As per the report, the global floor coatings industry was accounted for $3.1 billion in 2020, and is expected to reach $5.5 billion by 2030, growing at a CAGR of 6.0% from 2021 to 2030.
Major determinants of the market growth
Increase in demand for floor coatings from end users such as commercial, residential, and industrial and surge in demand for interior decoration have boosted the growth of the global Floor Coatings Industry. However, slippery characteristic of floor coating hinders the market growth. On the contrary, effective price strategy owing to rise in competition in the industry would unlock lucrative opportunities in the future.
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Covid-19 scenario:
- The Covid-19 pandemic severely disrupted the supply chain and procurement of raw materials due to strict implementation of lockdown regulations.
- The ongoing construction projected halted or postponed during the pandemic due to lack of operations and concerns regarding safety of workforce. This negatively affected the demand for floor coatings.
- However, rise in vaccination programs and relaxation in lockdown regulations would propel the demand for floor coatings.
The double component segment dominated the market
By coating component, the double component segment held the largest share in 2020, accounting for more than two-thirds of the global Floor Coatings Industry. In addition, the segment is estimated to register the highest CAGR of 6.1% during the forecast period, owing to growing demand for anti-corrosion products from multiple end-use sectors. The report includes analysis of the single component and triple component segments.
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The commercial segment to portray the highest CAGR through 2030
By end user, the commercial segment is projected to manifest the highest CAGR of 6.1% from 2021 to 2030, owing to presence of huge consumer base in the regions including Asia-Pacific. However, the residential segment held the largest share in 2020, contributing to more than two-fifths of the global Floor Coatings Industry, due to durability and longevity of floor coating.
Asia-Pacific, followed by Europe and North America, held the lion’s share
By region, the market across Asia-Pacific dominated in 2020, accounting for more than one-third of the market. In addition, the region is expected to register the highest CAGR of 7.3% during the forecast period, due to increase in populace, surge in middle-class income, rapid urbanization, and upcoming construction projects in the region. On the other hand, the global Floor Coatings Industry across North America is expected to showcase a CAGR of 4.5% from 2021 to 2030.
Major market players
- The Sherwin-Williams Company
- BASF SE
- ArmorPoxy
- Akzo Nobel N.V.
- Axalta Coating Systems, Ltd.
- RPM International Inc.
- PPG Industries, Inc.
- Sika AG
- 3M
- The Lubrizol Corporation