sectors.
Increasing awareness among the consumers regarding the appropriate usage of flooring will augment the industry trends. Outdoor application segment will register a CAGR of 6.5% over the coming years of 2016 to 2024. Escalating investments by the government in public infrastructure projects will stimulate the product demand.
Based on product, concrete floor coatings industry is primarily divided into acrylic, epoxy, polyurethane, and polyaspartics. Polyaspartics product segment will record a CAGR of 7% over the period of 2016 to 2024.
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The ability of the product to resist UV radiations will help propel this market to greater heights. Moreover, extensive usage of this product for outdoor applications will also fuel concrete floor coatings market size. Epoxy dominated the product segment by accounting for more than 50% of the overall share in 2015 and will generate considerable revenue over the coming seven years.
Surging use of this product for various applications such as hospitals, pharmaceuticals, railway stations, and electronic & electrical sectors, owing to notable properties such as superior impact resistance and excellent abrasion & chemical resistive nature will augment the industry share.
Geographically, Asia Pacific concrete floor coatings market will exhibit highest annual growth rate of 8% over the coming years of 2016 to 2024.
The growing construction sector across this region will propel the industry size notably. Japan, India, and China will be the prominent revenue contributors. In addition, supportive facilities provided by the government to the investors will influence the industry growth. The infrastructural development activities across the food & beverage, automotive, and pharmaceutical sectors are also growing y-o-y in the APAC region, which, in turn, will boost concrete floor coatings industry share considerably.
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North America concrete floor coatings market covered over 30% of the global revenue contribution in 2015 and will register a significant annual growth rate over the years ahead. Increasing renovation and remolding activities across this region will impel product demand.
Key players in concrete floor coatings market are DAW SE, BASF SE, Nippon Paint Co. Ltd., Behr Process Corporation, PPG Industries Inc., Henkel Corporation, The Stonhard Group, and Vanguard Concrete Coating.
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Concrete floor coatings market to earn significant revenue via outdoor applications, U.S. to drive industry growth over 2016 to 2024
Reviewed by Pradip Varpe
on
November 15, 2017
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Reviewed by Pradip Varpe
on
November 15, 2017
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