According to Fortune Business Insights™, the global floor coatings market size is projected toreach USD 4,734.9 million by 2027, exhibiting a CAGR of 7.8% during the
forecast period. Rising preference for sustainable flooring solutions will be a
central factor driving the growth of this market, as shares in its report.
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With growing pollution from buildings and infrastructures in urbanareas, consumers are showing an increasing inclination towards adopting
flooring products that have low levels of volatile organic compounds (VOCs) and
low carbon emissions.
As a result, several floor coating manufacturers are developingsustainable flooring solutions to meet this changing consumer behavior. For
example, Ecoflor, a UK-based flooring company, has developed Smooth PU
(polyurethane) and Liquid Vinyl floors that have long life expectancy and can
be re-sealed or modified within premises. As a result, these floors are not
only sustainable but are also cost-effective. Similarly, US-based Liquid Floors
has been offering green epoxy floor coatings that have zero VOC content. Thus,
the widening availability of green floor coatings will hugely benefit the
growth of this market.
As per the report, the global market value stood at USD 2,687.7million in 2019. The report also provides the following:
- A comprehensive evaluation of the various market drivers and trends;
- Granular analysis of the challenges facing the market;
- Careful segmentation of the market; and
- In-depth study of the competitive milieu and regional prospects of the market.
The slowdown in Construction Activities Worldwide amid COVID-19 toHinder Market Progress
Central to the factors boosting the floor coatings market growthis the booming demand for construction, especially in the developing economies
of India and China. According to Oxford Economics, for instance, 57% of the
global growth in the construction industry will be led by India, China, and the
US by 2030. However, the outbreak of the COVID-19 pandemic has dampened the
energies of the construction industry.
Regional Insights
Governmental Support to Construction Projects to Propel the AsiaPacific Market
At USD 1,136.4 million, Asia Pacific dominated the floor coatingsmarket share in 2019 on account of the strong support from the governments in
the region to construction activities and infrastructural development. The
policies are particularly geared towards promoting and building sustainable
urban infrastructures since urban populations in countries such as India and
China are rapidly expanding.
