Industrial Floor Coating Market Size – USD 5.63 Billion in 2019, Industrial Floor Coating Market Growth – CAGR of 7.1%
NEW YORK CITY, NEW YORK, UNITED STATES, March 27, 2020 /EINPresswire.com/ — The Industrial Floor Coating Market is expected to reach USD 9.76 Billion by 2027, according to a new report by Reports and Data. Industrial Floor Coating Market is driven principally by the manufacturing industry. Construction activities led by developing economies across the world will further boost the growth of the market. Increasing awareness concerning the floor coatings due to dust resistant, durable, abrasion-resistant, and waterproof features is encouraging the market demand. Emerging end-use industries, driving to the expansion of manufacturing plants and facilities is further promoting market growth. Accelerated industrialization, the growing trend for long-lasting yet aesthetic floor across manufacturing plants, factories, warehouses, and equipment units are also contributing the market growth.
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The market in the APAC region is expected to witness the highest CAGR of 7.4% during the forecast period. Various applications, including heavy equipment & machinery, food processing, logistics & warehouse, and chemical industries, are majorly increasing the market share.
Further key findings from the report suggest
• The Industrial Floor Coating Market is estimated to reach USD 9.76 Billion by 2027, at a CAGR of 7.1% during the forecast period.
• Floor coatings work as a sealer on the concrete. The use of coating aids avoid staining, seepage, and cracking of concrete.
• Additionally, it decreases allergens by limiting the growth of microorganisms, which may form on the floor due to leakage or spillage.
• The four component type accounted for the largest share of around 30.7% of the market in 2019.
• The polyaspartic material is anticipated to grow at the highest rate of 7.9% during the forecast period.
• The food processing application segment is anticipated to grow at the highest rate of 7.4% during the forecast period.
• The mortar floor cover is anticipated to grow at the highest rate of 8.1% during the forecast period.
• Increasing construction activities in developing economies is also an essential factor fueling the market.
• North America region accounted for the largest share of more than 30.3% of the market in 2019. Due to the increased production capacities of dominant companies in the region drives the growth. Technological progress in the manufacturing sector due to more eminent automation for material movement and excellent transportation are among crucial factors propelling the demand for surface finishing products.
• Government prevailing regulatory norms for food and beverage manufacturing firms mandating enhanced hygienic standards in the facilities across the region is actively encouraging market growth.
• Asian countries are anticipated to invest USD 9 trillion in support of development between 2010 and 2020. A significant share of these investments is expected to be allocated in production industries to promote the needs of the increasing population, kindling the business growth over the forecast period.
• Various players are developing strategies to mark their presence in the industry.
• For example, Tennant Coatings launched a new range of secondary containment coatings in September 2018, which are intended for industrial floors and walls to protect substrates in severe industrial environments.
• The key players in the Industrial Floor Coating Market include Axalta, PPG Industries, Kansai Paints, BASF, Sherwin-Williams, Akzo Nobel, 3M, Nora System, Florock Polymer, Roto Polymers, Tambour, and Maris Polymers.
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For the purpose of this study, Reports and Data has segmented the market on the basis of Material, Component Type, Application, Floor Cover, and Region:
Material Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)
Component Type Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)
Application Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)
• Food Processing
• Aviation & Transportation
• Science & Technology
Floor Cover Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)
Regional Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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Source: EIN Presswire