Industrial Floor Coatings Market to cross $6bn by 2024
OCEAN VIEW, Del., Oct. 19, 2017 /PRNewswire-iReach/ -- Industrial Floor Coatings Market is expected to witness strong application potential in the food and beverage processing industry. While working in the food processing industry, it is quite important to keep all the areas clean- including the floor. Certain food constituents such as blood, sugar, acids, oils, fats, etc. often fall onto the floors, which are highly susceptible to infections and contaminations. In response to this fact, it is highly important to maintain the sanitary standards of the floors, which has provided a major thrust to the demand of industrial floor coatings market from this application. As per estimates, in 2016, food processing accounted for more than 30% of the overall market and is further expected to grow at an annual rate of 6% over 2017-2024.
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In the industrial sector, the coating of the floor is considered as a crucial facet, subject to which the global industrial floor coatings market has been witnessing a phenomenal demand over the recent years. The utilization of coatings is touted as an impressive solution for optimal protection and aesthetics of the industrial and commercial infrastructures. The noticeable shift in the consumer preference for high chemical resistance, mechanical strength, and improved finishing ability of the flooring has significantly influenced the product demand. As per a report by Global Market Insights, Inc., industrial floor coatings market was pegged at USD 3.5 billion in 2016 and is anticipated to generate revenue over USD 6 billion by 2024.
Many of the food processing industries rely on the epoxy type of coatings, which are highly durable and withstand strong chemical resistance & thermal shocks. Contributing to over 25% of the overall industrial floor coatings market, epoxy cementitious is estimated to be the fastest growing product with y-o-y growth of 6.5% over 2017-2024
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Concrete contributed over 85% overall industry share in 2016, superior features including better wear & tear and scratch resistance has positively influenced material demand. Ease of customization, low maintenance and appealing finishing drives the product consumption in several industries.
Growing demand for strong and high mechanical resistant floors in storehouses will drive demand in warehousing segment. Industrial floor coating demand from aviation and transportation stood at over 115 kilo tons in 2016.
APAC industrial floor coatings market is anticipated to be valued over USD 2.5 billion by 2024. China and India are projected to be among the key revenue generating countries. Favorable FDI norms along with increase in government spending to expand manufacturing sector will drive regional growth.
Germany will observe over 6% growth up to 2024. Presence of major automotive manufacturing facilities in the country will drive regional industry growth. Germany generated over USD 30 million from aviation and transportation application.
Presence of numerous multinational and domestic manufacturers makes the global industrial floor coatings market share highly competitive and fragmented in nature. Mergers & acquisitions, product portfolio expansion and supply agreements are some of the business development strategies adopted major industry players.
Browse key industry insights spread across 210 pages with 317 market data tables & 12 figures & charts from the report, "Industrial Floor Coatings Market Forecast, 2017 – 2024" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/industrial-floor-coating-market
Asian Paints, Sherwin-Williams, RPM International, Akzo Nobel, PPG Industries, BASF, Axalta Coating Systems, Roto Polymers, Tambour, Maris Polymers, Nora System, Milliken & Company, ArmorPoxy and Florock Polymer are among the key industry players.
Other notable companies includes DSM, Dow Chemical, Apurva India, Koninklijke Grand Polycoats, The Lubrizol, Plexi-Chemie, Michelman, Pro Maintenance and Ardex Endure.
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Concrete Floor Coatings Market size was more than USD 850 million in 2015 and is estimated to witness growth more than 7% over the projected timespan. Robust growth in the construction industry, including both residential & commercial, across the globe is the major factor propelling the concrete floor coatings market size by 2024. The overall construction spending in 2013 was roughly around USD 7 trillion and is likely to exceed 13 trillion.
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- Architectural Coatings Market Forecast, 2016 – 2024
Global Architectural Coatings Market size is majorly driven by the developments in the construction industry and rising demand for exotic coatings. Increasing number of commercial buildings coming up throughout the globe will propel the market for architectural coatings. With the global shift towards Asia Pacific for commercial spaces, the architectural market size is forecasted to grow significantly from 2016 to 2024.
https://www.gminsights.com/industry-analysis/architectural-coatings-market
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