Floor Coatings Market Size, Share & Industry Analysis, By Resin (Epoxy, Polyaspartic, Polyurethane, and Others), By Component (One-Component, Two-Component, Three-Component, and Others), By Flooring Material (Concrete, Wood, Terrazzo, and Others), By End-use (Industrial, Commercial, and Residential), and Regional Forecast, 2020-2027

The global floor coatings market was valued at USD 2,687.7 million in 2019 and is projected to reach USD 4,734.9 million by 2027, growing at a compound annual growth rate (CAGR) of 7.8% during the forecast period. The industrial segment led the market in volume and revenue share in 2019.

Floor coatings are helpful for applications where slip resistance and chemical resistance properties are necessary for floors. Increasing globalization and economic development, especially in the Asia Pacific region, are the key factors that are likely to have a significant impact on the market. Urbanization is also generating many opportunities for the industry in emerging economies such as India and China. In addition, the global population has increased dramatically, fueling the need for housing and industrial infrastructures. Besides these developments, the inherent attractiveness of coatings in the form of their anti-static, anti-vibration, and waterproof characteristics has further enhanced their demand.

Vertical End-use Industries Impacted by COVID-19 Outbreak to Stall Market Growth

The COVID-19 pandemic has been the most disruptive force for the market. While production has resumed in a staggered manner at most of the coating production units, the ever-increasing number of cases and falling demand have generated uncertainty among the leading producers of coatings. Lockdown measures across countries have caused widespread disruptions in the entire production and supply chain of the coatings industry. Also, companies are facing a severe shortage of skilled and unskilled labor as workers in the manufacturing sectors across countries have returned to their hometowns.

Furthermore, the discontinuation of construction activities due to the pandemic has lowered the demand for these coatings. According to the RICS Global Construction Activity Index, an indicator of current and anticipated construction market conditions for construction professionals in Q2, this metric was negative across regions. It was the lowest in the Middle East and Africa (-40) and strongest in the Americas (-14). In the industrial and commercial sectors, for example, firms are more at risk from the economic crisis and their immediate goals are likely to be market survival rather than expansion into new domains. In spite of low-interest rates and direct government funding, the residential sector is still expected to decline as economic growth weakens and unemployment increases. There is also a high probability that a significant percentage of early-stage initiatives will be scrapped or held back in these sectors.

In order to reinvigorate the market, governments and public bodies are concentrating on promoting investments in infrastructure projects. Depending in part on their present financial status and debt, the effectiveness of governmental attempts to invest significantly is likely to be limited.

FLOOR COATINGS MARKET TRENDS

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Rising Usage of Sustainable Raw Materials in Flooring Applications to Boost Growth

Innovation and being "green" are the focus areas of the coatings industry. This implies that materials developed by this industry must have low carbon emissions; low levels of volatile organic compounds (VOCs); eco-friendly ingredients; and durable green processes. The use of green products to decrease the carbon footprint, the removal of toxic chemicals, the implementation of bio-renewables, the use of recycled materials, the reduction in energy consumption, and the reduction of waste are some of the other aspects of using green materials for the manufacturing of coatings that are likely to create opportunities for the market. For example, LATICRETE International, Inc. introduced SPARTACOTE concrete flooring coatings, which are among the most effective systems available in areas such as chemical and abrasion resistance, concrete adhesion, and UV stability. The SPARTACOTE Flex PURE^TM polyaspartic concrete coating also has very low VOC content.

One development has been the use of raw materials from renewable energy sources. Manufacturers are working more than ever to produce high-performance coatings that can reduce their detrimental environmental effects. Coating manufacturers have developed creative processes that reduce the excessive use of natural resources. They are working on minimizing the use of toxic materials, implementing bio-renewables, and using recycled materials. This is in recognition of the fact that fossil fuel reserves are finite. This has culminated in the production of formulations of coatings based on renewable materials with much improved results.

High-performance floor coatings utilize sustainable technologies based on natural-oil polyols (NOPs), waterborne two-component coatings, polyaspartics, bio-based materials, and UV-curing resins, allowing architects and contractors to fulfill the needs of customers as well as foster sustainable development. Coatings using NOPs are commercially available. In the coatings industry, castor oil has been looked at both in its unmodified state and as a chemically-adjusted derivative. Many of these products are produced from castor beans cultivated in countries such as India, China, and Brazil. With the help of rigorous research & development, water-borne polyurethane coatings are now “truly water-borne” 0-20 g/L VOC levels and nearly odor-free. The use of sustainable raw materials in the manufacturing of coatings is, thus, expected to drive the market.

FLOOR COATINGS MARKET GROWTH FACTORS

Eco-Friendly Concrete Floor Coatings to Drive the Market

The growing consumer demand for high-performance, eco-friendly concrete coatings is attributed to many sustainability factors. Stricter VOC and odor controls are part of the sustainability measures. In most building projects, as sustainability standards become more common, coating technologies are being required to adapt or go extinct. Polyurethane coatings can be developed to have the necessary longevity, recycled materials, and other specifications, adhering to the standards currently defined by several green building regulations due to their widely flexible characteristics. There are a few coating methods for protecting concrete in the built environment when it comes to longevity and fast return-to-service periods that deliver the long-term, validated efficiency of those based on the polyurethane technology.

Moreover, VOC and indoor air pollutant limits have stoked the demand for polyurethane coatings that have continued to prosper as they provide a more environmentally safe alternative to conventional solvent-borne coatings. For instance, certain conventional solvent-borne coatings can raise end-of-life issues since they can contain harmful additives.

Sustainable concrete coatings, on the other hand, are developed with no heavy metals or plasticizers, so that a building owner can dispose of them or reclaim the concrete. Incidentally, by theoretically reducing possible remediation steps, this will lead to cost savings. These extremely durable coating options allow building contractors to give their customers sustainable solutions while maintaining the quality and versatility of the decorative floors. Ease of use, longevity, low VOC levels, and visibility and shine are provided by the current concrete coating products, which can be developed to meet environmental requirements. For instance, DSM announced that its latest bio-based self-matting resin, Decovery SP-2022 XP, has been successfully incorporated into the products introduced at Domotex 2020 by the coating formulators Ciranova and Arboritec AB.

RESTRAINING FACTORS

Improper Surface Preparation May Hamper the Market

As the coating breaks from the concrete base, the subsequent coating loss leads to flaking, cracking, and bubbling. This will not only limit the coating’s capability to shield the concrete, which contributes to corrosion, but this will also make the surface unattractive and can create health and safety concerns.  The failure reasons for floor coatings include 80% improper surface preparation, 15% application issue, and 5% material used. One of the most common causes of coating failures is the moisture content of concrete substrates. In fact, a big issue is the moisture transfer mechanism in which water vapor rises to the surface of the concrete due to increases in atmospheric temperature and humidity.

The surface must be polished and roughened by procedures such as diamond grinding or sand-blasting to eliminate any pollutants such as oils, debris, or lose materials that can impair adhesion. To ensure an effective floor coating implementation, multiple coatings need varying degrees of thickness and application techniques. The physical properties of the coatings are weakened when a coating is applied below the minimum necessary thickness, rendering the coating extremely vulnerable to cracking and degradation. Epoxy coatings come in structures of one or two sections that need to be combined in the required ratio or can result in a wide variety of defects. These may include impaired longevity and weight resistance as well as complete coating loss in extreme circumstances.

FLOOR COATINGS MARKET SEGMENTATION ANALYSIS

By Resin Analysis

Epoxy to Hold the Largest Market Share

On the basis of resin, the market segments include epoxy, polyaspartic, polyurethane, and others. The epoxy segment held the major share of the market. Epoxy coatings are extensively deployed in the industrial and commercial sectors for coating concrete floors. These coatings are durable, smooth, high performance, and glossy. They also make the floor tough and durable and are able to withstand heavy loads for many years and maintain safe and clean floor conditions for workers. The exceptional properties of epoxy coatings such as impact resistance, chemical resistance, and abrasion resistance are increasing their demand in various end-use industries.

Various types of epoxy resins with different properties are employed in epoxy coatings for different application areas. For instance, aircraft maintenance involves the use of specialized chemicals as constant contact with oil and grease cannot be endured by ordinary concrete floors. Therefore, floors in aircraft hangars are coated with epoxy resins to make them resistant to oils, grease, and chemicals.

The polyaspartic segment is expected to expand at a rapid pace attributed to the material’s ability to customize formulations according to the end-use application, high durability, minimal disruption, UV resistance, hot tire resistance, and other properties. The drying time for polyaspartic resin is nearly 2-3 hours and has negligible VOC emissions, which makes it an excellent option for coatings.  

By Component Analysis

One-component Segment Dominated the Market in 2019

On the basis of coating components, the market is classified into one-component, two-component, three-component, and others. The one-component segment constituted the key share of the market attributed to the easy application property of these coatings. Moreover, the one-component coating is comparatively lower in price, which makes it a preferential option for consumers.

The two-component segment is anticipated to expand at a rapid pace during the forecast period. Two-component coatings are generally resins and hardeners. The exceptional durability, aesthetic finish, glossy look, and superior adhering properties of two-component coatings are expected to boost their demand from the industrial sector. The rising demand for hard, durable, heavy load-bearing and non-slip coatings from the commercial and industrial sectors is projected to drive the demand for this segment.

By Flooring Material Analysis

Concrete Segment to Rise at a Steady Pace

Based on the flooring material, the market is segmented into concrete, wood, terrazzo, and others. Factors such as lower concrete costs, improved performance, and high tensile strength make concrete coatings the most commonly used material for the construction of industrial floors. Coatings shield concrete floors from corrosion and deterioration and even discourage bacteria from forming on floor surfaces. They also offer excellent chemical resistance to concrete flooring, increased aesthetic appeal, ease of cleaning, and superior structural performance. Concrete floorings are indestructible and need to be protected to retain their appearance and properties. Concrete coatings are characterized and customized to allow the concrete to breathe.

Wood flooring solutions are employed to enhance the aesthetic aspects of spaces. These coatings improve the durability, aesthetical value, and prevent fungal growth and damage due to insects and termites. The increasing demand for wood flooring from end-use sectors such as hotels, restaurants, resorts, theme parks, and others are anticipated to further boost the demand for these solutions.

By End-use Analysis

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Industrial End-use to be the Leading Segment up to 2027

In terms of end-use, the market is divided into industrial, commercial, and residential. Floor coatings are mostly employed in the industrial and commercial sectors. The industrial segment held the leading volume and revenue share of the market in 2019. The increasing demand from the industrial sector can be attributed to the setting up of new manufacturing facilities by companies. The rapid expansion of commercial and industrial constructions around the globe is contributing to the growth of the global industrial floor coating industry. The intense wear and tear, abrasion, oils, and chemicals that are typically witnessed in manufacturing facilities can be reduced by employing concrete coatings.

All kinds of food by-products, including hot oils, blood, fats, sugar solutions, and natural food acids are usually released to the floors in food processing plants. Owing to their corrosive nature, some of these compounds can inflict significant harm to concrete. As a result, coatings are applied on food & beverage manufacturing plant floors to create a protective layer that prevents chemicals from entering the concrete layer and assures that the surface is hygienic.

The commercial segment is expected to grow speedily due to the increasing number of shopping malls, commercial complexes, and other infrastructures in urban areas. Increasing government initiatives to support infrastructural growth is expected to substantially increase the commercial segment.

REGIONAL FLOOR COATINGS MARKET ANALYSIS

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The market size in Asia Pacific stood at USD 1,136.4 million in 2019. The increasing residential, commercial, and industrial construction activities in developing economies such as China, India, Indonesia, and Malaysia are expected to fuel the demand for coatings. Rapid industrialization coupled with government initiatives to support and promote the construction and infrastructural activities in Asian countries is anticipated to boost the market. For instance, the Indian government has started the Make in India initiative to support local and rural development. In Asia Pacific, China constituted the major market share in terms of value and volume in 2019, attributed to the increasing demand from the country’s industrial and residential sectors. Additionally, the labor cost in Asia Pacific is lower as compared to other regions, which is attracting various companies to set up manufacturing facilities in countries such as China and India.

In North America, increasing awareness among consumers regarding the employment of green building strategies and projects is expected to drive the market. Additionally, the presence of an ample number of manufacturers in the North American region is likely to fuel regional market growth. Furthermore, stringent regulations imposed by governments to avoid accidents and ensure the safety of workers are also necessitating the coating of floors to make them sturdy and non-slip.

Europe also held a significant floor coatings market share owing to the increasing demand from the construction and industrial sectors. There has been a significant increase in the disposable incomes of consumers in the region, which in turn is increasing the spending on the interiors of residential spaces. Increasing commercial and industrial development and the setting up of new manufacturing facilities and workstations are driving the demand for coatings in Europe. Additionally, shiny, smooth, and high-gloss finish floors are required to enhance the aesthetic value of rooms, which also favors the market.

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Countries such as Brazil, Argentina, and Mexico are the commercial centers of Latin America, with a large number of commercial and residential buildings. Rapid industrialization and the related constructional activities in the region are projected to fuel market growth.

The market in the Middle East & Africa region is expected to expand at a prolific pace on account of the growing tourism sector. Countries such as Saudi Arabia, South Africa, and Kuwait are expected to witness growth in their tourism sectors owing to the exceptional interiors of infrastructures such as the Dubai Mall, Burj Khalifa, and other shopping complexes.

KEY INDUSTRY PLAYERS

Key Companies to Adopt Strategies to Enlarge Market Share

There is a growing involvement of various well-established companies, including Akzo Nobel N.V., BASF SE, RPM International, Inc., PPG Industries, Inc., and Sherwin-Williams Company, in the market. The competition is anticipated to intensify as the leading players are actively engaged in expanding their product range and global and regional footprint. Companies in the market differ based on the delivered product content and the equipment used for the manufacture of floor coatings.

In order to reduce the cost of spreading into a new marketplace, key players are competing based on product creation skills and are forging strategic alliances with regional players.

LIST OF KEY COMPANIES PROFILED IN FLOOR COATINGS MARKET:

• RPM International Inc. (Ohio, U.S.)


• BASF SE (Ludwigshafen, Germany)


• Akzo Nobel N.V. (Amsterdam, Netherlands)


• The Sherwin-Williams Company (Ohio, U.S.)


• Jotun (Sandefjord, Norway)


• Asian Paints Ltd. (Mumbai, India)


• Nippon Paint Holdings Co. (Singapore)


• ADCOS NV (Malle, Belgium)


• Tennant Coatings (Minneapolis, U.S.)


• DSM (Heerlen, Netherlands)


• PPG Industries, Inc. (Pennsylvania, U.S.)


• Kansai Paint Co., Ltd (Osaka, Japan)


• Other Players

KEY INDUSTRY DEVELOPMENTS:

• August 2020 – Nippon Paint Holdings Co. acquired the Australian paint maker DuluxGroup Ltd, which has the top share in the paint and coating industry in Australia and New Zealand. With this purchase, Nippon Paint Holdings Co. aims to boost its commercial operations abroad.


• January 2019 – PPG Industries, Inc. announced that at The International Surface Event (TISE) in Las Vegas, it will demonstrate the full collection of industry-leading wood coatings. Wood coating materials and innovations are used in the flooring, molding, millwork, cabinetry, and door applications by leading manufacturers.

REPORT COVERAGE

An Infographic Representation of Floor Coatings Market

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The floor coatings market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, material, product types, seafood type, packaging technology, and leading applications of the product. Also, the report offers insights into market trends and highlights vital industry developments. Research methodologies such as the bottom-up and top-down approaches have been used in the study. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation