CHICAGO, Jan. 21, 2020 /PRNewswire/ -- According to the new market research report "Industrial Floor Coating Market by Resin Type, Flooring Material (Concrete, Mortar, Terrazzo), Coating Component, Technology, End-use Sector (Manufacturing, Aviation & Transportation, Food Processing, Science & Technology), Region - Global Forecast to 2024" Published by MarketsandMarkets™, The global industrial floor coating market size is projected to grow from USD 5.5 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 4.6% from 2019 to 2024.
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The market is projected to grow in accordance with the growth of various end-use industries across the globe. Factors such as an increase in the industrial and commercial construction, along with the demand for floors in industrial facilities to withstand various chemical attacks & environment conditions, are expected to support market growth during the forecast period.
In terms of value and volume, the epoxy segment is estimated to lead the industrial floor coating market in 2019.
The epoxy segment, by resin type, accounted for the largest market share among all the resin types because of the various properties of epoxy. Some of them include high adhesion, impact resistance, flexibility, and resistance to chemicals and solvents. Despite being more expensive than the other types of coating binders, the market for epoxy resins witnesses the largest demand due to features such as flexibility, superior adhesion, and corrosion resistance when applied on metallic substances.
In terms of value and volume, the concrete segment is projected to grow at the highest CAGR during the forecast period.
The concrete segment, by flooring material, led the industrial floor coating market in 2018, in terms of value and volume. Factors such as lower cost of concrete, its superior durability, and its tensile strength make it the widely used material for the construction of industrial floors. Coatings protect concrete floors from degradation due to contamination and also prevent the growth of microbes on floor surfaces. It also provides concrete flooring with excellent chemical resistance, ease of maintenance, enhanced aesthetic appeal, and superior structural performance.
The manufacturing segment is estimated to be the largest end-use sector in the industrial floor coating market in 2019.
The manufacturing sector, by end-use sector, accounted for the largest demand for industrial floor coating in 2018, in terms of value and volume. This dominant market position is attributed to the exponential growth of the manufacturing industry globally. With the boost in manufacturing activities, the number of production plants has also gone up, which has created an opportunity for the application of industrial floor coating in these facilities.
The Asia Pacific region is projected to account for the largest share in the industrial floor coating market during the forecast period.
The Asia Pacific region is projected to lead the industrial floor coating market, in terms of both value and volume from 2019 to 2024. Asia Pacific is the hub of foreign investment and booming industrial sectors, largely due to the low-cost labor and cheap availability of lands. An increase in demand for protective coatings can be largely attributed to the growing industrial, infrastructural & construction, marine, and automotive industries.
PPG Industries, Inc. (US), AkzoNobel N.V. (The Netherlands), The Sherwin-Williams Company (US), BASF SE (Germany), and RPM International Inc. (US) are the key players operating in the industrial floor coating market. Expansions, acquisitions, partnerships, investments, divestitures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Industrial Floor Coating Market.
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