Concrete Floor Coatings Set to Soar
Forecasters are expecting a growth spurt for the global concrete floor coatings industry.
Concrete floor coatings will have a 6.8 percent Compound Annual Growth Rate that will rocket the market from about $745.8 million in 2013 to about $1.2 billion in 2020, according to Transparency Market Research’s new “Concrete Floor Coatings Market—Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014-2020.”
The volume of the demand in 2013 was 346.3 kilo tons.
The immediate growth will be due to the expansion of construction industries and rising government expenditure on infrastructure improvements globally, the report notes.
In addition, consumers around the world are becoming more informed about the benefits of concrete coatings and are expected to help drive demand.
Concrete floor coatings are widely used in building and construction areas to mitigate the effects of thermal shocks, abrasion, and chemical attacks. These coatings exhibit high resistance against heat and wear and tear.
However, the report also projects that the fluctuation witnessed in raw material prices and supply will have an adverse effect on the production of concrete floor coatings.
Growth by Product Type
The report provides a look at the market based on product types: polyaspartics, epoxy, and others (including polyurethane and acrylic).
According to the report, the epoxy-based concrete floor coatings dominated the global market in 2013 with a 55 percent share of the total demand.
That’s not likely to change in the coming years. The demand for epoxy concrete floor coatings is likely to witness “exponential growth over the forecast period,” the report states.
The Asia Pacific region will register the highest demand for this category of concrete floor coatings due to pricing and availability, Transparency Market Research reports.
|Transparency Market Research|
Forecasters say strong growth of the construction industry and rising government expenditure on infrastructure improvement in North America, Asia Pacific and Europe will drive the global concrete floor coatings market in the coming years.
Among the other product segments, features such as abrasion resistance, enhanced UV protection, and rapid rate of curing will keep up the demand for polyaspartic concrete floor coatings, the report relates.
In 2013, the global market for concrete floor coatings was dominated by North America, closely followed by Asia Pacific and Europe.
However, according to the findings of the report, the concrete floor coatings market in Asia Pacific is likely to witness the highest growth in terms of both production and consumption in the coming years.
The spur in demand can be attributed to the enhanced awareness about the benefits of floor coatings and the overall expansion of the construction industry in the region.
In addition, economic factors such as rapid population growth and increasing urbanization will also boost the market for concrete floor coatings in the region, the report states.
According to Transparency Market Research, companies to watch in the concrete floor coatings space include Valspar, PPG Industries, Sherwin-Williams, BASF SE, RPM International and DSM.