Floor Coatings Market - Competitive Analysis
The Floor Coatings Market appears to be less competitive with the presence of only a few major global chemicals and materials manufacturers operating in the floor coatings market. The presence of a few key players will lead to a monopoly situation and a competitive edge in innovation and technology is expected to be indelicate. As these materials are pricing at higher costs in the current markets and increasing demand for floor coatings materials in residential and industrial applications will influence the end-user products from these industries. Floor coatings market demonstrates a high growth potential as the demand for these materials is increasing other key players are likely to invest in opening new production capacities to meet the global demand with better solutions.
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- Akzo Nobel N.V.
- BASF SE
- The Dow Chemical Company
- Arkema S.A.
- The Sherwin-Williams Company
- Asian Paints Ltd.
- RPM International Inc.
- 3M Company
- PPG Industries Inc.
- CPC Floor Coatings
Floor coatings Market - Synopsis
The Global Floor Coatings Market is increasing with rapid growth; mainly due to the flourishing construction industry. The global construction market is anticipated to increase at an impulsive pace than world GDP over the forecast period. As Asian economies continue to industrialize and the US recovers from the sharp downturn during the global financial crisis is driving the construction industry. According to a recent study report published by the Market Research Future, the global market of Floor coatings is increasing and expected to witness influence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
Globally, the market for floor coatings is driven by the region Asia pacific, rapid development in construction and oil & gas industries population is driving the floor coatings market. The chief function of a protective coating is to prevent moisture and oxygen from reaching the substrate. Floor coatings materials are extensively used in the air conditioning applications (HVAC) to maintain cooling and humidity control in residential and non-residential properties, and public transport. Floor coatings materials possess low thermal conductivity, high levels of shear and compression strength, low density and lightweight, and strong adhering properties. These materials help to conserve mass, energy, and cost economize various industrial processes.
These coatings can be formulated in a wide range of colors and finishes while still maintaining high levels of chemical resistance and durability. As good and as tough as these coatings may be, they are still vulnerable to delamination and, in some cases, blistering. On the other hand, emission of harmful volatile organic compounds (VOCs) when exposed to extremely harsh conditions of temperatures and chemical attacks which is in turn expected to influence the floor coatings market.
Floor coatings materials such as polyaspartic, acrylic, polypropylene, polyester, epoxy, and vinyl ester are costlier but they are capable to deliver high performance for long run purposes. These high value-added products widely used to provide properties such as strong surface, excellent mechanical durability ease of cleaning withstanding of chemical stresses well ease and simplicity of application. Floor coatings are used in applications such as residential, commercial and industrial construction activities.
Acrylic-based floor coatings are the most widely used floor coatings on concrete flooring constructions and followed by polyaspartic. Epoxy-based floor coatings can be utilized for multiple coatings purposes such as coating industrial machinery and also concrete flooring.
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Industry/ Innovation/ Related News:
December 2016 – Akzonobel N.V. (the Netherlands), one of the key manufacturers of Floor coatings also has a presence in India. The company announced that AkzoNobel India has acquired the industrial coatings business of BASF India Ltd for Rs 11.17 crores. This follows the closure of the global acquisition of BASF's industrial coatings business by AkzoNobel. By this acquisition, AkzoNobel, bringing expertise to innovate and serve an expanded customer base worldwide.
December 2016 – BASF SE (Germany), is one the leading manufacturers of floor coatings in the world, has announced its product Ucrete MF40AS BASF has launched a new heavy-duty antistatic flooring system that is based on a polyurethane cement technology. It complements the BASF product portfolio of chemical solutions for construction, which is bundled under the Master Builders Solutions® brand. Ucrete MF40AS offers numerous advantages in terms of a safe and aesthetic working environment, robustness and durability. Its antistatic properties protect the flooring system from electrostatic-sensitive devices and can be used in explosion hazard areas. This new innovation keeps the BASF ahead in the race for new innovative products in the global market for floor coatings over the forecast period.
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