Essentially driven by the surging demand from the warehousing packaging and transportation logistics sectors, Industrial Floor Coatings Market is all set to traverse a path characterized by excellent growth prospects. Of late, this fraternity is being defined by the trends of green technology and sustainability, subject to a regulatory framework that is increasingly being characterized by stringency. Most companies in industrial floor coatings industry have been undertaking collective effots to usher in a range of bio-based materials to be used in flooring. Nanotech Industries, Inc., for instance, has recently patented a technology called Green Polyurethan, the commercialization of which has already garnered massive prominence. Supposedly, this is the first hybrid polyurethane that is being produced without the deployment of isocyanates all through the manufacturing process.
Speaking along the same line, polyurethane is one of the most preferred materials for industrial floor coatings, given its long-lasting nature and superior efficacy. While oil-based and water-based coatings have already made their mark in the business, the latest trend that has proliferated industrial floor coatings market is that of bio-based polyurethane. Given the slightly toxic nature of this compound, it would seem prudent to use this sustainable product for floor coatings, as opposed to its regular counterpart. The Green Polyurethane™ has been formulated and commercialized on these very grounds, as per experts. In fact, its launch has created quite a stir in industrial floor coatings industry, prompting other companies to follow its lead.
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Apart from polyurethane however, another product that has been gaining steady acceptance across myriad sectors is that of epoxy cementitious. The product exhibits high durability, weather resistance, thermal shock endurance, and chemical resistance. On these grounds, it held more than 25% of industrial floor coatings market, and is expected to register a CAGR of more than 6.5% over 2017-2024. This growth can be undeniably attributed to the numerous benefits delivered by this product, prominent ones being, high flexibility, excellent adhesion, solvent resistance, mechanical impact resistance, effective single-coat layering, and high resilience.
APAC industrial floor coatings market is anticipated to be valued over USD 2.5 billion by 2024. China and India are projected to be among the key revenue generating countries. Favorable FDI norms along with increase in government spending to expand manufacturing sector will drive regional growth.
Germany will observe over 6% growth up to 2024. Presence of major automotive manufacturing facilities in the country will drive regional industry growth. Germany generated over USD 30 million from aviation and transportation application.
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As per experts, the future depicts positive growth prospects for industrial floor coatings market. Having recorded a base valuation of more than USD 3.5 billion in 2016, it has been forecast that industrial floor coatings market size may nearly double by 2024 as per analyst predictions, this business space may be valued for more than USD 6 billion by 2024. Companies have been pouring in their capital into intensive R&D programs to come up with a range of bio-based finishing materials for coatings. If expert analysis is to be relied on, these materials are certain to bring about increased environmental stability and drive industrial floor coatings industry. These advancements with respect to finishing technologies have been particularly gaining mass popularity in China, thereby leading industrial floor coatings market giants to establish their bases in the country, with a view to consolidate their position in the business and provide a competitive edge to their rivals. Despite being constrained by strict norms and fluctuating petrochemical costs, industrial floor coatings industry is likely to be propelled by sustainable technology deployment and rising expenditure on infrastructural activities, leading the business space to register a valuation of more than 1300 kilo tons by 2024.
Browse key industry insights spread across 210 pages with 317 market data tables & 12 figures & charts from the report, “Industrial Floor Coatings Market Forecast, 2017 – 2024” in detail along with the table of contents:
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