The Canada concrete floor coatings market features a highly consolidated competitive landscape, with the top five contributors to the market holding a substantial 70% of the overall market in 2016, says Transparency Market Research in a recent report. Strong growth of these leading companies, namely The Sherwin Williams Company, PPG Industries Inc., BASF SE, RPM International Inc., and Sika AG, is largely attributed to their continual efforts towards attaining technological expertise and introducing innovative products to the market.
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Expanding their geographical reach with the help of strategic acquisitions and mergers is one of the key growth strategies adopted by companies in the market to strengthen their hold. An instance is BASF SE’s recent acquisition. In December 2016, the company acquired Chemtell Group’s surface treatment business from Albemarle Corp. in Charlotte, North Carolina to improve its coatings portfolio as well as its position as a complete solutions provider to global customers.
Transparency Market Research estimates that the Canada concrete floor coatings market will expand at a healthy 5.2% CAGR from 2017 to 2025, rising from a valuation of US$100.8 mn in 2016 to US$158.0 mn in 2025.
Epoxy Coatings to Keep Contributing Massive Chunk of Revenue to Canada Concrete Floor Coatings Market
From a geographical standpoint, the Ontario concrete floor coatings market accounted for more than 30% of the Canada concrete floor coatings market in 2016. Rising urbanization, increasing disposable income and increasing demand for residential projects have been the prominent factors driving the market in Ontario and are expected to help retain the province its leading stance in the overall market in the next few years as well. In terms of product type, the segment of epoxy coatings accounted for a massive 60% of the overall market in 2016. The segment will continue to account for a massive share in the Canada concrete floor coatings market over the forecast period as well, but is expected to lose to the segment of polyaspartics in terms of growth rate over the forecast period.
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Rising Demand from Thriving Construction Sector to Drive Market
Strict environmental regulations in Canada are expected to have a significant influence on the way the Canada market for concrete floor coatings develops in the next few years. In its transition to becoming an environmentally more sensitive country, the government of Canada has put forward regulations to limit harmful emission of VOCs from various paints and coatings. Almost all provinces in the country have been experiencing reduction in emissions since the last 10 years. Rise in demand from the blooming construction industry is another key factor driving the overall development of the Canada concrete floor coatings market.
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Government programs such as Affordable Housing Initiative (AHI) and New Building Canada Plan (NBCP) are projected to propel the construction industry in Canada. This, in turn, is anticipated to augment the market for concrete floor coatings. Additionally, various government efforts to enhance the residential and public infrastructure are likely to contribute to the growth of the market. Upcoming projects of real estate, revitalization of bridges, airport facility expansion, construction of hydroelectric dams, and construction of LNG facilities are expected to augment the demand for concrete floor coatings in Canada in the near future.