The Asia Pacific floor coating market is accounted to US$ 905.6 Mn in 2018 and is predicted to grow at a CAGR of 7.1% during the forecast period 2019 - 2027, to account for US$ 1,675.0 Mn by 2027.
Floor coatings are surface coatings applied on concrete surfaces to enhance its wear and abrasion resistance and prolong life. They are inert to oils, detergents and cleaners, transmission fluids, water, hail, snow, and corrosive chemicals. Floor coatings impart waterproof, anti-static, anti-vibration, and anti-skid properties to concrete floors and hence are favored in many industrial, as well as construction industries.
The Asia Pacific floor coating market is segmented on the basis of formulation as solvent-based and water-based. The water-based Asia Pacific floor coating market is estimated to hold a dominant share in the market. With more limited availability of solvent-based formulations, the water-based formulation coating have seen an upsurge in use. Their lower VOC content has been a huge advantage where restrictions on VOCs are especially stringent. Water-based formulation coatings typically have a very low to zero solvent content and minimal odor and, based on the product, can often be applied to concrete while it is still moist or still in the process of curing. However, water-based formulation technology, while having made significant strides, has not yet been able to mark materials with the level of chemical resistance and durability desired for many industrial and commercial applications. It is, therefore, often used in light to moderate duty environments, where frequent recoating is acceptable.
The Asia Pacific floor coating market is segmented based on flooring material as wood, concrete, mortar, terrazzo, and others. In 2018, the concrete segment accounts for the largest share in the Asia Pacific floor coating market. Concrete is the most basic flooring material. Usually, it is only the surface of the slab that is poured directly on the gravel or dirt bed to install the foundation of a building. The concrete flooring material is not only durable, reliable, and incredibly long-lasting, but also developed a reputation for being austere, utilitarian, and course underfoot. However, modern advancements have given the flooring professionals a variety of design options that are allowing them to reinvent this primary building material entirely. Today concrete floors have the option to be polished smooth or even be textured to provide traction. These can also be stained or painted with a variety of techniques that allows to replicate the look of natural materials or embed the floor with intricate printed designs.
Increasing demand for floor coatings in industrial applications has led to an upsurge in the sales of floor coating products. Rapid industrialization and establishment of manufacturing and processing plants in Japan, China, and South Korea is expected to drive the demand for floor coatings in the pharmaceuticals, food & beverages, and automotive assembly industries. Multinational corporations based in China and Japan are expanding their operations in developing countries of APAC such as Indonesia, Philippines and India. The establishment of manufacturing facilities by major foreign companies has generated a considerable demand for construction materials such as floor coatings.
Asia Pacific floor coating market is segmented on the country as Australia, China, India, Japan, South Korea, and rest of Asia Pacific. In 2018, China accounted for a major share in the Asia Pacific floor coating market, which was followed by India. The demand for epoxy floor coating is increasing in India over the past few years as epoxy floor coating is one of the most versatile floor coating systems available. The market for floor coatings in India is moving towards expansion phase with the focus on advancement in technology for the growth of eco-friendly products. The present form of urban infrastructure are inadequate to meet the growing demands of the existing urban population. This generates the need for re-generation, advancement of urban areas in existing cities and the formation of new and comprehensive form of smart cities is expected to meet the demands of increasing population. This would generate the need for floor coatings market.
Some of the players present in Asia Pacific floor coating market are Axalta Coating Systems Ltd, Maris Polymers S.A., Michelman, Inc, The Lubrizol Corporation, The Sherwin-Williams Company, PPG Industries, Inc, 3M Company, Sika AG, Nippon Paint Holdings Co., Ltd., and Rust Oleum
The overall Asia Pacific floor coating market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia Pacific floor coating market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific floor coating market.