Over the last decade, different countries across the world are constantly undergoing several infrastructural developments & construction activities. It, in turn, is playing a prominent role in driving the demand for floor coatings. These coatings are used to protect the surface from different damaging factors like stains, cracks, moisture, etc., & withstand the strength & durability of the floor.
There has been a surge in the demand for floor coating across the world principally due to a rise in construction activities and improving economic conditions of the people, investing money in such aspects to attain strong & durable surfaces at homes, offices, etc.
The Global Floor Coatings Market is projected to grow at a CAGR of around 6.2% during the forecast period, i.e., 2022-27. The market is driven by the growing focus of governments of different countries on infrastructural development, upsurging the demand for floor coatings to bring greater protection to the surfaces at sites like manufacturing plants, hospitals, commercial & retail establishments, and warehouses, among others.
With the swift expansion of industries and the growing focus of the governments on the development of the residential sector, expenditure on construction is mounting rapidly. It, in turn, is influencing the demand for floor coatings and stimulating the overall market growth.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Mexico|
|South America: Brazil, Rest of South America|
|Europe: Germany, The UK, France, Italy, Spain, Rest of Europe|
|Asia-Pacific: China, India, Japan, Australia, Rest of Asia-Pacific|
|Middle East & Africa: Saudi Arabia, UAE, South Africa, Rest of Middle East & Africa|
|Key Companies Profiled||3M, Akzo Nobel, N.V. Axalta Coating System, Arkema S.A., Asian Paints Ltd, Ardex Endura Apurva India Ltd., A & I Coatings, BASF SE, Berger Paints India Ltd., Dr. Cipy- Specialized Floor Coatings, DUPONT, Others|
|Unit Denominations||USD Million/Billion|
Additionally, countries like China, India, the US, the UK, Saudi Arabia, and UAE, among others, are generating lucrative opportunities for the leading players to expand the market owing to massive construction activities & industrial development, demonstrating a constant need for floor coatings.
Furthermore, the active participation of prominent players through the introduction of new variants to expand their product portfolio, its application across end-users, and scalability across geographies, is another aspect contributing to the market growth.
Impact of Covid-19 on the Global Floor Coatings Market
The advent of Covid-19 had a decelerating effect on most industries worldwide, where the Global Floor Coating Market was no exception and underwent a negative impact. With the imposition of stringent movement restrictions & lockdowns to curb the spread of this dreadful disease, the market observed significant disruptions in the supply chain, which slowed down production processes.
Several ongoing projects associated with the production & distribution of the coatings were hampered, demonstrating a temporary hold on the market functioning. Later, with the gradual upliftment of restrictions, international trade resumed, allowing the recommencement of operations as usual.