PUBLISHER: The Business Research Company | PRODUCT CODE: 1478531
PUBLISHER: The Business Research Company | PRODUCT CODE: 1478531
Concrete floor coatings are specialized formulations applied to concrete floors to protect them from wear, corrosion and other forms of damage, while also enhancing their aesthetic appeal.
The concrete floor coatings market consists of sales, by entities (organizations, sole traders or partnerships), of concrete floor coatings that are used across various settings, from residential garages and commercial spaces to industrial warehouses, due to their durability, resistance to heavy foot traffic, chemicals and abrasion and ease of maintenance.
The global concrete floor coatings market was valued at $1,277.10 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 4.0%.
Growth In The Automotive And Manufacturing Industries
Growth in the automotive and manufacturing industries contributed to the growth of the concrete floor coatings market during the historic period. Facilities that manufacture and handle automobiles and other products need flooring that is durable enough to withstand the extreme circumstances found in industrial settings, such as foot traffic, heavy machinery and chemical spills. Concrete floor coatings are ideal for use in manufacturing and automotive facilities where lifespan and performance are critical because of their remarkable resilience and resistance to impact, abrasion and chemical exposure. In March 2022, according to the latest UNIDO World Manufacturing Report, published by the United Nations Industrial Development Organization (UNIDO), an Austria-based specialized agency that assists countries in economic and industrial development, there was a 9.4% increase in global manufacturing production in 2021, following a 4.2% decline in 2020 due to the pandemic. The production of goods and services in developing and emerging economies has increased by 4.3%. Additionally, according to Edmunds.com Inc., a US-based online resource for automotive inventory and information, 15.2 million new automobiles were estimated to be sold in 2022, a 1.2% rise from its prediction for 2021 vehicle sales. New car sales were estimated to increase globally by 7.5% in 2022, surpassing levels seen in 2019. Therefore, the growth in the automotive and manufacturing industries supported the growth of the concrete floor coatings market during the historic period.
Introduction of New Concrete Floor Coatings Addressing Specific Market Needs
Companies in the market are focusing on launching new concrete floor coating products, which signifies a strategic move aimed at enhancing offerings in the market. These products potentially incorporate novel formulas that cater to particular requirements like application ease, durability and attractiveness. For instance, in January 2023, Dutch Boy Group, a US-based paint manufacturing company, launched a full line of masonry and concrete floor coatings. These coatings are simple to use and offer improved protection and enhancement for exterior concrete pavers, patios, pathways and basement floors. These coatings provide long-lasting, smooth surfaces and outstanding protection, enabling customers to fully enjoy indoor and outdoor living. Additionally, in June 2022, Versatile, a US-based high-performance direct-to-concrete epoxy and floor coatings products manufacturing company, introduced 1009 Liquid QuartzTM, a high-build, self-leveling epoxy flooring system that is built on 100% solids epoxy technology. This new product allows a faster application using fewer installation steps and hours compared to standard epoxy and polyaspartic quartz broadcast systems. It also provides a high-performance traffic surface with modern, upscale aesthetics that give the appearance of a high-build color quartz system.
The global concrete floor coatings market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up 22.98% of the total market in 2022.
Concrete Floor Coatings Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global concrete floor coatings market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for concrete floor coatings? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The concrete floor coatings market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider concrete floor coatings market; and compares it with other markets.