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Global Market Insights, Inc. researched the market through 2024.
September 7, 2017
By: Anthony Locicero
Copy Editor, New York Post
The Industrial Floor Coatings Market size is estimated to surpass $6 billion by 2024, according to a new research report by Global Market Insights, Inc. The Increasing number of manufacturing units, coupled with rising industrialization, is anticipated to drive industrial floor coatings market growth. Customer preference for better quality finishing and chemical resistant flooring will support product demand. Strong application potential in food processing industry to maintain hygiene, quality and purity will fuel industry growth. The global food processing industry will register a 6 percent growth through to 2024. The industry contributes significantly in industrial floor coatings revenue generation owing to rising quality standards. Double component accounted for over 50 percent of market share in 2016. Offering high toughness to withstand maximum possible friction on the floor is among the key feature driving product demand. Chemical resistance towards various organic and inorganic acids, wastes, alkalis, water and petroleum products will enhance growth. Epoxy cementitious is the fastest growing segment, increasing at a rate of over 6.5% rate through 2024. Effective layering with single coats, high resilience and excellent resistance to chemicals and mechanical impacts will propel demand. Oscillating crude oil prices will impact industrial floor coatings market price trend. R&D on bio based coating materials owing government regulations on material residues will open new avenues in the industry. Concrete contributed over 85 precent overall industry share in 2016, superior features including better wear and tear and scratch resistance has positively influenced material demand. Ease of customization, low maintenance and appealing finishing drives the product consumption in several industries. Growing demand for strong and high mechanical resistant floors in storehouses will drive demand in warehousing segment. Industrial floor coating demand from aviation and transportation stood at over 115 kilo tons in 2016. APAC industrial floor coatings market is anticipated to be valued over $2.5 billion by 2024. China and India are projected to be among the key revenue generating countries. Favorable FDI norms along with increase in government spending to expand manufacturing sector will drive regional growth. Germany will observe a 6+ percent growth up to 2024. Presence of major automotive manufacturing facilities in the country will drive regional industry growth. Germany generated over $30 million from aviation and transportation application. Presence of numerous multinational and domestic manufacturers makes the global industrial floor coatings market share highly competitive and fragmented in nature. Mergers & acquisitions, product portfolio expansion and supply agreements are some of the business development strategies adopted major industry players. Asian Paints, Sherwin-Williams, RPM International, Akzo Nobel, PPG Industries, BASF, Axalta Coating Systems, Roto Polymers, Tambour, Maris Polymers, Nora System, Milliken & Company, ArmorPoxy and Florock Polymer are among the key industry players. Other notable companies includes DSM, Dow Chemical, Apurva India, Koninklijke Grand Polycoats, The Lubrizol, Plexi-Chemie, Michelman, Pro Maintenance and Ardex Endure. Industrial Floor Coatings market research report includes in-depth coverage of the industry with estimates & forecast in terms revenue in millions (USD) from 2013 to 2024, for the following segments: Industrial Floor Coatings Market, by Product
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