Concrete Floor Coatings Market Analysis by Product (Epoxy, Polyaspartic, Acrylic, Polyurethane, and Others); by Component (One Component, Two Component, Three Component, and Four Component); by Application (Indoor and Outdoor); and by End Use (Residential, Commercial, and Industrial) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Concrete coating is a covering, mainly in semi-liquid and liquid forms, applied to cure concretes to enhance the durability and aesthetics of the floors. Concrete floors are porous and allow soluble contaminants & water to penetrate the structure, leading to early degradation.
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~6% |
|
Base Year Market Size (2022) |
~ USD 1 Billion |
|
Forecast Year Market Size (2033) |
~ USD 2 Billion |
|
Regional Scope |
|
The global concrete floor coatings market is estimated to garner a revenue of ~ USD 2 Billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 1 Billion in the year 2022. The primary growth factor for concrete floor coatings is the rising construction industry across the world. The high number of buildings present in the world is expected to increase the production rate of concrete floor coatings for flooring and other purposes. According to a recent report, the construction industry in the United States generated approximately USD 2 trillion in revenue in 2019.
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Owing to rapid urbanization, there has been a significant rise in the construction of commercial and residential properties, which has prompted the need for concrete floor coatings for various purposes. Thus, the high involvement of the population in the construction sector is expected to fuel the utilization of concrete floor coatings in the construction industry in the forecast period. As of 2021, there were almost 10 million construction workers in the United States, approximately 8% of the total working population.
Burgeoning Population - The swelling population has increased the demand for the construction of housing and other buildings for day-to-day activities. The increased demand for construction is further anticipated to fuel the demand for glass alternative materials and expand the market size. As per the World Bank, the total population of the world stood at 7.76 billion in 2021, up from 7.09 billion in 2012.
Rise in Residential Construction – The United States Census Bureau stated that there were around 142,153,010 housing units in the U.S. as of June 2021. Furthermore, the building permits in the same period were 1,736,982 units.
Boom in the Real Estate Sector – As per recent estimates, the revenue of real estate companies worldwide stood at USD 9.5 billion in 2021.
Increased Construction of Commercial Buildings – According to the Buildings Energy Consumption Survey (CBECS), there were approximately 5.9 million commercial buildings in the United States in 2018.Further, the number of commercial buildings increased by 6% since the CBECS was last conducted in 2012.
High Number of Buildings Across the World – According to data from 2020, the United States had 350,000 industrial buildings and 240,000 military buildings.
Easy Availability of Other Substitutes – There are ample number of other substitutes available to concrete floors such as wood, steel, marble, granite, glass and other. As a result, the adoption rate of concrete flooring is expected to slow down.
Fluctuating Costs of Raw Materials
Stringent Rules by Government
The global concrete floor coatings market is segmented and analyzed for demand and supply by end use into residential, commercial, and industrial. Out of these, the residential segment is expected to garner the highest market share by 2033, owing to increased number of residential buildings across the globe. People is adopting concrete floor coatings for advantages such as high-quality-appearance, durability, robust and other things. As per estimations, in 2020, there were almost 100 million single-family homes in the U.S. Furthermore, there were around 5 million multifamily residential buildings in the same period. Another factor for the growth of the residential segment is expected to be increased demand from the burgeoning population. In 2020, it was calculated that 90% of the buildings in the U.S. were single-family homes, with approximately 200 billion square feet.
The Asia Pacific concrete floor coatings market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, owing to the rapid expansion of the construction industry, high number of residential projects and the presence of leading market key players. The building construction industry in Asia Pacific is expected to reach USD 3 million by 2024, with a robust CAGR of 7%. Further, the burgeoning population in the Asia Pacific is expected to increase the demand for non-residential building construction, and other infrastructures which is further anticipated to boost the concrete floor coatings market. Lately, it was calculated that Asia Pacific was the largest region in the global nonresidential building construction market, accounting for 43% of the total in 2021, with a steady 9% CAGR.
Ans: The expansion of construction industry along with the rise in the construction of buildings and infrastructure are some of the factors that are expected to propel the market growth.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.
Ans: The availability of alternative chemicals along with stringent rules by the government and fluctuation in raw material are some of the factors that are expected to hamper the market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are BASF, BEHR PROCESS CORPORATION, DAW Group, Nippon Paint Holdings Group, PPG Industries, Inc., Sherwin-Williams Company, RPM International Inc., Hempel A/S, Koninklijke DSM N.V., BEHR PROCESS CORPORATION, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, component, application, end user, and by region.
Ans: The residential segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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