The globally rising emphasis on the improvement of industrial safety has opened new opportunities for key players across the concrete floor coatings market. Industrial floor coating solutions are in high demand in manufacturing facilities across various regions.
The escalated product adoption can also be attributed to a range of benefits. These comprise fast curing, improved facility safety, easy and quick application, water and chemical resistance, and others. Such factors are expected to create favorable ground for business owners through the coming years.
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According to the latest research conducted by Global Market Insights Inc., concrete floor coatings market share is likely to surpass USD 1.8 billion by 2027.
Examining the competitive landscape: Steps taken by major industry contenders
Nippon Paint Co., Ltd., Royal DSM, Henkel Corporation, PPG Industries, Inc., Sika AG, and others are some of the major players in the concrete floor coatings industry. These companies are depicting a keen interest in the implementation of several strategies such as mergers, acquisitions, collaborative agreements, and partnerships for the consolidation of their industry position.
Considering an instance, in March 2022, Allnex made it to the headlines for its acquisition of D.R. Coats Ink & Resins Pvt. Ltd.’s coating resins business and Mahad manufacturing site situated in India. The deal was aimed at closely collaborating with regional and local customers, technology partners, and suppliers. This would help the company in the development of various attractive business opportunities.
An increase in such steps is slated to impel business expansion across various regions, especially the Asia Pacific. As per studies, the Asia Pacific concrete floor coatings market is estimated to cross USD 749 million revenue by 2027.
Heightened demand for epoxy coatings
The industry has registered a mounting demand for various types of epoxy coatings. Of these, mortar epoxy coatings are commonly utilized in heavy industry applications and can be used for repairing cracks before laying various types of epoxy floors.
Furthermore, the concrete flooring market has recorded a surging demand for self-dispersing epoxy coatings. These are typically utilized in areas with frequent forklift and heavy truck traffic. The solutions have very good mechanical strength and can be mixed with quartz sand that offers added durability. The coatings are deployed in food processing establishments owing to their good anti-slip characteristics.
Rising product development initiatives
The concrete floor coatings market has registered an increase in product development activities over the past few years. These steps are being adopted for securing a strong competitive edge.
One such instance is the Sikafloor-2350 ESD. The solution is a protective and decorative dissipative self-leveling system for cement or concrete screeds. The product was designed for deployment across a range of industries that assemble, process, transport, package, install, or test.
Some of the common applications comprise automotive, pharmaceutical, and cleanroom industries. An upsurge in such initiatives is expected to impel product demand over the forthcoming years.
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To sum up, harsh environmental conditions, durability requirement, heavy traffic, and others are a few of the prominent factors strengthening concrete floor coating market share. Some of the additional aspects touted to influence the industry landscape comprise an increase in industrialization and the escalating number of manufacturing units at the global level.