Industrial Floor Coating Market worth $6.8 billion by 2024 | Key players PPG Industries, Inc., AkzoNobel N.V., BASF SE, RPM International Inc.

According to recent market research the "Industrial Floor Coating Market by Resin Type, Flooring Material (Concrete, Mortar, Terrazzo), Coating Component, Technology, End-use Sector (Manufacturing, Aviation & Transportation, Food Processing, Science & Technology), Region - Global Forecast to 2024" 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 CAGR of 4.6% from 2019 to 2024. The market is projected to grow in accordance with the growth of various end-use industries across the globe. Factors such as an increase in the industrial and commercial construction, along with the demand for floors in industrial facilities to withstand various chemical attacks & environment conditions, are expected to support market growth during the forecast period.

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The epoxy segment, by resin type, accounted for the largest market share among all the resin types because of the various properties of epoxy. Some of them include high adhesion, impact resistance, flexibility, and resistance to chemicals and solvents. Despite being more expensive than the other types of coating binders, the market for epoxy resins witnesses the largest demand due to features such as flexibility, superior adhesion, and corrosion resistance when applied on metallic substances.

The concrete segment, by flooring material, led the industrial floor coating market in 2018, in terms of value and volume. Factors such as lower cost of concrete, its superior durability, and its tensile strength make it the widely used material for the construction of industrial floors. Coatings protect concrete floors from degradation due to contamination and prevent the growth of microbes on floor surfaces. It also provides concrete flooring with excellent chemical resistance, ease of maintenance, enhanced aesthetic appeal, and superior structural performance.

The manufacturing sector, by end-use sector, accounted for the largest demand for industrial floor coating in 2018, in terms of value and volume. This dominant market position is attributed to the exponential growth of the manufacturing industry globally. With the boost in manufacturing activities, the number of production plants has also gone up, which has created an opportunity for the application of industrial floor coating in these facilities.

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The Asia Pacific region is projected to lead the industrial floor coating market, in terms of both value and volume from 2019 to 2024. Asia Pacific is the hub of foreign investment and booming industrial sectors, largely due to the low-cost labor and cheap availability of lands. An increase in demand for protective coatings can be largely attributed to the growing industrial, infrastructural & construction, marine, and automotive industries.

PPG Industries, Inc. (US), AkzoNobel N.V. (The Netherlands), The Sherwin-Williams Company (US), BASF SE (Germany), and RPM International Inc. (US) are the key players operating in the industrial floor coating market. Expansions, acquisitions, partnerships, investments, divestitures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the industrial floor coating market.

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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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