Industrial Flooring Market is Estimated To Witness High Growth Owing To Advanced Floor Coating Trends

Industrial Flooring Market

 


The Industrial Flooring Market is estimated to be valued at US$ 9.5 Bn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Industrial flooring includes concrete, mortar, epoxy, and polymer flooring used in warehouses, manufacturing facilities, and other heavy industrial premises. Industrial flooring provides durability, chemical and abrasion resistance, slip resistance, better cleaning and maintenance properties. It prevents accidents, damage to goods, and improves safety, sanitation and overall facility cleanliness for operations.

Market key trends:
One of the major trends in the industrial flooring market is the rising demand for advanced floor coatings. Floor coatings protect concrete floors from damage, corrosion and wear & tear. They enhance the aesthetics, improve cleanliness and maintenance of industrial floors. Epoxy floor coatings are widely used as they provide high strength, chemical resistance, abrasion resistance and slip resistance. Polyaspartic floor coatings are also gaining popularity due to their fast curing time and excellent adhesion properties. Waterborne polyurethane coatings are eco-friendly options used for high traffic areas. Hence, the increasing demand for chemical resistant, durable and sustainable advanced floor coating systems is expected to drive the industrial flooring market growth during the forecast period.

Porter’s Analysis
Threat of new entrants: The Industrial Flooring market requires high initial capital investment for infrastructure development and R&D. This poses as a barrier for new entrants.
Bargaining power of buyers: Buyers in the Industrial Flooring market have moderate bargaining power due to the availability of substitutes. However, customized product offerings help offset this power.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to the availability of substitutes. However, the suppliers hold technology expertise which is important for product development.
Threat of new substitutes: Substitute products include linoleum, rubber, and tiles. However, industrial floorings have certain advantages like abrasion-resistance and chemical-resistance which reduce the threat of substitutes.
Competitive rivalry: The Industrial Flooring market is moderately competitive due to presence of numerous regional and international players.

SWOT Analysis
Strengths: Industrial floorings offer advantages like durability, abrasion & chemical resistance important for industrial environments. They are also easy to install and maintain.
Weaknesses: High dependence on construction industry cycles. Flooring materials require specialized production processes increasing costs.
Opportunities: Rising industrialization and infrastructure development projects in emerging nations drive demand. Increasing R&D for innovative and sustainable products presents opportunities.
Threats: Economic slowdowns hamper new construction and renovation activities affecting sales. Stringent environmental regulations increase compliance costs.

Key Takeaways
Global Industrial Flooring Market Demand is expected to witness high growth at a CAGR of 4.4% over the forecast period due to increasing industrial construction activities globally. The market size is projected to reach US$ 9.5 Bn by 2023.

Regionally, Asia Pacific dominates the global industrial flooring market and is expected to maintain its lead through 2030. This can be attributed to strong economic growth and the rising manufacturing sector in China and India. The Middle East and Africa region is anticipated to offer lucrative opportunities owing to ongoing investment in industrial infrastructure development projects.

Key players operating in the industrial flooring market are BASF SE, Sika AG, RPM International Inc., Mapei U.K. Ltd. Fosroc, Don Construction Products Ltd., Cipy Polyurethanes Pvt Ltd., Viacor Polymer GmBH, Twintec, Acrylicon, Cornerstone Flooring, Applied Flooring, AVCON Technics Pvt. Ltd., 4m Europe, and East Coast Flooring Ltd. Major players are focusing on new product development and expansion in emerging regions to strengthen their market position. 

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