Floor Coatings Market is growing rapidly post 2018 as the market is boosted due to growing demand of decorative floor and construction activities across the globe. The market size is expected to increase at CAGR of 7.2% by the end of 2022.
Floor Coatings Market Key Players:
Floor Coatings Market are: BASF SE (Germany), Sherwin Williams Company Inc (US), The Dow Chemical Company (US), Akzo Nobel NV (Netherlands), The Arkema Group (France), Asian Paints PPG Pvt. Ltd (India), Nora Systems Inc. (Germany), RPM Internationals Inc. (US), Maris Polymers (Europe), Tambour (Israel) and others.
Floor Coatings Market Overview:
Increased globalization and rapid industrialization is key factors in restructuring floor coating industry. Floor coatings is seen a rapid economic growth owing to changes in industry trends. Floor coatings are applied on concrete, tiles, wooden floors etc. so that it acts as defensive layer to prevent moisture damage, corrosion resistant, thermal shocks and chemical attacks. The main aspect of floor coatings is the long shelf life of the floor coatings along with providing decorative aspects, protection, cost effective and low maintenance. According to different varieties of floor coatings available in market, each type possesses various characteristics and are used for different purposes across the industry.
Floor Coatings Market is used for protecting concrete, tiles, wooden floors etc. from corrosion and climatic condition. Floor coatings is applied in order to increase shelf life with low maintenance and cost effective. These coating contains resins which protect them from oxidation and moisture. Owing to operational advantages, different varieties of floor coatings possesses various characteristics to suit various environment.
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Floor Coatings Market Segmentation:
Floor Coating is divided into 1K, 2K, 3K and others. 1K or single component contains low level of VOC and vaporizes when exposed to air. It does not require hardener, activator or catalyst. Thus, single component is eco-friendly is fastest growing segment owing to government policies regarding usage of eco-friendly products. 2K or “two components” is widely used with hardener, activator or catalyst to prevent it from chemicals, weather and UV rays. Water based 2K polyurethane systems provides curing and hardness which is top preferred choice in residential, commercial and industrial applications.
Based on end user, floor coatings in segmented into residential, commercial and industrial. The growing construction and infrastructure development in countries like china and India has boosted the demand for floor coatings in coming years. Increasing demand from multinational companies for decorative coatings is expected to boost the demand for floor coatings in near future. Innovation in floor coatings is major opportunity for many manufacturers to increase their production capacity.
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Floor Coatings Market Application:
Floor Coatings are special Coatings which are used for preventing the material from corrosion, chemical attacks and thermal shocks. Floor Coatings enhance the product shelf life leading to low replacement cost thus benefiting manufacturers. Hence, it is highly preferable in end user industries. Floor are highly subjected to wear, thus requires protection and high maintenance during construction activity. Owing advantages of Floor Coatings such as water proofing, slip resistance, microbial protection and others has boosted the demand for floor coatings over the forecasted period.
Floor Coatings materials such as polyaspartic, acrylic, polypropylene, polyester, epoxy, and vinyl ester are costlier, but they are capable to deliver high performance for long run purposes. These high value-added products widely used to provide properties such as strong surface, excellent mechanical durability ease of cleaning withstanding of chemical stresses well ease and simplicity of application. Floor coatings are used in applications such as residential, commercial and industrial construction activities.
Floor Coatings Market Regional Analysis:
Geographically, Asia-Pacific is largest consumer of floor coatings with more than 35% of market share in global floor coatings market. Huge investment in building and construction along with infrastructure development has fueled the demand for floor coatings in coming years. China is major revenue generating country due to growing construction activities which leads to decorative floor coating in various industries. Europe & North America accounts for second and third market share respectively.
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