“Global Floor Coatings Market to reach a market value of USD 5 Billion by 2030 growing at a CAGR of 5.9%”
The Global Floor Coatings Market size is expected to reach $5 billion by 2030, rising at a market growth of 5.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,086.32 kilo tonnes, experiencing a growth of 4.9% (2019-2022).
The seamless and high gloss finishes of epoxy coatings contribute to a professional and aesthetically pleasing appearance. Therefore, the Epoxy segment acquired 45.2% revenue share in 2022. The ability to customize epoxy coatings with different colors and patterns allows businesses to create a unique and branded environment. Epoxies are commonly used in residential applications, particularly for garage floors. The durability, stain resistance, and easy maintenance of epoxy coatings make them ideal for protecting garage surfaces from oil spills, chemicals, and abrasion.
The concurrent development of new residential, commercial, and industrial buildings generates a demand for it. Property developers and builders recognize the importance of providing durable and visually appealing flooring surfaces in newly constructed structures. Expanding industrial activities and constructing new manufacturing plants, warehouses, and logistics centers create a significant demand for industrial-grade products.
Additionally, Parking areas within automotive facilities, including manufacturing plants and showrooms, require it that protect against corrosion caused by vehicular traffic and exposure to the elements. Coatings with corrosion-resistant properties contribute to the longevity of parking area surfaces. Hence, rising adoption of the automotive sector has been a pivotal factor in driving the growth of the market.
However, the high initial costs associated with premium-quality can pose budgetary challenges for end-users, especially for small businesses, homeowners, or institutions with limited financial resources. Budget constraints may compromise the quality or scope of these projects. In residential applications, where cost considerations are significant, homeowners may hesitate to invest in high-cost floor coatings. Thus, high initial costs can slow down the growth of the market.
By end-user, the market is segmented into residential, industrial, and commercial. The residential segment recorded 33.3% revenue share in the market in 2022. Basements are commonly subject to moisture and humidity issues. Floor coatings, particularly those with moisture-resistant properties, protect against potential water damage.
On the basis of application, the market is divided into concrete, wood, terrazzo, and others. The wood segment garnered 25.9% revenue share in the market in 2022. Wood creates a resistant surface that repels liquids and stains. This is particularly important in areas prone to spills, such as kitchens and dining spaces.
By product, the market is categorized into epoxy, polyaspartic, polyurethane, acrylic, and methyl methacrylate. The polyaspartic segment procured 26.6% revenue share in the market in 2022. Polyaspartic coatings resist various chemicals, including oils, solvents, and cleaning agents. This chemical resistance makes them suitable for use in environments where exposure to various substances is common, such as manufacturing facilities and garages.
Based on component, the market is classified into single component, double component, triple component, and others. In 2022, the double component segment witnessed 65.3% revenue share in the market. Double components are versatile and can be applied to various substrates, including concrete, metal, and certain existing coatings.
Free Valuable Insights: Global Floor Coatings Market size to reach USD 5 Billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region acquired 25.3% revenue share in the market. North America has been experiencing ongoing construction and infrastructure development, like residential, commercial, and industrial projects.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 3.2 Billion |
| Market size forecast in 2030 | USD 5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.9% from 2023 to 2030 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 433 |
| Number of Tables | 948 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Component, Product, Application, End-User, Region |
| Country scope |
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| Companies Included | Akzo Nobel N.V., Arkema S.A., DuPont de Nemours, Inc., 3M Company, Tennant Company, BASF SE, PPG Industries, Inc., The Dow Chemical Company, Koninklijke DSM N.V., RPM International, Inc. |
By End-User (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Product (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Component (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $5 billion by 2030.
Construction and infrastructure development are driving the Market in coming years, however, High initial costs of floor coatings restraints the growth of the Market.
Akzo Nobel N.V., Arkema S.A., DuPont de Nemours, Inc., 3M Company, Tennant Company, BASF SE, PPG Industries, Inc., The Dow Chemical Company, Koninklijke DSM N.V., RPM International, Inc.
In the year 2022, the market attained a volume of 1,086.32 kilo tonnes, experiencing a growth of 4.9% (2019-2022).
The Industrial segment is leading the Market by End-User in 2022; there by, achieving a market value of $2.2 billion by 2030.
The Asia Pacific region is anticipating the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $1.9 billion by 2030.
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