Industrial floor coatings market industry is foreseen to revenue of USD 3.5 billion by 2016

Industrial floor coatings market is thriving on the cusp of rapid urbanization and industrialization, as the importance for flooring has been depicting a rise across various industrial sectors. Most of the companies have been renovating their floors to install smooth and protective coatings, as unprotected flooring leads to regular wear and tear. Amidst harsh working conditions involving chemical spills, excessive heat, and heavy machineries, there is surging need to rework the flooring structure, which will boost industrial floor coatings industry size. As per a reliable research report, industrial floor coatings market held a revenue of USD 3.5 billion in 2016.

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Essentially driven by the surging demand from the warehousing packaging and transportation logistics sectors, industrial floor coatings market is all set to traverse a path characterized by excellent growth prospects. Of late, this fraternity is being defined by the trends of green technology and sustainability, subject to a regulatory framework that is increasingly being characterized by stringency. Most companies in industrial floor coatings industry have been undertaking collective efforts to usher in a range of bio-based materials to be used in flooring.

Apart from polyurethane however, another product that has been gaining steady acceptance across myriad sectors is that of epoxy cementitious. The product exhibits high durability, weather resistance, thermal shock endurance, and chemical resistance. On these grounds, it held more than 25% of industrial floor coatings market, and is expected to register a CAGR of more than 6.5% over 2017-2024. This growth can be undeniably attributed to the numerous benefits delivered by this product, prominent ones being, high flexibility, excellent adhesion, solvent resistance, mechanical impact resistance, effective single-coat layering, and high resilience.

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Asia Pacific is expected to witness over 6.5% CAGR during the forecast period. Food processing and manufacturing sector expansion will drive the regional demand. China, India, Vietnam, Malaysia and Japan are significant contributors owing to rapid infrastructure development.

North America industrial floor coatings market was valued over USD 800 million in 2016. Automotive, pharmaceuticals, chemicals and steel are among the major revenue generating sectors. Mexico is expected to grow at a fast pace in owing to factors including increasing disposable income, urbanization and population growth.

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Global industry share is highly fragmented owing to presence of large number of key industry players. Sherwin-Williams, PPG Industries, Axalta Coating Systems, Kansai Paints, Asian Paints, Tambour, Akzo Nobel, BASF, 3M, Roto Polymers, Nora System, Maris Polymers, RPM International, ArmorPoxy, Milliken & Company and Florock Polymer are among the key industry players.

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About Global Market Insights: Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services.