The floor coating market is expected to grow from US$ 2,796.3 million in 2022 to US$ 4,256.5 million by 2028; it is estimated to grow at a CAGR of 6.9% from 2022 to 2028.
Flooring is considered to be an integral part of the construction industry, as it finds its wide application mainly in the residential and commercial sectors. Various floor coatings are used in the construction of flooring to provide resistance and undergo damage such as spillage, abrasion, and exposure to dust, heavy load, chemicals, and UV light.
In 2021, Asia Pacific held the largest revenue share of the global floor coating market. Large population in Asia Pacific has led to increased demand for residential as well as commercial construction in the region. The rising population in this region is the main driver for the growth of the construction sector in the region. Furthermore, the governments of various economies are taking several measures to attract private investments in the construction and infrastructure development. For instance, the 2011–2020 Economic Transformation Program (ETP) by the Malaysian government is attracting a huge FDI in the country’s infrastructure and construction activities. Also, the constantly rising population of Asia Pacific has resulted in constant development and rising need for housing, which is further expected to influence the floor coating market growth. Also, emerging economies are experiencing high growth in their GDP; thus, the spending capacity of the population is increasing. With the rising standard of living, there has been considerable rise in the infrastructural redevelopment activities. This coupled with higher emphasis on modification, renovation, and enhancement of aesthetics in the residential sector in Asia Pacific is facilitating the floor coating market growth in the current scenario.
Strategic Insights
Global Floor Coating Market Breakdown –by Region
Market Insights
Growing Demand for Floor Coatings in Industrial Applications
In numerous industrial settings, such as warehouses, airplane hangars, assembly plants, paint shops, body shops, and distribution facilities, concrete floors are subject to wear and tear from exposure to harsh as well as corrosive chemicals & oils, and damage scratches and abrasions caused by heavy machines and equipment such as airplanes and forklifts. Floor coatings impart durability and strength to normal concrete floors. They provide protection to the concrete floors from abrasions and wear from the constant movement of automated guided vehicles, sliding carts, forklifts, etc. Moreover, the slip resistance provided by these coatings to floors help minimize accidents on work floors. The rising importance of ensuring workplace safety and worker welfare has led to the high consumption of floor coatings in industrial applications. The deployment of floor coatings in industrial applications to increase productivity by allowing faster material movement and lowering the risks of accidents at workplaces is expected to fuel the demand for industry-grade floor coatings during the forecast period.
Type-Based Insights
Based on type, the floor coating market is segmented into epoxy, polyurethane, acrylics, polymethyl methacrylate, and others. The epoxy segment held the largest market share in 2021. Epoxy floor coatings are widely used for industrial and commercial flooring. Epoxy coatings are usually applied over concrete floors for providing a high-performance, durable, and smooth surface that can last for long and withstand heavy loads. Many industrial sites, commercial buildings, and warehouses rely on epoxy floors to maintain safe and clean conditions for workers, inventory, and equipment. These factors led to the dominance of the epoxy segment in 2021.
Floor Coating Market, by Type – 2021 and 2028
Application-Based Insights
Based on application, the floor coating market is segmented into residential, commercial, and industrial. The concrete segment held the largest market share in 2021. 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. Modern advancements have given 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.
A few players operating in the global floor coating market include Axalta Coating Systems Ltd., Apurva India Pvt. Ltd., Asian Paints Limited, Grand Polycoats, Maris Polymers S.A., Michelman, Inc., The Lubrizol Corporation, The Sherwin-Williams Company, PPG Industries, Inc., and 3M. Players operating in the floor coating market are focusing on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and new product launches.
Report Spotlights
- Progressive industry trends in the floor coating market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the floor coating industry from 2020 to 2028
- Estimation of global demand for floor coating
- Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict the floor coating market growth
- Recent developments to understand the competitive market scenario
- Market trends and outlook, as well as factors driving and restraining the growth of the global market
- Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- The floor coating market size at various nodes
- Detailed overview and segmentation of the market, as well as the floor coating industry dynamics
- Size of the floor coating market in various regions with promising growth opportunities
Global Floor Coating Market
The global market is segmented by type into epoxy, polyurethane, acrylics, polymethyl methacrylate, and others. By formulation, the market is categorized into solvent-based and water-based. In terms of coating component, the floor coating market is segmented into 1K, 2K, and 3K. From flooring material point of reference, the market is segmented into wood, concrete, mortar, terrazzo, and others. By application, the market is segmented into residential, commercial, and industrial.
Company Profiles
- Axalta Coating Systems Ltd.
- Apurva India Pvt. Ltd.
- Asian Paints Limited
- Grand Polycoats
- Maris Polymers S.A.
- Michelman, Inc.
- The Lubrizol Corporation
- The Sherwin-Williams Company
- PPG Industries, Inc.
- 3M