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.
The floor coatings market has witnessed a healthy growth rate in the last ten to fifteen years. The prime factors that have made strong impact on the market include, increase in globalization and economic growth worldwide especially in the Asia-Pacific region. Urbanization in the upcoming markets such as India and China is also creating several opportunities for the floor coating market in the region. Moreover, the global population has grown significantly in the last two decades which has fueled the demand for housing and commercial infrastructure. Market players involved in the floor coatings market are focusing on the development of innovative and novel products to gain a competitive edge in the market.
A recent market study published by Allied Market Research offers valuable insights related to the floor coatings market such as the market share, size and growth. Further, the upcoming trends and the technological advancements have been thoroughly discussed in the report.
BIO-BASED FLOOR COATINGS.
The food industry offers several opportunities for the floor coatings industry as hygienic flooring solutions are gaining popularity. The industry giants are opting for advanced floor coatings that are durable and cost-effective. Environment-friendly floor coatings are gradually establishing a strong market as customers are opting for the same. The floor coating industry strives for sustainability in the business practices owing to rising concern regarding the dependence on fossil fuels and the impact of synthetic resin on the environment. The growth in environmental concerns coupled with the fluctuating prices of conventional resins has fueled the adoption of bio-based floor coatings. Bio-based floor coatings are produced from castor oil, soybean oil sunflower oil, rapeseed oil, and succinic acid. The manufacturers of floor coatings are collaborating with biotechnology firms to synergize their domains to produce bio-based polyurethanes.
CORK FLOORING OFFERS AN OPTION
With the arrival of polyurethane, cork took giant strides in the U.S. market before the Great Recession. Today, cork flooring offers an option of a polyurethane coatings. This will minimize maintenance and is widely adopted in commercial and residential facilities. Cork offers numerous be advantages to its end-users. It has around 200 million closed air pockets per cubic inch that helps significantly in sound absorption. It is suitable for use in multi-story homes and in multi-family buildings. It can also find applications in commercial facilities where sound transference is an issue. Trapped air provides cork thermal insulating which makes it the preferred choice for basements, bedrooms and in areas where cold floors pose a problem.
The acoustical, resilient and thermal properties of cork have boosted the adoption of cork in flooring under payments. Cork can be installed under hardwood and other resilient as it is produced with a binder with the ability to withstand moisture. It can also be used under ceramic titles to reduce the risk of cracking. The weight of cork is one third of the weight of rubber making it easier to install and easy to handle.
GLOBAL FLOOR COATINGS MARKET TO HIT USD 2.6 BILLION BY 2022
The floor coating market generated a total revenue of EUR 1,498 million in 2015 and the market is forecasted to generate EUR 2,349 million by 2022. Advancements in technology and high demand for floor coatings in the Asia-Pacific and the European region will drive the growth of the floor coatings market. In terms of volume, the market registered a total of 761 kilotons in 2015 with a projected growth of 1,221 kilotonnes by 2022.In Europe, the value of the floor coating market was EUR 430 million. The consumption in the European region was around 219 kilotonnes and it is expected to reach 351 kilotons by 2022.
HIGH DEMAND FOR WOODEN FLOOR COATINGS IN EUROPE
It has been observed that there is a high demand for wooden floor coatings in the European region owing to the different patterns and colours available that meet customer requirement. Light color floor coatings such as beige, brown and grey are the most preferred colours for floor coatings in Europe.
Handmade scratches witness high adoption in the European wood floor coatings market. Increased awareness regarding the advantages of floor coatings coupled with the advancements in the designs and pattern of wooden floor coatings drive the floor coatings market in Europe.
The adoption of floor coatings manufactured using nanotechnology creates major opportunities for the manufacturers to capture the European market and expand their share. Nanotechnologh has gained immense popularity in Europe and made a strong impact on the market. The floor coatings industry relies on intensive R&D as the key market players are focusing on product innovation. and technology to expand their market share. The western region in Europe has been a significant growth owing to advanced technology and infrastructure. In Europe, floor coatings have reported and increased adoption in the residential, commercial, and industrial spaces owing to benefits such as prevention and long-lasting life of the floor. Wood is a preferred type of floor coating in the residential sector, since it provides warmth to compliment the weather conditions in Europe. Epoxy floor coating is commonly applied in commercial and industrial spaces. Along with epoxy, polyurethane and vinyl ester-based floor coatings are also used for protection of floor and to enhance the aesthetics.