The global market for floor coatings was strong in 2020 and is expected to continue to grow steadily in revenue over the forecast period. Key factors contributing to the growth include the increasing prevalence of floor coatings diseases, the growth of the real estate sector, and the trend towards globalization. Governments and private entities' increased investments in infrastructure development in many countries are also driving market demand. Floor coatings are protective and durable coverings applied to surfaces that are subject to wear or corrosion. Some popular types of floor coatings include polyurethane floor coatings and ceramic floor coatings.
The growth of the global floor coatings market is being driven by rising government initiatives to develop modern infrastructure and the real estate sector. Factors such as the increasing awareness regarding the benefits of floor coatings and rising consumer preference for luxury appearances also contribute to the growth of the market. However, factors such as unfavorable regulations on volatile organic compounds (VOCs) released for floor coatings, and high costs of raw materials such as solvents and monomers, are expected to significantly restrain market growth.
The global floor coatings market presents lucrative business opportunities for major players and new entrants in the market, thanks to factors such as government emphasis on the development of green cities, growth in the packaging sector due to the proliferation of the e-commerce sector, and increasing demand for housing and commercial infrastructure due to the rising population in developing countries.
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Based on floor structure, the concrete segment is expected to reach the highest revenue share over the forecast period due to the increasing popularity and advantages of floor coatings on concrete floors. Based on the end user, the industrial segment is expected to dominate all other segments in terms of revenue generation over the forecast period, thanks to factors such as rapid industrialization, government initiatives to develop manufacturing industries, rising demand for new products or services, and growth in the e-commerce sector.
North America is currently the largest market for floor coatings, while Europe is projected to register robust growth in revenue over the forecast period, and Asia Pacific is expected to register the fastest growth in CAGR over the forecast period. The report also profiles several major companies in the market, including 3M Company, Asian Paints Limited, PPG Industries, Inc., and The Sherwin-Williams Company, among others.
Floor Coatings Market: Drive Factors
The global floor coatings market is expected to experience steady revenue growth due to several key factors. One major driver is the increase in floor coating diseases, which has led to greater demand for durable, protective coverings in industries such as chemical manufacturing, warehouses, and industrial flooring. Another driver is the growth in the real estate sector, as well as rising globalization, which has spurred private and government investment in infrastructure development.
There are different types of floor coatings available in the market, including polyurethane and ceramic coatings, which are ideal for applications requiring wear resistance, low electrical resistivity, refractoriness, or other specialized characteristics.
Other factors driving growth in the global floor coatings market include rising government initiatives to develop modern infrastructure and real estate sectors, increasing awareness of the benefits of floor coatings, and rising consumer preference for luxury appearances and interior design.
However, the market growth is also hindered by factors such as unfavorable regulations on volatile organic compounds (VOCs) released for floor coatings and high costs of raw materials such as solvents and monomers.
Overall, the floor coatings market provides lucrative opportunities for major players and new entrants in the market, particularly with the emphasis on developing green cities, growth in packaging sector due to the proliferation of ecommerce sector, and increasing demand for housing and commercial infrastructure in developing countries.
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