The global industrial floor coating market size is projected to grow from USD 5.5 billion in 2019 to USD 6.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast year. The growth of this market is attributed to the industrial expansion in emerging economies as well as increasing need to protect, maintain, and repair floors in industrial and commercial facilities.
The Asia Pacific region is projected to lead the industrial floor coating market, in terms of both value and volume from 2019 to 2024. Asia Pacific is the hub of foreign investment and booming industrial sectors, largely due to the low-cost labor and cheap availability of lands. An increase in demand for protective coatings can be largely attributed to the growing industrial, infrastructural & construction, marine, and automotive industries.
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The industrial floor coating market has been dominated by large players, such as the Sherwin-Williams Company (US), PPG Industries, Inc. (US), BASF SE (Germany), AkzoNobel N.V. (The Netherlands), and RPM International Inc. (US). These players have adopted various growth strategies, such as expansions, investments, new product developments, acquisitions, partnerships, and divestitures, to increase their market shares and enhance their product portfolios.
Acquisitions accounted for the largest share of all the strategic developments that took place in the industrial floor coating market between March 2016 and December 2019. Key players such as PPG Industries, Inc. (US), AkzoNobel N.V. (The Netherlands), RPM International Inc. (US), The Sherwin-Williams Company (US), and Axalta Coating Systems Ltd. (US) adopted these strategies to strengthen their business portfolios and presence in the industrial floor coating industry.
PPG Industries, Inc. (US) is financially and strategically well placed and has a strong customer base. It caters to a huge customer base in various markets, such as consumer products, industrial, construction markets, and transportation. It gives high importance to research and developmental activities. It aims to expand its existing distribution network to serve the customers better. Further, it also aims to innovate and expand its existing product portfolio for industrial and performance coatings.
AkzoNobel N.V. (The Netherlands) is a diversified chemical company, and one of the leading manufacturers as well as a supplier of paints and coatings. It has a strong customer base and operates in various countries of Europe, North America, Asia Pacific, South America, and the Middle East. AkzoNobel aims to provide high-quality products and solutions to its customers by utilizing its knowledge and expertise in the performance coating sector. The wide range of products enables it to cater to different segments. AkzoNobel invests heavily in R&D to develop new and improved products and adopt strategies, such as acquisitions and expansions, to grow at a rapid pace in the paints & coatings business.
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