The demand within the global market for concrete floor coatings has been rising on account of the revolutionary developments in the constructions industry. Concrete floor coatings are meant to offer a protective layer to floors made of concrete, and these coatings are extremely efficient in resisting the impact of chemical and mechanical stresses. Furthermore, concrete floor coatings exhibit commendable adhesion to the concrete surface which in turn helps in retaining the quality, texture, and appearance of floorings. In the contemporary times, several types of concrete floorings have made way into the market, and the consumers have a wide array of options to choose from. Moreover, the constructions industry has started paying integral attention to the aesthetics and strength of floorings which has created ripples in the global market for concrete floor coatings. It is expected that the demand for concrete floor coatings would escalate at a tremendous rate on account of the availability of high-quality coating products in the market. The growth of the global market for concrete floor coatings also relies on the speed of industrialisation across the world.
Transparency Market Research (TMR) finds that the North America market for concrete floor coatings would touch a value of US$546.8 mn by 2023, elevating up from a value of US$325.0 mn in 2014. Furthermore, the regional market is expected to expand at a healthy CAGR of 6.0% over the forecast period between 2015 and 2023.
Epoxy-Based Coatings Attract Highest Demand
On the basis of product type, the demand for epoxy coatings has outdone all other products in this segment. It is projected that the use of epoxy coatings would further increase as several manufacturers and inspecting organisations have come to approve of the quality of these coatings. Furthermore, the easy availability of epoxy-coatings in regions surrounding Mexico has created commendable demand for these products. The cost of epoxy-coatings is also lower as against other coatings which further popularises these coatings in North America. Over the coming years, the demand for polyaspartic coatings is also expected to shoot up due to the resistance of these coatings to abrasion, ultraviolet rays, and wear and tear. On the basis of application, the demand for concrete floor coatings for outdoor areas has superseded their demand for indoor areas. This is because outdoor surfaces are subjected to heat and other climatic adversities, and there is an urgent need to protect these surfaces.
Mexico to Lead other Regional Segments
On the basis of geography, the North America market for concrete floor coatings is segmented into Mexico, U.S., and Canada. Amongst these regions, the demand for concrete floor coatings has been the highest in Mexico due to the easy availability of various types of floor coatings in the region. Furthermore, Mexico also hosts a large market of concrete floor coatings that is reciprocated by the well-off population in the region. Canada and the US are also expected to witness an increase in the demand for concrete floor coatings as the government rolls out new infrastructural plans.
Some of the key players in the global market for concrete floor coatings are Sherwin-Williams, RPM International Inc., The Valspar Corporation, and PPG Industries.
north america concrete floor coatings market was valued at US$325.0 mn in 2014 and is expected to reach US$546.8 mn by 2023, expanding at a CAGR of 6.0% from 2015 to 2023