New York City, NY, 29 January, 2020/ 24 Market Reports: It is estimated for the global industrial floor coating market to grow from USD 5.2 billion in 2019 and reach that of USD 6.4 billion by the year 2024 witnessing the growth at a CAGR of 4.3% during the forecast period of 2019 to 2024. The high growth of industrial and commercial construction industries across the globe is propelling the demand for the industrial floor coatings. Rapid industrialization and growing manufacturing industries around the globe are the factors that are driving the growth of the market during the forecast period.
The epoxy segment, based on the resin type is estimated to grow at the fastest rate during the forecast period. The superior properties of the epoxy segment such as high adhesion, impact resistance, flexibility and resistance to chemicals and solvents are the factors that are driving the growth of the segment in the market during the forecast period. Also, the epoxy segment is termed to be the fastest-growing segment in the industrial floor coating market.
The concrete segment, based on flooring material is estimated to be the fastest-growing one during the forecast period. Lower cost of concrete, its superior durability and its tensile strength are the factors that make the segment the widely used material during the construction of industrial floors.
During the forecast period, it is estimated for the manufacturing segment based on the end-use industry to be the largest segment in the market. The exponential growth of the manufacturing industry around the globe is resulting in the growth of the segment in the market during the forecast period. An opportunity for the application of industrial floor coating is been created with the increasing market for manufacturing activities resulting in the increasing number of production plants.
In the year 2018, the Asia Pacific region accounted for the largest share in the market and the trend is estimated to continue throughout the forecast period. The growing industrial, infrastructural & construction, marine, and automotive industries has resulted in the increasing demand for protective coatings in the region. Along with the easy availability of cheap labour, the less stringent norms and standards for safety and environmental compliance are the factors that are attracting the major players of the market to set up their production facilities in the countries of Asia Pacific. These factors are driving the growth of the market in the region during the forecast period.