Press release
Global Floor Coatings Market Information-by resin types (Epoxy, Polyaspartic, Polyurethane and others), by coating component (1K,2K,3K and others), by end user (Residential, Commercial, and Industrial) and by Region - Forecast to 2022
Market Research Future
The market for Floor coatings is growing rapidly due rapid industrialization and urbanization in developing regions such as China and India. Manufacturers in floor coating market are looking for innovation and are focusing more on eco-friendly products. Hence, with enhanced characteristics such as more service life, corrosion resistance and technology innovation focused on bio-based products will boost the floor coatings market in the coming years. Increasing demand for decorative floor coatings in residential & commercial to increase aesthetic appearance has fuel the floor coating market.
Floor coatings are special coatings which are used for preventing the material from corrosion, chemical attacks and thermal shocks. Floor coatings enhance the product shelf life leading to low replacement cost thus benefiting manufacturers. Hence, it is highly preferable in end user industries. Floor are highly subjected to wear, thus requires protection and high maintenance during construction activity. Owing advantages of floor coatings such as water proofing, slip resistance, microbial protection and others has boosted the demand for floor coatings over the forecasted period.
Based on resin type, coating component and end user, floor coating market is segmented. Based on resin type, epoxy dominates the floor coating market due to high wear & tear resistance, high chemical sustainability, low shrinkage and high durability. Polyaspartic based floor coatings are also fastest growing market owing to high abrasion and faster curing property than epoxy and polyurethane based floor coating.
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Market Highlights:
Global Floor coatings market witnesses a strong growth due to rise in building & construction industry owing to growing population across the globe. Suppliers in these segments are looking out for technological innovations such as water based emulsion so that eco-friendly products can be generated and there is less replacement cost for manufacturers. Government is spending on infrastructure along with changes in FDI policy is boosting the demand for floor coatings in end user such as residential and commercial. Rise in demand for construction in Asia-Pacific has impacted the demand for floor coatings in these regions. As the floor coating products extracted from petroleum, they are subject to price and supply variations. Therefore, the market can be restricted by volatile prices of crude oil and low supply of raw materials.
Floor coatings market is used for protecting concrete, tiles, wooden floors etc. from corrosion and climatic condition. Floor coatings is applied in order to increase shelf life with low maintenance and cost effective. These coating contains resins which protect them from oxidation and moisture. Owing to operational advantages, different varieties of floor coatings possesses various characteristics to suit various environment.
Floor coatings are segmented on basis of resin type, coating component and end user. Based on resin type, floor coating market is segmented as epoxy, polyaspartic, polyurethane and others. Epoxy floor coatings is largest market share owing to high wear & tear resistance, high chemical resistance and high durability. Polyaspartic floor coatings is expected fastest growth owing to superior properties such as high abrasion, rapid curing and high UV protection. Development of bio based polyurethane is expected to open opportunity for floor coating market over the forecasted period.
According to coating component, floor coating is segmented into 1K,2K and 3K. 1K or single component is highly sensitive to moisture and humidity. It evaporates when exposed to air and do not require hardener, activator or catalyst. Other coating component like 2K or single component is highly preferred choice of manufacturer owing to faster curing and strong hardness and protect from heat, UV rays and chemicals.
Growing commercial application of floor coating such as walkways, patios is expected to increase the demand of floor coating in coming years. Rising demand of decorative floor coatings to improve the aesthetical appearance so that multinational companies can attract investors is initiating the demand for floor coatings in commercial and industrial sector.
Global Floor Coatings Market Key Players:
BASF SE (Germany),
Sherwin Williams Company Inc (US),
The Dow Chemical Company (US),
Akzo Nobel NV (Netherlands),
The Arkema Group(France),
Asian Paints PPG Pvt. Ltd (India),
Nora Systems Inc.(Germany),
RPM Internationals Inc.(US),
Maris Polymers (Europe),
Tambour (Israel)
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