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A new report released by Allied Market Research states that the emerging economies of the world are projecting a discernible shift towards more sophisticated infrastructures for commercial as well as housing buildings. This has triggered a demand for floor coatings across various end-user industries. The floor coatings market growth is propelled by the enhanced consumer awareness about the need for coatings that are flexible in adhesion, abrasion-resistant, glossy, hard, and durable in the long run. The industry is further fuelled by the increase in environmental concerns over the emission from floor coatings. These very concerns have encouraged the emergence of bio-based floor coatings for exceptional protective properties.
There is a greater demand for eco-friendly coatings that contain low levels of VOC. There is also a surge in demand for epoxy floor binders across various commercial and housing construction projects as well. Several factors combined together are responsible for triggering a substantial growth of the market. According to expert analysts observing the industry closely, the industry dynamics point towards a flourishing growth in the forecast period 2014–2022. The floor coatings market is expected to reach a figure of $2,612 million by 2022. This will be supported by a CAGR of 6.6% during the given period. The statistic is a testimony to the rapid growth of the market in the immediate future.
The conventional petroleum-based products are coming under the scanner due to the increase in conscious efforts to reduce carbon footprints. The key players in the industry are recognizing the need to use bio-based products that are derived from plants and other renewable sourced. The focus of the industry has shifted towards creating eco-friendly resins that adhere to coating benchmarks and demonstrate superior performance than high VOC floor coatings. The initiatives taken by regulatory bodies has also encouraged the interest in bio-based resins for coating technology. For instance, sustainability certifications, such as Green Seal, Green Guard, and USDA BioPreferred Program are widely being used for product labels.
The major concern with fossil-fuel based floor binders is a number of emissions they release into the air during the drying process. Stricter air pollution control regulations have pushed the demand for low volatile compounds in coatings. Some of these low VOC alternatives include waterborne alkyds or polyurethane dispersions (PUD), which eventually offer better performance over other polymers. The PUD resins offer lower film formation temperatures along with greater mechanical, chemical, and environmental resistance as compared to conventional acrylic latexes.
The bio-based resin technologies are widely preferred over solvent-borne floor binders due to a variety of reasons. The major factors popularizing their usage is the low odor and negligible amount of VOC present in them. With sufficient research & development, the industry has the potential to derive floor coatings that can adhere to superior performance standards at par with the petroleum-based materials.
Industries and commercial areas witness a heavy flow of traffic. Epoxy floorings which are a combination of resins and binders are ideal for use in hospitals, industry floors, warehouses, aircraft hangars, mechanical floors, garages, and sports facilities. These types of floor coatings have been graded as industrial standard flooring, owing to their high gloss, hard wearing, and extremely durable surface finish. It is advisable for industries to employ epoxy floorings based on their needs, to enable easy installation as well as ease of long-term maintenance.
Apart from being an easy to clean, seamless surface, epoxy floor coatings provide an attractive flooring surface along with increased productivity capabilities that allow faster material movement without causing abrasions on the floor. Not only are they chemically resistant, but are also achieved through an easy application. The environmental-friendly factor further adds to its appeal. Many industries and commercial buildings opt for epoxy resins and binders in their flooring as a cost-efficient flooring solution. This segment of floor coatings is set to propel the growth of the entire industry, with an increase in its demand across various sectors.
The global floor coatings market promises great potential for growth in the upcoming years. The industry is thriving on the cusp of rapid industrialization and urbanization as more and more construction engineers are opting for floorings which are durable and bio-based. It has become imperative that flooring solutions today are more eco-friendly and adhere to coating performance benchmarks. The product developers are leaving no stone unturned to tap the immense potential promised by the scope of this market, with diverse product portfolios. With a dynamic industry scenario, the floor coatings market is set to flourish in the immediate future.