As per a research study by Transparency Market Research, in 2013, the global market for concrete floor coatings was worth US$0.7 bn and is estimated to reach a value of US$1.1 bn by the end of 2020. The market is projected to register a healthy 6.80% CAGR between 2014 and 2020.
Biobased Concrete Floor Coatings to Drive Global Market in Near Future
The booming construction industry in developing economies is one of the major factors driving the global market for concrete floor coatings. In addition, the recovering construction sector in developed economies and increasing awareness regarding the benefits of floor coatings are expected to fuel the growth of the market in the next few years. The benefits of using concrete floor coating have been acknowledged by builders and consumers across the globe, owing to which the global market is expected to witness speedy growth in the near future.
On the flip side, the changing raw material and crude oil prices are the major factors hampering the global market for concrete floor coatings. Nevertheless, the growing popularity of biobased products is one of the biggest opportunities for the major players operating in the market.
Europe Concrete Floor Coatings Market to Register 6.30% CAGR from 2014 to 2020
Among the major geographical segments, the Asia Pacific market for concrete floor coatings is estimated to grow at a fast pace in the next few years. The rapid growth of this region can be attributed to the developing construction industry and rising awareness regarding the advantages it provides to floors and buildings. In addition, the rapid urbanization and economic development in this region are projected to contribute substantially towards the growth of the overall market. Moreover, the increasing number of concrete floor coating manufacturers are further fueling the growth of the market.
The global market for concrete floor coatings exhibits stiff competition, thanks to the growing number of players participating in the market. Some of the prominent players are The Valspar Corporation, Sherwin-Williams, PPG Industries, RPM International Inc., BASF SE, and DSM.