The global floor coatings market is anticipated to witness a highly fragmented competitive scenario, owing to large number of players operating in the market. Some of the major players in the market are Royal DSM, Nippon Paint Co., BASF SE, DAW SE, and Behr Process Corp. These firms are indulging extensively into long-term trade contracts with its end users, especially in construction application, so as to get a firm foothold in the market and increase their global reach. The leading firms are estimated to increase their investment in terms of capital, stressing more on research and development activities, along with improved product quality to fulfil the consumer requirements.
According to a recent report by Transparency Market Research (TMR), the global floor coatings market is prognosticated to expand at a steady CAGR of 6.80% within the forecast period from 2014 to 2020. The market was evaluated to be a worth of US$0.7 bn in year 2013, and is likely to reach around US$1.1 bn by the end of 2020.
On the basis of application, the concrete floor coatings is used extensively in outdoor and indoor infrastructural settings. However, the indoor segment is estimated to experience a comparatively higher demand, owing to the propelled use of floor coatings in commercial construction and industrial sectors, in forthcoming years. Geographically, Asia Pacific region is leading the global concrete floor coatings market in coming years, due to increase in number of well-settled manufacturers in the region, and setting up of production plants as well.
Rise in Industrialization to Fuel Market Growth
The increase in sales of concrete floor coatings is supported mainly by notable growth in development activities, activated broadly because of high industrialization and the increasing urbanization over the world. The increasing awareness about the safety given by concrete floor coatings from thermal shocks and chemical attacks to floors is as well fueling this market globally. As manufacturers and customers are being aware about the few advantages of concrete floor coatings, it is normal that the market will become considerably accomplished in the following couple of years. The high development plan of the buildings and construction sector in developed and developing regions, is anticipated to trigger the development of the global concrete floor coatings market.
Fluctuation raw Material Cost to Hinder market Growth
While the global market for concrete floor coatings represents a noteworthy future, the unstable costs of raw materials may make deterrents in the development scope of this market within the forecast period. Nevertheless, the growing demand for concrete floor coatings in industrial segments and commercial buildings in developing economies is anticipated to reduce the effect of the hindering factor in coming years. The expanding capability of the constructions and buildings in growing regions is additionally anticipated to push this market over the forthcoming years.