Industrial Floor Coating Market Analysis by End Use Industry (Aviation & Transportation, Manufacturing, Warehousing, Food Processing); Product (Epoxy, Polyurethane, Acrylic); Component (One, Two, Three); Flooring Material (Mortar, Terrazzo, Concrete) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4877 | Published Date: May 01, 2023
Industrial Floor Coating Market size is estimated to reach ~USD 17.37 Billion by the end of 2035 by growing at a CAGR of ~7.60% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of industrial floor coating was ~USD 7.21 Billion. The growth of the market can be attributed to the growing warehouse industry, followed by an increase in the number of warehouses. The industrial flooring provides a durable surface for the warehouse in order to avoid accidents. As per the reported data, the number of warehouses and storage reached to more than 2,000 in the year 2021.
In addition to these, factors that are believed to fuel the market growth of industrial floor coating include the rising importance given the construction industry to the strength of the flooring. Moreover, there has been surging demand for different products, such as epoxy owing to its low cost, and its ease of maintenance. Furthermore, the industrial floor coating handle the heavy impact of constant traffic, and provide resistance against the corrosive liquid. Furthermore, the shifting trend of the industries towards floor protection is increasing the demand for industrial floor coating. In addition, there has been growing awareness among the end users related to the benefits of the floor coating, which is also expected to expand the growth of the market in the upcoming years.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~7.60% |
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Base Year Market Size (2022) |
~ USD 7.21 Billion |
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Forecast Year Market Size (2035) |
~ USD 17.37 Billion |
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Regional Scope |
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Growth Drivers
Challenges
The global industrial floor coating market is segmented and analyzed for demand and supply by end use industry into aviation & transportation, manufacturing, warehousing, food processing, and others. Out of these, the manufacturing segment is estimated to gain the largest market share of about ~45% in the year 2035. The growth of the segment can be attributed to the increasing number of manufacturing facilities, especially in emerging countries. Moreover, the growing demand for quality certifications for manufacturing plants in order to ensure employee safety, and efficient material handling. In addition, the chemicals are released, and the pressure of equipment has to be sustained during the production process. Therefore, all these factors are predicted to boost the growth of the segment in the market. As per the data, India reported more than 1,000 deaths and more than 3,500 injuries in registered factories on average in the year 2020.
The industrial floor coating market is also segmented and analyzed for demand and supply by product into epoxy, polyurethane, acrylic, and others. Amongst these segments, the epoxy segment is expected to garner a significant share by the end of the year 2035. This can be attributed to the surging consumer preference towards the professional and luxury appearances, that increases the demand for industrial floor coating. Moreover, owing to the compatibility of flexible epoxy resins with a wide range of designs, and colors are further expected to expand the segment’s growth in the market. In addition, the industry’s needs flooring that is durable in order to prevent the floors from cracking, thus raising the demand for industrial floor coating.
Our in-depth analysis of the global industrial floor coating market includes the following segments:
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By End Use Industry |
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By Product |
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By Component |
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By Flooring Material |
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The market share of industrial floor coating in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about ~36% by the end of 2035. The growth of the market can be attributed majorly to the increasing shift towards production outsourcing from countries such as the U.S, U.K. and other countries in the Asian countries. Moreover, countries such as China, and India are hubs for manufacturing set-up owing to the availability of resources at a lower cost. In addition, it has led to the rise in the number of manufacturing units that are producing goods at lower cost, which in turn is surging the demand for industrial floor coating. Moreover, there has been increasing growth in the aviation, construction, marine, and other industries in the Asia Pacific region, that is further predicted to boost the growth of the market in the region. As per recent reports, the manufacturing units in India contribute to nearly 16 percent of the India’s gross domestic product (GDP) and they employ more than 10 percent of the total workforce in the country.
The North America market is estimated to be the second largest, registering a share of about ~28% by the end of 2035. The growth of the market can be attributed majorly to the surging renovation, and remodeling in the residential, as well as commercial construction sectors. Furthermore, the presence of key players in industrial floor coating in the region is further projected to surge the growth of the market in the region. In addition, the increasing research and development investment for the floor coating in countries such as U.S and the Canada is another factor that is anticipated to expand the market’s growth in the region.
Further, the market in the European, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the growth in the construction sector in the region. In addition, the increase in the number of commercial buildings in the European region is surging up the demand for industrial floor coating. Moreover, there has been growth in the automotive industry, followed by the increasing number of consumers and manufacturers, which is surging the demand for industrial facilities. Therefore, all these factors are predicted to provide opportunities for the growth of the industrial floor coating market in the European region.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Rapid industrialization in emerging countries, and surging investment in green buildings are the major factors driving the market growth.
Ans: The market size of industrial floor coating is anticipated to attain a CAGR of ~7.60% over the forecast period, i.e., 2023 – 2035.
Ans: Disruption in the supply chain, and fluctuations in the price of raw materials are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are The Dow Chemical Company, 3M Company, Astellas Pharma Inc., PPG Industries, Inc., Akzo Nobel N.V., RPM International Inc., Axalta Coating Systems, LLC, A & I Coating Ltd, The Lubrizol Corporation, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by end use industry, product, component, flooring material, and by region.
Ans: The manufacturing segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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