Floor Coating Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Floor Coating Market covers analysis By Type (Epoxy, Polyurethane, Acrylics, Polymethyl Methacrylate, and Others), Formulation (Solvent-Based and Water-Based), Coating Component (1K, 2K, and 3K), Flooring Material (Wood, Concrete, Mortar, Terrazzo, and Others), Application (Residential, Commercial, and Industrial), and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Apr 2024

  • Report Code : TIPRE00005848
  • Category : Chemicals and Materials
  • Status : Upcoming
  • No. of Pages : 167
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The floor coating market is expected to grow from US$ 2,796.3 million in 2022 to US$ 4,256.5 million by 2028; it is estimated to grow at a CAGR of 6.9% from 2022 to 2028.

Flooring is considered to be an integral part of the construction industry, as it finds its wide application mainly in the residential and commercial sectors. Various floor coatings are used in the construction of flooring to provide resistance and undergo damage such as spillage, abrasion, and exposure to dust, heavy load, chemicals, and UV light.

In 2021, Asia Pacific held the largest revenue share of the global floor coating market. Large population in Asia Pacific has led to increased demand for residential as well as commercial construction in the region. The rising population in this region is the main driver for the growth of the construction sector in the region. Furthermore, the governments of various economies are taking several measures to attract private investments in the construction and infrastructure development. For instance, the 2011–2020 Economic Transformation Program (ETP) by the Malaysian government is attracting a huge FDI in the country’s infrastructure and construction activities. Also, the constantly rising population of Asia Pacific has resulted in constant development and rising need for housing, which is further expected to influence the floor coating market growth. Also, emerging economies are experiencing high growth in their GDP; thus, the spending capacity of the population is increasing. With the rising standard of living, there has been considerable rise in the infrastructural redevelopment activities. This coupled with higher emphasis on modification, renovation, and enhancement of aesthetics in the residential sector in Asia Pacific is facilitating the floor coating market growth in the current scenario.

Strategic Insights

Global Floor Coating Market Breakdown –by Region

Global Floor Coating Market Breakdown –by RegionMarket Insights

Growing Demand for Floor Coatings in Industrial Applications

In numerous industrial settings, such as warehouses, airplane hangars, assembly plants, paint shops, body shops, and distribution facilities, concrete floors are subject to wear and tear from exposure to harsh as well as corrosive chemicals & oils, and damage scratches and abrasions caused by heavy machines and equipment such as airplanes and forklifts. Floor coatings impart durability and strength to normal concrete floors. They provide protection to the concrete floors from abrasions and wear from the constant movement of automated guided vehicles, sliding carts, forklifts, etc. Moreover, the slip resistance provided by these coatings to floors help minimize accidents on work floors. The rising importance of ensuring workplace safety and worker welfare has led to the high consumption of floor coatings in industrial applications. The deployment of floor coatings in industrial applications to increase productivity by allowing faster material movement and lowering the risks of accidents at workplaces is expected to fuel the demand for industry-grade floor coatings during the forecast period.

Type-Based Insights

Based on type, the floor coating market is segmented into epoxy, polyurethane, acrylics, polymethyl methacrylate, and others. The epoxy segment held the largest market share in 2021. Epoxy floor coatings are widely used for industrial and commercial flooring. Epoxy coatings are usually applied over concrete floors for providing a high-performance, durable, and smooth surface that can last for long and withstand heavy loads. Many industrial sites, commercial buildings, and warehouses rely on epoxy floors to maintain safe and clean conditions for workers, inventory, and equipment. These factors led to the dominance of the epoxy segment in 2021.

Floor Coating Market, by Type – 2021 and 2028Floor Coating Market, by Type – 2021 and 2028

Application-Based Insights

Based on application, the floor coating market is segmented into residential, commercial, and industrial. The concrete segment held the largest market share in 2021. Concrete is the most basic flooring material. Usually, it is only the surface of the slab that is poured directly on the gravel or dirt bed to install the foundation of a building. The concrete flooring material is not only durable, reliable, and incredibly long-lasting but also developed a reputation for being austere, utilitarian, and course underfoot. Modern advancements have given flooring professionals a variety of design options that are allowing them to reinvent this primary building material entirely. Today, concrete floors have the option to be polished smooth or even be textured to provide traction. These can also be stained or painted with a variety of techniques that allows to replicate the look of natural materials or embed the floor with intricate printed designs.

A few players operating in the global floor coating market include Axalta Coating Systems Ltd., Apurva India Pvt. Ltd., Asian Paints Limited, Grand Polycoats, Maris Polymers S.A., Michelman, Inc., The Lubrizol Corporation, The Sherwin-Williams Company, PPG Industries, Inc., and 3M. Players operating in the floor coating market are focusing on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and new product launches.

Report Spotlights

  • Progressive industry trends in the floor coating market to help players develop effective long-term strategies
  • Business growth strategies adopted by developed and developing markets
  • Quantitative analysis of the floor coating industry from 2020 to 2028
  • Estimation of global demand for floor coating
  • Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict the floor coating market growth
  • Recent developments to understand the competitive market scenario
  • Market trends and outlook, as well as factors driving and restraining the growth of the global market
  • Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
  • The floor coating market size at various nodes
  • Detailed overview and segmentation of the market, as well as the floor coating industry dynamics
  • Size of the floor coating market in various regions with promising growth opportunities

Global Floor Coating Market

The global market is segmented by type into epoxy, polyurethane, acrylics, polymethyl methacrylate, and others. By formulation, the market is categorized into solvent-based and water-based. In terms of coating component, the floor coating market is segmented into 1K, 2K, and 3K. From flooring material point of reference, the market is segmented into wood, concrete, mortar, terrazzo, and others. By application, the market is segmented into residential, commercial, and industrial.

Company Profiles

  • Axalta Coating Systems Ltd.
  • Apurva India Pvt. Ltd.
  • Asian Paints Limited
  • Grand Polycoats
  • Maris Polymers S.A.
  • Michelman, Inc.
  • The Lubrizol Corporation
  • The Sherwin-Williams Company
  • PPG Industries, Inc.
  • 3M

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REGIONAL FRAMEWORK
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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Formulation, Coating Component, Flooring Material, Application, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List of Companies - Floor Coating Market

  1. Axalta Coating Systems Ltd.
  2. Apurva India Limited.
  3. Asian Paints Ltd
  4. Grand Polycoats
  5. Maris Polymers S.A.
  6. Michelman, Inc.
  7. The Lubrizol Corporation.
  8. The Sherwin-Williams Company.
  9. PPG Industries, Inc.
  10. 3M Company

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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