Rising number of commercial and residential construction projects to escalate the North America floor coating market at a CAGR of 7.8%
Latest market study on “North America Floor Coating Market to 2027 – Analysis and Forecasts 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 Countries”. The North America floor coating market is accounted to US$ 493.7 Mn in 2018 and is expected to grow at a CAGR of 7.8% during the forecast period 2019 – 2027, to account to US$ 965.6 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Floor coatings are surface coatings applied on concrete surfaces to enhance its wear and abrasion resistance and prolong life. They are inert to oils, detergents and cleaners, transmission fluids, water, hail, snow, and corrosive chemicals. Floor coatings impart waterproof, anti-static, anti-vibration, and anti-skid properties to concrete floors and hence are favored in many industrial, as well as construction industries.
Based on type, the North America floor coating market consists of epoxy, polyurethane, acrylics, polymethyl methacrylate, and others. In 2018, the epoxy segment accounted for a substantial share in the market. Epoxy floor coating are widely used for industrial and commercial flooring. They 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. Epoxy floor coating offer many advantages as compared to other traditional coating applied over concrete. The epoxy floor coating is known to create a shiny high-gloss surface that significantly increases the brightness of the interior area. It offers a hard-wearing, durable surface that is able to withstand heavy and continuous traffic. It is quick and easy to install, requires no layout, cutting additional adhesives, or special tools. Epoxy floor coating is known to offer enhanced safety when the surface contains anti-slip additives. These coatings can be applied in various patterns for creating visible driveways or to identify walkable areas. The rising number of novel applications of epoxy floor coatings in residential, commercial, and industrial sectors is anticipated to create significant demand for epoxy floor coating market in the forecast period.
The increasing commercial complexes has led to an upsurge in the floor coating market all over North America and has been a contributing factor for its expansion and increasing demands. Floor upgrades are one of the most significant and cost-effective ways to improve the home’s value. The various sections that are included in the residential buildings include the garage, basement, and outdoor patios or porches. So the major characteristics that are needed for these types of floor coatings are high durability, chemical, and abrasion-resistance, UV resistance for the outdoor patio or a decorative high-gloss floor coating for the basement. The garage floor takes a lot of abrasions, between the daily vehicle traffic, which leads to fluids from the car or lawnmower, and frequent abrasions from the motorcycles or lawn furniture. The increasing awareness of the floor coatings and the advancements in the residential floor coatings has led to increasing demand for the floor coatings market all over the North America.
The market for North America floor coating is concentrated with some very well-established players. Some of the key players in the North America floor coating market include Axalta Coating Systems Ltd, Maris Polymers S.A., Michelman, Inc., The Lubrizol Corporation, The Sherwin-Williams Company, PPG Industries, Inc., 3M Company, Sika AG, Nippon Paint Holdings Co., Ltd., and Rust-Oleum amongst the others.
