Market study industrial floor coatings market
Increasing number of manufacturing units coupled with rising industrialisation is anticipated to drive industrial floor coatings market growth. Customer preference for better quality finishing and chemical resistant flooring will support product demand. Strong application potential in food processing industry to maintain hygiene, quality and purity will fuel industry growth. Global food processing industry will register 6% growth through to 2024. The industry contributes significantly in industrial floor coatings revenue generation owing to rising quality standards.
High demand for epoxy cementitious
Double component accounts for over 50% of market share in 2016. Offering high toughness to withstand maximum possible friction on the floor is among the key feature driving product demand. Chemical resistance towards various organic and inorganic acids, wastes, alkalis, water and petroleum products will enhance growth. Epoxy cementitious is the fastest growing segment increasing over 6.5% rate up to 2024. Effective layering with single coats, high resilience and excellent resistance to chemicals and mechanical impacts will propel demand.
Further influence of oil prices development
Oscillating crude oil prices will impact industrial floor coatings market price trend. R&D on bio based coating materials owing government regulations on material residues will open new avenues in the industry. Concrete contributed over 85% overall industry share in 2016, superior features including better wear & tear and scratch resistance has positively influenced material demand. Ease of customisation, low maintenance and appealing finishing drives the product consumption in several industries.
Growing demand for storehouse floors
Growing demand for strong and high mechanical resistant floors in storehouses will drive demand in warehousing segment. Industrial floor coating demand from aviation and transportation stood at over 115 kilo tons in 2016. APAC industrial floor coatings market is anticipated to be valued over USD 2.5 billion by 2024. China and India are projected to be among the key revenue generating countries. Favorable FDI norms along with increase in government spending to expand manufacturing sector will drive regional growth.
Highly competitive and fragmented market situation
Germany will observe over 6% growth up to 2024. Presence of major automotive manufacturing facilities in the country will drive regional industry growth. Germany generated over EUR 25,8 million from aviation and transportation application. Presence of numerous multinational and domestic manufacturers makes the global industrial floor coatings market share highly competitive and fragmented in nature. Mergers & acquisitions, product portfolio expansion and supply agreements are some of the business development strategies adopted major industry players.
The study is available via the website of Global Market Insights.