The global floor coatings market had a strong performance in 2020 and is predicted to maintain a steady revenue compound annual growth rate (CAGR) during the forecast period. Contributing factors include the growth of the real estate sector, an increase in globalization, and the rise in floor coating diseases. Additionally, private and government investments in infrastructure development across many countries continue to drive market demand.
Floor coatings are durable and protective coverings applied to surfaces that experience significant wear or corrosion such as warehouses, chemical manufacturing plants, and industrial floors. Polyurethane and ceramic floor coatings are common types in the market and are suitable for wear-resistant and specialized applications.
The revenue growth of the global floor coatings market is significantly driven by rising government initiatives to develop modern infrastructure and the real estate sector, increasing awareness of floor coatings benefits, rising consumer preference for luxury appearances, and popularity of interior design. However, unfavorable regulations on Volatile Organic Compounds (VOCs) and the high cost of raw materials such as solvents and monomers are expected to restrain market growth.
There are opportunities for players operating in the global floor coatings market, such as the government's emphasis on developing green cities, the growth of the packaging sector due to the proliferation of the e-commerce sector, and the increasing demand for housing and commercial infrastructure in developing countries due to the rising population.
Based on floor structure, the concrete segment is expected to reach the highest revenue share over the forecast period, and the industrial segment is expected to dominate all other segments in terms of revenue generation. North America has the largest revenue share in the global floor coatings market, while Asia Pacific is predicted to register the fastest growth in CAGR over the forecast period.
The report profiles major companies operating in the floor coatings market, including 3M Company, Asian Paints Limited, PPG Industries, Inc., and The Sherwin-Williams Company. The report provides historical data points, industry trends, and consumption pattern details for each region, major country, and segment from 2018 to 2028, making it a comprehensive resource for stakeholders in the industry.
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Floor Coatings Market: Drive factors
The global floor coatings market is expected to witness steady revenue growth over the forecast period, driven by several key factors. These include a rise in the incidence of floor coatings disease, growth in the real estate sector, and increasing globalization. Private and government investments in infrastructural development in many countries are also driving market demand.
Floor coatings are protective coverings that are applied to surfaces subjected to significant wear or corrosion, such as in chemical manufacturing plants, warehouses, and industrial floors. Types of floor coatings highly available in the market include polyurethane and ceramic floor coatings, suitable for applications requiring wear resistance, low electrical resistivity, refractoriness, or other specialized characteristics.
Revenue growth of the global floor coatings market is significantly driven by rising government initiatives to develop modern infrastructure and the real estate sector, increasing awareness regarding the benefits of floor coatings, and rising consumer preference for luxury appearances and popularity of interior designing.
However, the global floor coatings market growth is substantially hampered by several unfavorable factors, including unfavorable regulations on Volatile Organic Compounds (VOCs) released for floor coatings and high cost of raw materials such as solvents and monomers.
Opportunities for players operating in the global floor coatings market include 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 in developing countries due to rising populations.
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