The size of the world market for concrete floor coatings was estimated at USD 1,282.90 million in 2021, and it is anticipated to increase at a CAGR of 5.70% from 2022 to 2028. The increase in funding for green construction projects across the U.S. is primarily responsible for the industry’s expansion. Energy, water, and other resource efficiency are all improved and maintained in green buildings through the use of eco-friendly, lightweight materials. The VOC-free and environmentally friendly concrete floor coatings are built to last. Throughout the forecast period, this factor is anticipated to boost the market. Over the upcoming years, the world is expected to have a growth that is inclined. The expansion is ascribed to the expansion of businesses, academic institutions, and infrastructure, particularly in the Asia Pacific region.
The market is being driven by the expansion of the building sector and the increased need for coatings in commercial, industrial, and residential settings. Due to its wealth of resources and high purchasing power, the country provided the largest portion of the industry, and in turn, is anticipated to drive the regional market over the coming years. There are a number of restrictions governing the production of coatings in North American countries, including the U.S., due to the carcinogenic and flammable nature of solvents. On the other hand, since they don’t require solvents and don’t produce volatile organic compounds (VOCs), which are responsible for air pollution, powder-based coatings are better for the environment.
Due to the product’s excellent heat and chemical resistance, outstanding adhesion, and good electrical insulation, the epoxy segment led the industry and accounted for more than 60.0% of total sales in 2021. Additionally, the low cost of epoxy concrete floor coatings compared to its competitors is probably going to help the industry flourish. Given that these products may operate at a variety of temperatures, the polyaspartic sector is predicted to grow at the quickest CAGR throughout the projection period. The industry has been further divided into epoxy, polyurethane, acrylic, polyaspartic, and other categories based on product.
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With a revenue share of more than 65.0%, the indoor application category dominated the market in 2021. Over the projection period, the outdoor application category is anticipated to have the fastest CAGR. The popularity of sports like football, rugby, ice hockey, and tennis is predicted to increase the penetration of sports stadiums in the United States and Canada. The whole industry has been further divided into indoor and outdoor applications based on application.
The demand for products in outdoor sports stadium applications is anticipated to be driven by the expanding importance of flooring solutions. The demand for the product is being driven by a change in urban lifestyle and a rise in public concern over safety in commercial parking lots. The product can be used indoors, including in basements, business building interiors, and residential building interiors. Over the coming years, the market demand for interior applications is anticipated to be driven by the rising application breadth of floor coatings in domains, such as industrial applications, due to its capacity to provide heat and wear resistance.
Asia Pacific controlled about 35.0% of the market’s revenue in 2021. The global expansion of the construction sector is the main factor contributing to the market’s expansion. The supply value chain had been significantly impacted by the COVID-19 pandemic, which is in turn restricting the movement of raw materials and the transit of finished goods. In addition, the liquidity crisis and the weakening global economy have reduced construction activity, which will soon result in a decline in market value demand.
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- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa