Floor Coatings Market by Floor Structure (Concrete, Mortar, Terrazzo, Wood, and Others), End User (Residential, Commercial, and Industrial), Binder Type (Epoxy, Acrylic, Polyurethane, Methyl Methacrylate, and Others), and Coating Component (Single Component, Double Component, and Triple Component) and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Floor Coatings market size was estimated at USD 6.7 billion in 2023 and is projected to reach USD 9.7 billion in 2030 at a CAGR of 4.9% during the forecast period 2023-2030.
Floor coatings refer to the protective layers which are primarily employed for safeguarding surfaces that are subjected to corrosion, wear and stress, especially in the manufacturing facilities, warehouses and chemical plants. A plethora of floor coatings such as polyurethane and epoxy-based coatings are extensively used in resurfacing applications and in concealing stains. The growth of the construction sector coupled with the increased usage of coatings in industrial, commercial and residential applications are the pivotal factors that stimulate the growth of the floor coatings market. Moreover, the upsurge in population along with the surge in industrialization across the globe has bolstered the demand for floor coatings.
The increase in investment in the infrastructure sector along with the augmenting demand for floor coatings from the chemical industry provides ample opportunities for the market players. Nonetheless, it is worth noting that the utilization of organic solvents in floor coating products can have a massive environmental impact and also can be highly detrimental to human health, thus posing a major hindrance to the growth of the global floor coatings market.
The COVID-19 pandemic has had a detrimental impact on the global market and supply chain. This has been caused by the significant disruption of supply and demand for raw materials, which has been attributed to the implementation of lockdowns and stringent government regulations. As a result of this, production facilities have been negatively impacted on a global scale due to the limited availability of raw materials. Furthermore, ongoing construction projects have also been adversely affected by the pandemic due to a shortage of labor caused by countrywide lockdowns and the economic slowdown. According to Lexology, the most frequently reported impact resulting from COVID-19 is the acute shortage of labor, which has further exacerbated the challenges faced by the industry.
The current surge in the need for enhanced surface strength of concrete surfaces has acted as a catalyst for the emergence of novel product development avenues for manufacturers on a global scale. The adoption of floor coatings for concretes has significantly contributed to the expansion of the floor coatings market. Moreover, the rapid expansion of the residential sector is expected to be a major driving force behind the market's growth. Additionally, upcoming economies, such as China, India, Thailand, and South Africa are projected to present substantial growth opportunities for the worldwide floor coatings market participants, owing to the increase in construction industry expansion in conjunction with the escalation of governmental support to promote infrastructure investments.
Asia-Pacific to Dominate the Market