TheCanada market for concrete floor coatings is characterized by a highlyconsolidated competitive landscape because of the strongholds of a handful ofmarket players. There is a need to have skilled labor, effective techniques,and a robust industrial base to manufacture concrete floor coatings, and hence,only a countable number of players have risen to reckon in the market. In 2016,70% of the total market share was held by the top five players in the Canadamarket for concrete floor coatings. These market players are PPG IndustriesInc., RPM International Inc., The Sherwin Williams Company, BASF SE, and SikaAG, and each of them has a unique selling point that aids its growth.Furthermore, these market players have made continual efforts to make their productionmore agile and nimble, which has helped them in reducing the operating costs.Technological expertise and product innovation have been the crux of thebusiness strategies of the aforementioned market players. Although other marketplayers also coexist in the market, there is little scope of growth for thembecause a major market share is held by the top five players. There are strongbarriers to the entry of new players into the market and their sustenance iseven more difficult.
Areport published by Transparency Market Research (TMR) forecasts the growthrate of the Canada concrete floor coatings market over the period between 2017and 2025. The Canada market is expected to expand at a steady CAGR of 5.2% overthe aforementioned forecast period. Furthermore, the market was valued atS$100.8 mn in 2016 and is expected to reach a stellar value of US$158.0 mn in2025.
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ConstructionsIndustry to Raise Market Demand
Theenvironmental regulations in Canada have played a pivotal role in elevatingdemand within the market for concrete floor coatings. The government hasimposed restrictions on the use of paints and coatings with volatile organiccompounds (VOCs) that can easily turn into vapor or gas. Constructions acrossresidential, industrial, and commercial sectors in Canada have witnessed anunprecedented rise over the past decade. Since most of the constructions nowinvolve the use of concrete floor coatings, the demand within the Canadianmarket for floor coatings is expected to keep rising over the coming years.Besides this, the government of Canada has introduced several plans and schemesfor the development of the constructions industry in the region including NewBuilding Canada Plan (NBCP) and Affordable Housing Initiative (AHI).
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Ontarioto Emerge as Leading Regional Segment
Themarket for concrete floor coatings is expected to register the highest growthrate in Ontario where a number of residential projects are in the pipeline.Furthermore, the disposable income of the population in Ontario issignificantly higher than that of other regions in Canada. In 2016, Ontarioaccounted for a total market share of 30% in the regional mix which shows thesplendid performance of the region in the market for concrete floor coatings.Other key regions that are expected to exhibit a robust growth rate over thecoming years include British Columbia, Manitoba, Atlantic, and Alberta.
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