Industrial Floor Coating Market 2018-2022 | Major Key Players: PPG Industries, Inc., Sherwin-Williams Company, Akzo Nobel, BASF SE, RPM International, 3M Company, DOW Chemical, Koninklijke DSM N.V., Lubrizol, and More
Growing awareness among end-user industries to increase the implementation of substantial high-performance equipment and machines in automotive and aviation companies are increasing the demand for effective ground.
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The growth in prominent industries such as automotive, steel, chemical, iron, and machinery is one of the major factor supporting the market growth, as it requires a solid supporting base for the usage of different chemicals, liquid, solvents at elevated temperature. Therefore, an excellent surface strength enhances the adhesion and provides high-performance chemical proof benefits which are projected to drive the market growth.
Manufacturer Detail: PPG Industries, Inc., Sherwin-Williams Company, Akzo Nobel, BASF SE, RPM International, 3M Company, DOW Chemical, Koninklijke DSM N.V., Lubrizol, and More
Growing industrialization in developing economies is expected to boost market growth
Rise in infrastructure in developing economies is one of the major factor driving the industrial floor coating market. In 2017, the U.S. Department of Commerce stated that the delivery of manufactured durable goods improved by around USD 0.6 billion with 0.3% growth. Moreover, with the growing number of property renovation projects combined with the profitable channels of infrastructural projects mainly across the Asia Pacific region is projected to expand the market growth.
Flowing trends in the direction of floor protection in various industries such as transportation, manufacturing, floor processing, and chemicals are positively influencing the industrial floor coating market. With the development in the production units of such industries for the maintenance of interior structure will boost the demand of industrial floor coatings.
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Product Type Segmentation
Aviation & Transportation
Concrete Segment is projected to witness the highest growth
The concrete segment is projected to be the most preferred one owing to its superior durability, and lower cost as compared to other material used in flooring. It is easy to install and have a high tensile strength that makes concrete most commonly used material in the construction of industrial floor. Furthermore, increasing demand for high strength material owing to its superior load bearing capacity is accelerating market growth. Additionally, concrete offers enhanced resistance property against wear & tear from heavy machinery and equipment on grounds.
The Asia Pacific to witness strong demand for industrial floor coating market
The Asia Pacific is forecasted to be the fastest growing region due to rapid industrialization in developing countries such as India and China. Growth in the industrial sector is strongly creating a growth opportunity for the industrial floor coating market. Moreover, according to the Asian Development Bank, Asia is estimated to capitalize 8-9 trillion USD in infrastructure development over 2020 to sustain its economy. Apart from this, with the huge investment in building & construction sector and increase in population in both developed and developing countries and the global economic development is likely to fuel the market growth.
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What we analyzed?
Favorable FDI standards along with government investments to develop the manufacturing sector is projected to drive the regional market growth. Moreover, the accessibility & affordability of raw materials and cheap labor cost will add to the region’s growth as a manufacturing hub, which is estimated to boost the industrial floor coatings market in the forecast period.
Leading industry players are intensely involved in exploiting the several opportunities and challenges presented by industrial floor coatings market. Therefore, investment in advanced technologies that assist coatings with enhanced functionality aid to a positive step in market growth. For instance, in September 2017, AkzoNobel has confirmed the acquisition of Disa Technology, a French manufacturer headquartered in Limoges, France. This acquisition is expected to strengthen the company’s leadership position in the distribution of innovative industrial coatings specifically in aerospace & automotive coatings. Moreover, regulatory norms executed through the USDA and FDA with concerns to a wide range of epoxy flooring systems is encouraging the product penetration in numerous industries, which positively affects the industrial floor coatings market.
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