PUBLISHER: Grand View Research | PRODUCT CODE: 1575094
PUBLISHER: Grand View Research | PRODUCT CODE: 1575094
The global floor coatings market size is anticipated to reach USD 5.11 billion by 2030 and is projected to grow at a CAGR of 6.9% during the forecast period, according to a new report by Grand View Research, Inc. The growth is majorly attributed to its wide use in commercial and industrial applications such as warehouses, hospitals, manufacturing and industrial plants, showrooms, commercial and retail stores, garages, and airplane hangars. The coating protects floors from moisture, stains, and cracks and provides a high-performance, smooth, and durable surface that lasts several years and withstands heavy loads.
Moreover, the product manufacturers are designing VOC-free and environment-friendly coatings to cater to the increasing demand for such products in green buildings. With the rising demand for green buildings, the product market is also expected to grow substantially over the forecast period. Various properties of the product, such as excellent wear resistance and durability, extreme temperature resistance, high gloss, and excellent surface quality, are projected to further fuel their demand for green building activities.
There has been growing demand for tile flooring among residential & commercial applications owing to its benefits such as low maintenance, insulation, anti-corrosion, durability, and water, stain, odor, and bacteria resistance. Flooring tiles are usually made of raw materials such as glass, sand, and clay. Various residential applications, such as flats, apartments, single-family housing units, and others, widely adopt tiles over coatings for flooring. The aesthetic and visual appearance of flooring plays a vital role in driving flooring tiles over floor coatings.
The product market is highly regulated by governmental and environmental norms globally. The use of solvents in the formation of floor coatings contributes to environmental pollution as it is a key contributor to the formation of ozone levels. In addition, exposure to VOCs during the manufacturing and installation process adversely affects human health. Thus, with the rising environmental and human health concerns, the use of VOCs in floor coatings is strictly being monitored by several regional, local, and national regulations.