APAC Industrial floor coatings market to witness promising growth prospects over 2018-2024, food processing sector to drive the application landscape

Sellbyville, DE -- (SBWire) -- 10/23/2018 --GMI presents a most up-to-date research on "Industrial Floor Coatings Market – Global Industry Analysis, Size, Share, Product (Epoxy, Polyaspartic, Polyurethane, Acrylic, Epoxy Cementitious, Methyl Methacrylate ), Growth Potential, Trends Statistics, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Poland, Russia, China, India, Japan, South Korea, Indonesia, Thailand, Malaysia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, Qatar, South Africa) and Forecast 2018 – 2024".

Industrial Floor Coatings Market size is estimated to exceed USD 7 billion by 2024; according to a new research report by Global Market Insights, Inc.

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Epoxy dominated the market generated over USD 600 million revenue in 2017. They are used as surface coatings in manufacturing facilities, food & beverage industry and warehousing owing to its superior resistance against hot tire pickups, abrasion and heavy impact. Easy installation, durability and low maintenance are key factors luring consumers towards the epoxy based surfaces.

Double component held over 50% of the volume share in 2017. High degree of tolerance against friction is driving its popularity in manufacturing sector. It is ideal for facilities with both heavy vehicle and pedestrian traffic. The product provides easy clean up as well as resistance against mechanical, chemical and bacterial elements.

Concrete material contributed over 85% of the overall industry share in 2017. Growing awareness among consumers on the limitations of concrete floor such as dust accumulation, difficulty in cleaning, cracking, microbial growth and weakening of reinforcement have fueled demand for concrete based surface coatings solutions.

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Industrial floor coatings market is expected to witness strong application potential in the food and beverage processing industry. While working in the food processing industry, it is quite important to keep all the areas clean – especially the floor. Certain food constituents such as blood, sugar, acids, oils, fats, etc. often fall onto the floors, which are highly susceptible to infections and contaminations. In response to this fact, it is highly important to maintain the sanitary standards of the floors, which has provided a major thrust to the demand of industrial floor coatings market from this application. As per estimates, in 2017, industrial floor coatings market size from food processing was valued at USD 1.5 billion and is further expected to grow at an appreciable pace over 2018-2024.

Many of the food processing industries rely on the epoxy type of coatings, which are highly durable and withstand strong chemical resistance & thermal shocks. Contributing to over 50% of the overall industrial floor coatings market, epoxy is estimated to be register a y-o-y growth of 6% over 2018-2024

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Global industry share is moderately fragmented with the presence of both multinational and regional players. Akzo Nobel, Dow Chemical, Sika AG, Kansai Paints and PPG Industries are among the major industry players. Other notable participants include BASF, Asian Paints, DSM and Sherwin-Williams. Mergers & acquisitions, product portfolio expansion and supply agreements are key strategies adopted major industry players to gain market share.

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. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.