Strong Industry Trends in Concrete Floor Coatings Market by 2024
The global concrete floor coatings market is projected to reach a 7% compound annual growth rate (CAGR) from 2016-2024 and exceed a market value of $1.5 billion by 2024. The market is poised to witness a major upswing with the rising construction industry worldwide. On the global level, the total construction spending crossed a mark of $7 trillion and is expected to record $13 trillion by 2024. The growth of concrete floor coatings market is dependent on two factors: the massive growth in the construction industry and the simultaneous expansion of the flooring industry. Escalating renovation and new infrastructural projects are expected to enlarge the scope of the business.
The overall construction industry in Brazil, Russia, India, and China (BRICS nations) has been depicting promising growth prospects and is expected to grow at an annual rate of 11% from 2016-2024. The flourishing construction business across Asia-Pacific has been a crucial factor driving the regional concrete floor coatings industry share. The emerging economies of the region, including India and China, are experiencing robust growth potential in infrastructural development and manufacturing facilities, which has heightened the product demand in the region. Rising population and changing consumer lifestyle have also positively led to the massive development of the regional market. The Asia-Pacific concrete floor coatings industry is anticipated to attain a CAGR of 8% over the period of 2016-2024. China, in 2015, accounted for more than half of the total construction industry revenue generated by BRICS nations, and is expected to observe the highest growth in concrete flooring market over the coming years.
Since the 2008 economic turmoil, North America has experienced a surge in the construction sector and has a strong pipeline of numerous construction projects. Strong growth in the pharmaceutical, automotive, and food and beverage industry has stimulated the product demand for flooring applications across the region. A significant rise has been observed in remodeling and renovation projects across the residential sector, which has driven the concrete floor coatings market size. Accounting for more than 30% of the overall industry share, North America led the worldwide concrete floor coatings industry share in 2015.
Concrete floor coatings also find significant applications in indoor and outdoor sectors. Concrete floor coatings market revenue from outdoor applications is anticipated to grow at a CAGR of over 6.5% from 2016-2024. High government funding for infrastructural growth has propelled the product usage in outdoor applications such as driveways, pathways, garages, and walkways. Indoor applications, which dominated the application landscape in 2015, are expected to contribute notably towards concrete floor coatings market share over the years ahead. The growth can be attributed to the high product preference across residential and commercial constructions. The growing need for improving sports infrastructure will further drive the product demand.
The epoxy concrete floor coatings market value, which was estimated at over $400 million in 2015, is expected to grow remarkably over the years ahead. Prominent product applications in the railways, hospitals, airways, education, pharmaceuticals, and electrical and electronic sectors are expected to favorably influence its demand. Flourishing epoxy surface coatings sector will further boost the industry revenue.
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