With a large pool of players, the global concrete floor coatings market displays the characteristics of having a fragmented competitive landscape, states a new research report by Transparency Market Research (TMR). The leading participants, such as BASF SE, Royal DSM, DAW SE, Nippon Paint Co., and Behr Process Corp., are getting more and more involved into long-term trading contract with end users, specifically construction applications, in an effort to gain a strong foothold and expand across the market’s ecosystem. Over the forth coming years, market leaders are anticipated to raise their capital investments, emphasizing on increasing research activities and enhancing product quality in order to meet the requirements of consumers, notes the research study.
As per TMR’s estimations, the global market for concrete floor coatings will progress at a CAGR of 6.80% over the period from 2014 to 2020, increasing from a value of US$0.7 bn in 2013 to US$1.1 bn by the end of the period of the forecast. Currently, the demand for epoxy coatings is much higher than other types of floor coatings. Analysts expect this trend will continue over the next few years.
Concrete floor coatings find extensive application in indoor and outdoor infrastructural settings, with demand being relatively greater in the indoor segment. As the usage of floor coatings in increasing in industrial and commercial constructions, this trend is likely to remain so over the forecast period. Asia Pacific, among all the regional market for concrete floor coatings, is expected to emerge as the leader in the near future, thanks to rising number of established manufacturers, setting up their production plants in this region.
Rising Awareness about Benefits of Concrete Floor Coatings to Boost Demand
“With constructors and consumers, both, gaining knowledge regarding the benefits of concrete floor coatings, such as chemical resistance, physical performance, non-skid, ease of maintenance, and enhanced aesthetics, the global concrete floor coatings market is anticipated to witness high growth in the years to come,” says the author of this study.
The rising sales of concrete floor coatings is mainly driven by the substantial increase in construction activities, triggered extensively due to high industrialization and the augmenting trend of urbanization across the world. The rising awareness about the protection provided by concrete floor coatings from chemical attacks and thermal shocks to floors is also boosting this market significantly.
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Volatility in Raw Material Prices to Hamper Market’s Growth
While the global market for concrete floor coatings forecast a bright future, the volatile prices of raw materials may create obstructions in the growth trajectory of this market over the next few years. However, the increasing demand for concrete floor coating in commercial buildings and industrial units in developing economies is expected to stabilize the impact of the restraining factor in the near future. The increasing potential of the buildings and construction industry in emerging regions is also projected to propel this market over the forthcoming years, reports the research study.