The global concrete floor coatings market, a major sub-vertical of the advanced material space, has been advancing rapidly since the last few years. With the robustly expanding construction industry around the world that is being aided by not only the extensive urbanization in the developing nations but also the recovering real estate market in the developed nations, it is expected that the concrete floor coatings market will surpass $1.5 billion by 2024.
What factors would emerge as the main motivators for making the concrete floor coatings industry a profitable business?
The BRICS nations, that is, nations that have in the recent decades recorded a significant impetus in industrialization, the concrete floor coatings industry has become one of the fastest growing market spaces as these has been a huge boost in the construction of commercial and residential buildings. In 2015, the BRICS nations registered a construction industry revenue of approximately $2.5 trillion which is estimated to rise up to $8 trillion by 2024 and a CAGR of 11% over 2018-2024. Remarkably, in 2015 China has accounted for half of the construction industry revenue of BRICS nations. With such trends to continue over the projected timespan, concrete floor coatings market will remain one of the most profitable business verticals in the coming years.
Since flooring is an integral part of any commercial or residential building, it is inevitable that with increased construction activities, the concrete floor coatings industry will flourish over the ensuing years. Floor coatings are not only important in the industrial scenario where floors need to be protected from abrasions and harsh climatic conditions but also in commercial institutions such as shopping malls, workplaces and hospitals as well as infrastructural buildings such as railway stations and airports where there is high footfall each day. Global flooring market is anticipated to register a 6% CAGR over 2016-2024, indicating positive growth trends for the concrete floor coatings industry.
Epoxy has been found to have significant demand in the concrete floor coatings market. Would there be other products that will witness appreciable growth in this industry?
According to reports, epoxy concrete floor coatings have led the concrete floor coatings market in 2015 amassing nearly $400 million. Superior resistance against chemical abrasion and impact has made epoxy a widely popular floor coating material especially in manufacturing facilities, airports, schools & colleges, railway stations, parking lots and staircases. Low cost of epoxy has been added advantage for the expansion of the epoxy concrete floor coatings industry.
But besides epoxy, polyaspartics concrete floor coatings are gaining prominence due to their excellent protection characteristics that can also protect against the effects of UV rays, making polyaspartics floor coatings ideal for outdoor applications. Thus, the polyaspartics concrete floor coatings industry is expected to witness a 7% CAGR over 2018-2024. Regulatory encouragement for the development of bio-based concrete floor coatings is anticipated to augment the use of bio-based polyurethane coating in the coming years.
Between the indoor and outdoor application of concrete floor coatings, which is anticipated to witness greater growth rate in the concrete floor coatings market?
Increasing investment by governments across all nations for the improvement of public infrastructure will positively influence the outdoor concrete floor coatings market is expected to gain a 6.5% CAGR over 2016-2024. The product is used in garages, walkways, driveways and pathways for the improvement of durability and strength of the concrete floor. It is notable that indoor concrete floor coatings market will also capture a significant chunk in the global concrete floor coatings industry share as construction in the residential as well as commercial sector will receive a boost over the ensuing years. Consumer awareness concerning flooring solutions will add a major boost to industry growth.
To access a sample copy or view the Concrete Floor Coatings Market report in detail along with the table of contents, please click the link below:
Apart from the BRICS nations, which other regions are expected to show positive trends for the growth of the concrete floor coatings market?
Concrete floor coatings industry in North America was recorded to amass a revenue of $300 million in 2015 a major part of which is attributed to remodeling practices and renovations in the residential segment across the region. Flourishing end-user industries such as automotive, pharmaceutical, food & beverage etc. will also add to the growth of the concrete floor coatings market. in Asia Pacific an 8% CAGR is expected to be recorded in the concrete floor coatings industry over 2018-2024.
Browse more news:
Electronic Protection Device (EPD) Coatings Market 2018-2025