Transparency Market Research has published a new market report titled “Concrete Floor Coatings Market – North America Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023.” According to the report, the North America concrete floor coatings market in was valued at US$325.0 mn in 2014 and is anticipated to reach US$546.8 mn by 2023, expanding at a CAGR of 6.0% from 2015 to 2023.
Concrete floors generally experience abrasion, impact, thermal shock, and chemical attacks. Hence, concrete floor coatings are extensively used across the globe to mitigate damaging effects of these factors. Concrete floor coatings are extensively used worldwide to protect concrete floors from abrasion, chemical attacks, and thermal shock. Recovering construction industry and increasing awareness regarding the importance of floor coatings coupled with implementation of the National Infrastructure Plan by the Government of Mexico is anticipated to boost demand for concrete floor coatings in North America during the forecast period. Volatility in supply and price of raw materials used in the production of concrete floor coatings is expected to be a key challenge for market players.
Epoxy-based concrete floor coatings was the leading product segment in North America, accounting for over 57.0% share of the total demand in 2014. Demand for epoxy-based concrete floor coatings is expected to witness robust growth in the near future, particularly in Mexico, due to its easy availability and low cost. Polyaspartic and others (acrylic, polyurethane, etc.) constituted remaining share of the concrete floor coatings market in 2014 as analyzed in the market study. Faster curing rate, better wear and tear resistance, better UV protection, and high abrasion resistance offered by polyaspartic coatings are expected to primarily drive demand for polyaspartic-based concrete floor coatings, particularly in the U.S.
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The U.S. constituted over 70% share of the concrete floor coatings market in North America in 2014. The U.S. was followed by Canada and Mexico. The U.S. is estimated to be the fastest-growing region in terms of production and consumption of concrete floor coatings in the next few years. This can be ascribed to increase in industrial and construction activities in the region. Mexico has emerged as key destination for concrete floor coatings producers due to recent implementation of the National Infrastructure Plan (NIP), which includes large investments in various industries such as communications and transportation, energy, water, health, housing, and tourism. Canada was another key region exhibiting strong demand for concrete floor coatings in 2014. In terms of volume, the market for concrete floor coatings in Canada is likely to expand at a CAGR of approximately 5% between 2015 and 2023.
Major players operating in the concrete floor coatings market in North America include BASF SE, Sherwin-Williams, RPM International Inc., The Valspar Corporation, and PPG Industries Inc..