Concrete floors are often subjected to thermal shock, abrasion, and chemical attack. As these floors are usually porous, they need a coating to protect them from erosion, peeling, and cracking. The global concrete floor coatings market is anticipated to expand at a CAGR of 6.80% during the period between 2014 and 2020. The market stood at a valuation of US$0.7 bn in 2013 and is expected to be worth US$1.1 bn by 2020.
Rapid Growth of Construction Industry Plays a Pivotal Role in Growth of Global Floor Coatings Market
Though the global construction industry has been affected by a weak economy worldwide, the industry is expected to grow positively this year. The rapid growth of the construction industry can be attributed to the increasing investments in the infrastructure sector across the developing economies. In the developed countries as well, the construction sector is rapidly recovering.
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This has propelled the growth of the global concrete floor coatings market. However, volatile crude oil prices are expected to cast a shadow over the growth of the market as crude oil is the major raw material for concrete floor coatings. The global concrete floor coatings market has a significant opportunity to grow with the growing demand for bio-based concrete floor coatings.
The bio-based concrete floor coatings such as polyurethane (PU) floor coatings are registering higher demand owing to their lower environmental impact, low cost, easy availability, and biodegradability. Various bio-based raw materials such as Eucalyptus tar, vegetable oil, and cashew nut shell liquid are used to synthesize polyols and isocyanates that are used for the production of bio-based concrete floor coatings. With the growing focus on environment friendly floor coatings across green buildings, extensive research activities are being carried out to identify the bio-derived materials that can act as precursors for the synthesis of polyurethane.
Key Market Players Focus on Development of Low VOC-Content Concrete Floor Coatings
Some of the key players in the global concrete floor coatings market are PPG Industries, RPM International Inc., BASF SE, The Valspar Corporation, Sherwin-Williams, and DSM. The market players are focusing on the development of bio-based concrete floor coatings with the growing demand for green buildings. Furthermore, the key players are introducing concrete floor coatings with lesser VOC content to adhere to various environmental regulations. For example, PPG Industries Inc. has developed the next-generation Break-Through acrylic coating containing less than 50 grams per litre VOC. The coating displays excellent block resistance and adhesion to a broad range of surfaces across the commercial and residential sectors.
The key players are focusing on Asia Pacific owing to the rapid growth of the construction sector in the region. Rapid urbanization and steady economic development in Asia Pacific will significantly aid the growth of the global concrete floor coatings market in the near future.
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