Floor Coatings Market Set to Soar
The North American concrete floor coatings market is expected to reach $546.8 million by 2023, a new forecast suggests.
Transparency Market Research says the market, which was valued at $325 million in 2014, will grow at a compound annual growth rate of 6.0 percent from 2015 through 2023.
The firm forecasts that the recovering construction industry in the U.S. and growing infrastructure investments in Mexico will drive demand for the materials.
Concrete floor coatings play a pivotal role in protecting concrete floors in various construction applications, according to the market research firm.
These coatings are extensively used in both indoor and outdoor applications to protect concrete floors from abrasion, chemical attacks and thermal shock.
Demand for concrete floor coatings in North America is also being driven by increasing awareness regarding importance of floor coatings.
Furthermore, implementation of the National Infrastructure Plan by the Government of Mexico is anticipated to boost demand for concrete floor coatings in Mexico during the forecast period, the firm notes.
Volatility in supply and price of raw materials used in the production of concrete floor coatings is expected to be a key challenge for market players, the firm suggests.
In terms of demand, epoxy-based concrete floor coatings was the dominant product segment in North America, accounting for over 55 percent share in 2014. Demand for epoxy-based concrete floor coatings is expected to witness robust growth in the near future, particularly in Mexico, due to its easy availability and low cost.
Rapid curing rate, better wear and tear resistance, and better UV protection and high abrasion resistance offered by polyaspartic coatings are expected to be primary factors fueling demand for polyaspartic-based concrete floor coatings, according to the market research firm.
The report also includes details on other product segments including acrylics and polyurethanes.
“Concrete Floor Coatings (Epoxy, Polyaspartics, and Others) Market for Outdoor and Indoor Applications—North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2015-2023” is available for purchase here.