AkzoNobel N.V. (the Netherlands), The Sherwin-Williams Company (U.S.), PPG Industries Inc. (U.S.), The Valspar Corporation (U.S.), BASF SE (Germany), Maris Polymers (Greece), The Dow Chemical Company (US), 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 are some of the prominent players at the forefront of competition in the Global Floor Coatings Market and are profiled in MRFR Analysis.
Floor Coatings Market – Market Overview
Floor Coating are a class of coatings that are employed to protect the floor from wear and tear and also to improve the aesthetic value of the floor. These coatings offers high resistance to abrasion, corrosion, and chemicals. Floor Coatings are also an effective and economical way of floor protection techniques with easy application methods and can be applied of wide range of substrates. The growing expenditure by the government in commercial as well as residential expenditure coupled with the growing adoption in Industrial Flooring are projected to be the major factor driving the global floor coatings market. The Global Floor Coatings Market is a lucrative market and is anticipated to exhibit an expanding CAGR during the forecast years. The global market of Floor Coatings is segmented on the basis of resin type, coating component and end user industry. On the basis of resin type, the market is segmented into epoxy, polyaspartic, polyurethane and others. Epoxy resin segment is anticipated to generate the highest revenue during the forecast period of 2018-2013. The properties of epoxy coatings such as excellent wear and tear resistance, chemical resistance, abrasion resistance, and enhanced durability finds their way into many applications. On the basis of coating component, 1K component is projected to be the fastest growing segment during the review period. The growing awareness for ecofriendly floor coatings is estimated to boost the growth of the segment. 2K coating component is another dominating segment owing to its extensive use in commercial and residential constructions.
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According to the analysis of MRFR, the major market forces and trends driving growth of the Global Floor Coatings Market includes growth of building and construction sector and the burgeoning growth in the industrial sector. Moreover, the increasing per capita income in the emerging economies across the globe has propelled the construction activities especially in India and china which in turn is further expected to fuel the growth of the Global Floor Coatings Market during the forecast period. In addition, the growing government spending in residential and commercial infrastructure are other factors contributing to the market growth.
Floor Coatings Market- Competitive Landscape
The Global Floor Coatings Market is a highly lucrative market driven by flourishing growth in building and construction and industrial sector. AkzoNobel N.V. (the Netherlands), The Sherwin-Williams Company (U.S.), PPG Industries Inc. (U.S.), The Valspar Corporation (U.S.), Axalta Coating Systems among others are some of the major players operating in this market. Most of these market participants are adopting various organic and inorganic growth strategies to strengthen their production capacities and market position. Taking account of these trends the Global Floor Coatings Market is projected to witness considerable competition over the forecast period of 2017-2023.
Asia pacific is expected to be the fastest growing region during the forecast years. The increasing urbanization and globalization in the region has augmented the construction of residential and commercial infrastructure which is a dominant factor for the demand for FLOOR COATINGS in the region. Moreover, the Middle Eastern Floor Coatings Market is also anticipated to witness expanding growth of to the recent investments in the development of commercial infrastructure in the region.
Industry/ Innovation/ Related News:
8 January 2017- The Sherwin-Williams Company announced the addition new product to their floor coatings portfolio. The company launched a new water based floor coatings AquArmorTM WBU a water based urethane floor coatings that can be applied floors as well as walls that has low VOC and add to the aesthetic value of the surface applied.
5 January 2018– Pidilite Industries Ltd an India based adhesives producer announced the acquisition of 70% of stakes of CIPY Polyurethanes Pvt. Ltd for a value of USD 15.2 million. This acquisition is in line with their strategy to expand its presence in the resin flooring and coating category.
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