Industrial Floor Coating Market By Resin Type (Epoxy, Polyurethane, Hybrid, Others (alkyd and acrylic) By Flooring Material (Concrete, Mortar, Terrazzo, Others (asphalt and previously coated)-Growth, Future Prospects & Competitive Analysis, 2016 – 2030

Key Highlights of the Report

The global industrial floor coating market is categorized by type, flooring material, coating component, technology, end use, and region. Epoxy industrial floor coatings are the most popular, while concrete is the primary user segment. One-component is another major market segment, with solvent-borne technology dominating the market. Manufacturing category is the most commonly used end use, with Asia Pacific leading the market growth.

Demand for industrial floor coating is anticipated to rise due to rising industrialization in developing countries and increased demand from manufacturing facilities worldwide. Strict safety standards and effective industrial procedures also enable businesses to offer high-quality maintenance, encouraging the market for industrial floor coatings to grow. High raw material costs and the implementation of strict regulatory rules on the usage of these coatings in the food sector are impeding the growth of the global industrial floor coating market.

Nonetheless, the global industrial floor coating market offers significant growth opportunities, including increased funding for green construction projects across the U.S. and expanding businesses, academic institutions, and infrastructure, particularly in the Asia Pacific region.

Market Overview

The industrial floor coating market has been expanding steadily over the past several years, and between 2023 and 2030, it is anticipated to rise at a CAGR of 4.90%. In 2022, the market was estimated to be worth USD 5.9 billion, and by 2030, it is anticipated to be worth USD 8.24 billion.

What Are The Main Drivers Of The Global Industrial Floor Coating Market?

The explosive growth of global industrial and commercial building sectors is the key element influencing the demand for industrial floor coatings.

What Are The Major Challenges Faced By The Global Industrial Floor Coating Market?

The continually rising cost of raw materials has affected the industrial floor coating sector. Since raw materials make up more than half of the costs of operating paint and coating operations, commodities play a significant role in these industries.

What Are The Growth Opportunities In The Global Industrial Floor Coating Market?

The global industrial floor coating market offers significant growth opportunities since governments from many nations have been pushed to enhance their construction spending to extend and hasten infrastructure development due to increased industrialization and a growing population.

Executive Summary

Overview of the Global Industrial Floor Coating Market

The demand for effective industrial flooring has increased due to the rising usage of large, high-performance machinery and equipment, particularly in the automotive and aviation industries. Developing material handling equipment with improved wheel movement is responsible for the rise in demand for smooth flooring surfaces. With more manufacturing facilities, the market for industrial floor coatings will expand, shielding the interiors from harm and chemical leakage.

Market Definition

Industrial floors frequently experience abrasion, wear and tear, collisions, corrosion, and chemical exposure. Industrial floor coatings offer a thorough remedy for each of the aforementioned problems at a considerably lower cost. Because of this, more companies are choosing industrial floor coverings over other options. Additionally, industries are compelled to employ the product because of numerous regulatory criteria and certifications. Additionally, businesses are introducing technologically advanced coatings for smooth surfaces and corrosion prevention.

Market Insights

• With a CAGR of 4.90% from 2023 to 2030, the demand for industrial floor coatings is projected to increase from its current value of USD 5.9 billion in 2022 to USD 8.24 billion in 2030.
• Epoxy is the leading segment by resin type and held over 49.7% share in terms of value in 2022, while the wooden segment is likely to exhibit the fastest CAGR during the forecast period.
• The concrete segment governs the demand for industrial floor coatings globally, holding a massive share of over 45.7% in 2022, and is expected to grow at a rapid CAGR.
• The two-component segment is expected to post the highest CAGR during the forecast period, while the one-component segment is leading the market share with over 41.5% share in 2022.
• The solvent-borne technology is predicted to dominate the market for industrial floor coatings globally, controlling a sizeable share of over 70.2% in 2022.
• With a significant share of over 42.2% in 2022 and projections of high CAGR growth, manufacturing was the dominant end use for industrial floor coatings globally.
• Asia Pacific will account for almost one-third of global industrial floor coating market growth in 2022, while North America and Europe collectively account for just under 50% share in 2022. Europe held over 18.7% share in 2022.
• The primary element fueling market expansion is the expanding development of industrial floor coatings to improve surface strength and aesthetics. The rising cost of raw materials has impacted the industrial floor coating industry.
• Greater numbers of manufacturing facilities are being created by rapid urbanization, and industrialization is the major opportunity in the market.

Segmentation by Resin Type

• Epoxy is the leading segment by material and held over 49.7% share in terms of value in 2022.
• The polyurethane segment will likely exhibit the fastest CAGR during the forecast period.
• Due to its excellent characteristics, which include strong adhesion, impact resistance, flexibility, and chemical and 
• solvent resistance, epoxy dominates the market.

Segmentation by Flooring Material

• The concrete segment governs the demand for industrial floor coatings in the world, holding a massive share of over 45.7% in 2022, and is also expected to grow at a rapid CAGR.
• The terrazzo segment contributes to the rest of the demand for industrial floor coatings.
• The coatings on concrete floors effectively mitigate the effects of chemical and mechanical stressors. It provides a layer of protection for concrete floors.

Segmentation by Coating Component

• The two-component segment is expected to post the highest CAGR during the forecast period.
• The one-component segment is leading the market share with over 41.5% share in 2022.
• One-component floor coatings are inexpensive, simple to apply, and impermeable. They also offer great adherence to concrete surfaces.

Segmentation by Technology

• By technology, solvent-borne is the market leader, and in terms of value, it held over 70.2% of the market in 2022.
• The water-borne segment is expected to have the fastest CAGR during the foreseeable period.
• During the projection period, attributes including shorter drying periods and improved performance in humid and open environments are also anticipated to fuel solvent-borne segment expansion.

Segmentation by End Use

• Manufacturing is the market leader in terms of end-use and held a 42.2% value share in 2022.
• The segment for food processing is most anticipated to have the fastest CAGR during the forecast period.
• Industrial floor coatings are most commonly used by the manufacturing sector, which depends on them for an effective production process.

Segmentation by Region

• Asia Pacific will account for almost one-third of global industrial floor coating market growth in 2022.
• North America and Europe collectively account for just under 50% share in 2022, with Europe holding over 18.7% share in the same year.
• The rest of the World, including Africa, Latin America, Middle East, contributes the remainder to the demand for industrial floor coatings.

The increasing development of industrial floor coatings to enhance surface tensile strength and aesthetics is the main factor driving market expansion. The continually rising cost of raw materials has affected the industrial floor coating sector.

Manufacturing accounts for 20 percent of national capital investment and 70 percent of corporate R&D spending in the United States. Increasing investment in this sector portends the future construction of factories nationwide, which will increase demand for industrial floor coatings. Developing suitable infrastructure solutions to create job opportunities and guarantee the safety of workers in the manufacturing unit is essential for the growth of industrial floor coating products in the United States.

Due to the simple access to resources in the area, China is the center for industrial setups. In December 2022, China's industrial production increased by 1.3% YoY. Although the re-emerging pandemic has impacted the manufacturing units, the market has reacted to the general demand in a slow but encouraging way. As the economy starts to grow again, there is a likelihood that additional manufacturing will be established, which would raise demand for floor coatings overall.

Overall, the increasing demand for industrial floor coatings can be attributed to the expanding need for strong and secure floor coatings and robust flooring demand from the industrial set-up.

While the industrial floor coating market is growing, it faces challenges from stringent government regulations, health hazards, supply chain disruptions, and rising raw materials.

Robust Flooring Demand from Industrial Set-Up

The manufacturing sector typically accounts for 8% to 10% of the GDP of emerging nations. This industry attracts significant amounts of capital investment and corporate spending for research and development purposes. To make operations easier, manufacturing infrastructure needs a solid basis. Additionally, if the initial base is fixed with durable industrial floor coatings, the base infrastructure's overall maintenance cost will be decreased over time.

Although putting floor coatings in an industrial setting has a high initial cost, the long-term advantages and lower maintenance costs can offset this. A further advantage of putting floor coatings in industrial settings is that it creates a smooth surface for transportation and eases the burden on forklift operators when moving the goods, particularly in spaces like loading docks and aisles.

Rising Demand for Durable and Safe Floor Coatings

Durability and safety are the two key issues with factory flooring systems, plants, and other industrial settings. Facilities for manufacturing need flooring that is very dependable, strong, and abrasion resistant. The surface must meet all requirements for worker safety, be hygienic, and be functional. Resinous floor coatings like polyurethane, epoxy, and others can provide a safe, dependable, and hygienic flooring option when applied to properly prepared concrete slabs. The growing government investment in public infrastructure and several upcoming housing projects drive the need for floor coating. Thus, the market is anticipated to rise due to the increasing demand for reliable, secure floor coatings.

Supply Chain Disruption Along with Rising Raw Material

Manufacturing enterprises currently experience great market volatility due to global geopolitical challenges. Unexpected international trade restrictions are causing supply chain network disruption and making it challenging for enterprises to get around trade restrictions. These obstacles include increased energy prices and unforeseen changes in the price of basic materials.

The lack of easily available raw materials makes production more challenging, and commodity price volatility may not be a one-time thing. Businesses with dynamic adaptability to manage changes in the cost of raw materials can effectively create revenue. In light of the current circumstances, market volatility has a detrimental impact on the market and hinders the expansion of the industrial floor coatings market.

Stringent Government Regulations and Health Hazard

High raw material costs and the implementation of strict regulatory rules on the use of these coatings in the food sector are impeding the global market for industrial floor coatings. The continually rising cost of raw materials has affected the industrial floor coating sector. Since raw materials make up more than half of the costs of operating paint and coating operations, commodities play a significant role in these industries. When commodity costs rise, the price of completed goods also rises, slowing market expansion. The influence on solvents, monomers, acrylic monomers, resins, and other raw materials is significant.

Rising Usage of Sustainable Raw Materials

The industrial floor coating business is focused on innovation and becoming "green." This suggests that the products produced by this sector must have low carbon emissions, low volatile organic compound (VOC) levels, eco-friendly chemicals, and long-lasting green manufacturing techniques. Other benefits of using green materials for the production of coatings that are likely to open up new market opportunities include the use of green products to reduce carbon footprint, the elimination of toxic chemicals, the adoption of bio-renewables, the use of recycled materials, the reduction in energy consumption, and the reduction of waste.

High-performance floor coatings use eco-friendly materials like polyaspartics, bio-based materials, waterborne two-component coatings, natural-oil polyols (NOPs), and UV-curing resins to meet customer demands and promote sustainable development. Commercially, NOP-based coatings are offered. Castor oil has been studied in the coatings industry in its natural state and as a chemically modified derivative. Many of these goods are made from castor beans grown in nations like Brazil, China, and India.

Increasing Demand for Concrete Floor Coatings

Numerous industries' rising need for concrete floor coatings will lead to profitable market expansion prospects. Coatings for concrete floors are applied to bare concrete surfaces to enhance their look. There are several established color codes for concrete floor coating applications in various industries. Concrete floor coatings are the easiest to apply and clean, contributing to the market's expansion. Concrete floors have longer shelf lives thanks to these coatings. Additionally, concrete floor coverings have advantageous qualities like heat resistance, abrasion resistance, wear resistance, tear resistance, and tear resistance. These characteristics spurred the demand for concrete floor coatings in the residential and non-residential sectors.

Competitive Landscape

Key Players

There are several significant competitors in the highly competitive global industrial floor coating market. Some of the major players in the market and their market share are as follows:

• BASF SE
• Cipy Polyurethanes Pvt. Ltd.
• Cornerstone Flooring
• Don Construction Products Ltd.
• Fosroc, Inc.
• Mapei S.P.A.
• Rpm International Inc.
• Sika AG
• Twintec Group Limited
• Viacor Polymer Gmbh

These companies focus on product innovation, expanding their distribution channels, and mergers and acquisitions to stay ahead in the market.

The major players in the global industrial floor coating market constantly strive to stay ahead by introducing new products and innovations.

In January 2022, Milburn Flooring, situated in Copiague, New York, announced the acquisition of Blendex Industrial Corp., creating an epoxy group known as Blendex by Milburn Flooring. Milburn Flooring has several warehouses in Westchester County, serves the Hudson Valley, and Long Island has been a commercial installer for over 60 years.

In December 2021, Arsenal Capital Partners, a private equity firm specializing in investments in industrial growth companies, announced the acquisition of Mascoat Ltd. and Verdia, Inc., privately held specialty industrial coatings companies, by its global industrial coatings platform, Seal For Life Industries. Since 1995, Mascoat, based in Houston, TX, has been a prominent manufacturer of thermal insulation, anti-condensation, and sound-dampening coatings. 

Summary of Key Findings

• The growing need for long-lasting, secure floor coatings and strong flooring in industrial setups might be ascribed to the expanding demand for industrial floor coatings.
• Market segmented by resin type, flooring material, coating component, technology, end use, and region.
• Epoxy industrial floor coatings are the most popular, with concrete as a primary material segment.
• One component is the most dominant category, with solvent-borne coating technology as the prime segment.
• The manufacturing sector was the prime user of the market.
• Asia Pacific is leading market growth; the market is highly competitive with key players including Twintec Group Limited, Sika AG, Fosroc, Inc, and Cornerstone Flooring.

Future Outlook

• Positive outlook for the global industrial floor coating market with significant growth potential in the Asia Pacific region
• Growing demand for concrete floor coatings and increasing use of sustainable raw materials to drive growth
• Challenges from government restrictions that are too strict, health risks, supply chain disruptions, and escalating raw material prices.
• Key players to focus on product innovation, expanding market reach and maintaining competitive pricing to stay ahead in the market.

Segmentation

• By Resin Type
  • Epoxy
  • Polyurethane
  • Hybrid
  • Others (alkyd and acrylic)
• By Flooring Material
  • Concrete
  • Mortar
  • Terrazzo
  • Others (asphalt and previously coated)
• By Coating Component
  • One-component
  • Two-component
  • Three-component
  • Four-component
  • Five-component
• By Technology
  • Water-borne
  • Solvent-borne
• By End Use
  • Manufacturing
  • Aviation & Transportation
  • Food processing
  • Science & technology
  • Others (Car Parks, Hospitality, Healthcare, And Fire & Public Safety Sectors)
• By Region
• North America
  •  
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • K.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa