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Industrial Floor Coating Market 2020 Growth | Sherwin Williams, PPG Industries, Axalta Coating System, AkzoNobel, BASF, Dow Chemicals, The Lubrizol Corporation
Industrial Floor Coatings Market
Industrial floor coatings market is expanding owing to the rapid pace of industrialization worldwide. Rising awareness about the benefits of flooring depicts a surge in demand across various manufacturing sectors.
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According to the Asian Development Bank, Asian countries are expected to invest USD 9 trillion in infrastructure development between 2010 and 2020. A major share of these investments expected to be allocated in manufacturing industries to support the needs of the growing population, fueling the business growth over the forecast period.
How will Asia Pacific contribute to industrial floor coating industry share?
Asia Pacific is considered to be a lucrative revenue ground for industrial floor coatings companies. Earlier in 2017, the region had successfully controlled over 38% of the overall market revenue share. While, a study, APAC industrial floor coatings market may record a CAGR of 8% over 2024.
A huge chunk of the global manufacturing industry is situated in APAC, precisely in countries like Japan, South Korea, and China. As a matter of fact, Japan and China together account for more than 30% of the total manufacturing output. The Asian Development Bank even claims that countries in Asia could invest nearly USD 9 trillion in the development of overall infrastructure.
Growth Drivers are -
o Growing construction spending along with rising count of small-scale manufacturers
o Increasing FDI inflows accompanied by favourable government policies
o Strong outlook in manufacturing and food processing industries along with technological advancements
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Epoxy market was accounted over USD 1.6 billion in 2017. The product is extensively used on flooring surfaces of manufacturing facilities, food & beverage plants and warehouses. The self-leveling layers that contribute to the protection and filling hairline crack on floors augmenting product demand.
Superior properties, such as exceptional adhesion, high resistance to chemicals & solvents, and flexibility, are among the major factors propelling product profile.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
o Sherwin Williams
o PPG Industries
o Axalta Coating System
o Kansai Paints
o Asian Paints
o Tambour
o AkzoNobel
o BASF
o Roto Polymers & Chemicals
o Nora Systems
o Sika AG
o RPM International Inc.
o ArmorPoxy
o CPC Floor Coatings
o Florock Polymer Flooring Systems
o Dow Chemicals
o Grand Polycoats
o Michelman Inc.
o The Lubrizol Corporation
o Plexi-Chemie Inc.
o Koninklijke DSM
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Food processing segment is anticipated to experience over 7.6% CAGR from 2018 to 2024. Higher adoption of coatings to ensure effective operations in the food processing plants is projected to boost the industry growth. In addition, measures are taken to ensure optimum hygiene and safety in processing plants strong supporting product landscape. Increasing investments in the food industry to tackle issues relating to food shortage and food wastage will augment the industrial floor coatings market demand.
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