The global industrial floor coatings sector is poised for solid growth in the next five years with its market size expected to grow from around €3.65 billion ($4.06 billion) in 2017 to €7 billion ($7.8 billion) by 2024 registering a CAGR of over 7.2 per cent, said a report by Global Market Insights (GM Insights), a market research and strategy consulting firm based in Pune, India.

In the industrial sector, the floor coatings are 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 utilisation 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, stated the report.

Some of the major global players in the industrial floor coatings sector include Dow Chemical, Sherwin-Williams, Akzo Nobel, BASF, Asian Paints, PPG Industries, Tambour, 3M, Kansai Paint and Milliken & Company.

According to the report, industrial floor coatings market is expected to witness strong application potential in the food and beverage (F&B) processing industry. While working in the food processing industry, it is quite important to keep all the areas clean – especially 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, it stated.

As per estimates, in 2017, industrial floor coatings market size from food processing was valued at $1.5 billion and is further expected to grow at an appreciable pace over 2018-2024, said the report by the Indian research group.

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 50% of the overall industrial floor coatings market, epoxy is estimated to be register a y-o-y growth of 6% over 2018-2024, it stated.

Many industries and manufacturing plants witness repeated spills or a high likelihood of oils, grease, or liquids on the floor. In addition to this, floors of warehouses and manufacturing units also need to withstand wear and tear, created by heavy machinery, high impacts, and excessive heat.

Subject to this fact, industrial floor coatings market is gaining huge demand from this application, on account of thriving profoundly on the cusp of rapid industrialisation and urbanisation, it added.

The prominent economies of Asia Pacific including China, Malaysia, India, Vietnam, and Japan promise great potential for the growth of industrial floor coatings industry, owing to rapid infrastructural development. As per estimates, APAC industrial floor coatings market is expected to record a CAGR of 8% over 2018-2024, stated GM Insights in its report.

The concrete flooring material is witnessing noticeable demand from the manufacturing and warehouses applications. Owing to its superior properties of wear & tear, prevention from abrasion, scratch resistance, and ease of maintenance with excellent aesthetics, industrial floor coatings marker share from concrete materials stood at $3 billion in 2017 and is likely to grow at CAGR of 7.5% over 2018-2024, it stated.

The global industrial floor coatings market is witnessing a paradigm shift toward environment-friendly floor coatings. Rising concerns over the fluctuating crude oil prices and the growing dependency on fossil fuel have stimulated the paints & coating industry to strive for sustainability.

According to the report, growing consumer awareness regarding the impact of synthetic resins on the environment has created huge scope for the industry players to focus on the development of bio-based coatings.

Bio based floor coatings are derived from natural sources such as soybean oil, succinic acid, sunflower oil, rapeseed oil, and castor oil.

The key industrial floor coatings market players are joining forces with biotechnology firms to synergize their domains and address the demand for bio-based products, stated GM Insights in its report.

For instance, in 2016, Arkema a leading company in specialty chemicals, has partnered with several industrial coatings companies to develop bio-based materials to meet the latest industry demand and shifting consumer trends.

Following this collaboration, in 2017, Bostik, a subsidiary of Arkema acquired CMP specialty products, a flooring and floor preparation unit of US based specialist CGM. The acquisition gave Bostik a fair chance to further exploit the US construction market and provide better and innovative flooring solutions to its customers, it stated.

In light of this dynamic scenario, industrial floor coatings market size is certainly liable to surge over the coming years with a projected CAGR of 7.2% over 2018-2024, it added.-TradeArabia News Service