The global industrial flooring market is estimated to witness a healthy growth, at an estimated CAGR of over 4%, over the forecast period. Growing awareness about the advantages of industrial flooring is expected to drive the market growth.
- Stringent regulations on VOCs released on flooring are likely to hinder the markets growth.
- Increasing popularity of eco-friendly bio-based flooring and promising performance of polyaspartic coatings are projected to act as an opportunity for the market’s growth in the future.
- Asia-Pacific holds the major share in the consumption of industrial flooring. The region is also expected to witness the fastest growth during the forecast period, powered by the growth in the industrial activities in the region.
Key Market Trends
Increasing Demand from Food & Beverage Industry
- Cleanliness and purity are of paramount importance in the food and beverage industry. Due to this, it is mandatory for this industry to apply an appropriate protective coating on the concrete floor.
- An appropriate floor coating is mandatory for this industry because the floor in food processing facility is exposed to all sorts of food byproducts, like hot oils, fats, blood, sugar solutions, and natural food acids. Some of these byproducts are corrosive in nature, which can cause serious damage to the concrete.
- Besides this, the risk of microbial growth, due to spillage, is high in the food and beverage industry. Consequently, these contaminants ultimately degrade the processed food’s purity.
- In order to avoid such problems, the industry requires durable and thick floor coatings, which can provide a protective barrier and thereby help in preventing contaminants from permeating the concrete substrate, ensuring a hygienic surface.
- Some of the floor coatings approved and used in the food and beverage industry includes epoxy, polyurethane, polyurea, and methyl methacrylate (MMA).
- Various meat processing facilities use 100% epoxy floor coatings, due to their exceptional bonding strength, resistance to thermal and mechanical shock, and the ability to endure frequent cleaning with hot water at high pressure. They also may be used in spaces where highly acidic products are processed.
- All the above-mentioned factors are likely to increase the demand for industrial flooring in the coming years.
China to Dominate the Market in Asia-Pacific Region
- Asia-Pacific region dominated the global market and the trend is expected to continue during the forecast period. China is one of the major countries in Asia-Pacific, with ample construction activities being supported by the growing economy.
- The Chinese segment of the market studied is expected to record a significant CAGR during the forecast period, owing to the growing end-user industries, such as food and beverage industry, chemical industry, etc.
- Currently, in North China, there were about 42,577 food and beverage manufacturers, which accounted for annual sales of over RMB 20 million. There is a continuous growth in the consumption of processed food products, in the country. This trend is expected to aid the growth of the food and beverage industry, which, in turn, is expected to drive the consumption of industrial flooring, during the forecast period.
- The chemical industry in the country has grown drastically over the past two decades, in line with the overall growth of the country and fundamentals of the key industries. China represents about one-third of the worldwide demand for chemicals. The manufacturing of chemicals in the country is expected to record significant growth, in the coming years, thus augmenting the consumption of industrial flooring in the country.
- In terms of the aviation industry, China has started developing aircrafts to compete with the manufacturing giants, including Boeing and Airbus. This developing trend of aviation manufacturing is expected to augment the demand for industrial flooring in China, in the coming years.
- Owing to all these factors, the market for industrial flooring in the region is projected to rise during the forecast period.
The market for industrial flooring is partially consolidated in nature with few players dominating the market. The major players include BASF SE, PPG Industries, Inc., The Sherwin Williams Company, and AkzoNobel N.V., among others.
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