Eco-friendly bio-based floor coatings gain popularity
By Karandeep Singh Virdi, Allied Market Research
The floor coatings market has witnessed a healthy growth rate in the last ten to fifteen years. The prime factors that have made a strong impact on the market include, increase in globalisation and economic growth worldwide especially in the Asia-Pacific region. Urbanisation in the upcoming markets such as India and China is also creating several opportunities for the floor coating market in the region. Moreover, the global population has grown significantly in the last two decades which has fueled the demand for housing and commercial infrastructure. Market players involved in the floor coatings market are focusing on the development of innovative and novel products to gain a competitive edge in the market.
A recent market study published by Allied Market Research offers valuable insights related to the floor coatings market such as the market share, size and growth. Further, the upcoming trends and the technological advancements have been thoroughly discussed in the report.
Bio-based floor coatings
The food industry offers several opportunities for the floor coating industry as hygienic flooring solutions are gaining popularity. The industry giants are opting for advanced floor coatings that are durable and cost-effective. Environment-friendly floor coatings are gradually establishing a strong market as customers are opting for the same. The floor coating industry strives for sustainability in the business practices owing to rising concern regarding the dependence on fossil fuels and the impact of synthetic resin on the environment. The growth in environmental concerns coupled with the fluctuating prices of conventional resins has fueled the adoption of bio-based floor coatings. Bio-based floor coatings are produced from castor oil, soybean oil, sunflower oil, rapeseed oil, and succinic acid. The manufacturers of floor coatings are collaborating with biotechnology firms to synergise their domains to produce bio-based polyurethanes.
Global floor coatings market to hit USD 2.3 Million EUR by 2022
The floor coating market generated a total revenue of EUR 1,498 million in 2015 and the market is forecasted to generate EUR 2,349 million by 2022. Advancements in technology and high demand for floor coatings in the Asia-Pacific and the European region will drive the growth of the floor coatings market. In terms of volume, the market registered a total of 761 kilotons in 2015 with a projected growth of 1,221 kilotonnes by 2022. In Europe, the value of the floor coating market was EUR 430 million. The consumption in the European region was around 219 kilotonnes and it is expected to reach 351 kilotons by 2022.
More on the floor coatings market
This are some aspects taken from the market report on floor coatings. In the June issue of the European Coatings Journal, you can read the complete article also covering the potential of cork flooring and the demand for wood coatings. Of course, the market report is also available on the European Coatings 360° data base.