July 19, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Industrial Flooring Market.
It was estimated prior to this unanticipated outbreak that the Industrial Flooring Market is estimated to record a healthy CAGR of 5.9% over the next five years to cross an iconic figure of US$ 4.0 billion in 2026. The industrial flooring market witnessed a pitfall of -14.9% in 2020, taking the market to close to its 2017-market numbers. Based on primary interviews coupled with the study of the previous downturns, it is anticipated that the market may log a quick recovery, expecting to hit back its pre-pandemic levels in a couple of years only.
There are several flooring options for industrial spaces, each with its ideal attributes. It is a big challenge for the company to simultaneously maintain its flooring along with the business operations. This gives birth to huge repair and maintenance costs. Therefore, it is vital for companies to invest readily in durable, resistant, and low-maintenance floors. The industrial floors are majorly classified according to the material from which they are made, can be epoxy, polyurethane, and concrete, among others. The company must understand the type of industrial floor that is best suited for its operations. Cost, durability, aesthetics, and maintenance requirements of materials are some of the major criteria in the selection of the type of flooring. Currently, epoxy and concrete are preferably referred to as the best combination for industrial flooring.
Among different material types, concrete flooring is most commonly used in road construction, multi-story car parking, and walkways. It is very durable and able to withstand constant pressure. Epoxy flooring is another prevalent choice for industrial workplaces, which is commonly selected because of its high versatility and durability. Epoxy flooring is made from several strong epoxy layers, as opposed to just one layer in epoxy coating. Therefore, it can withstand constant and heavy traffic and is also easy to clean and maintain.
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Segment Analysis
Based on the material type, the market is segmented as epoxy, PU resin, PU cement, methyl methacrylate (MMA), and others. Epoxy currently unassailably dominates the market and is estimated to maintain its dominance in the foreseen future. MMA currently holds a minuscule share and is an expensive option for several industries. However, the material type is anticipated to witness the fastest growth in the years to come. PU cement is vastly used in the food and beverage industry.
Epoxy flooring is favored in various industries due to its economic pricing, durability, and enhanced characteristic features. Despite the pandemic in 2020, there have been increasing activities in the industrial sector, particularly in building parking spaces and in the increasing number of healthcare facilities to combat COVID-19, which, in turn, are driving the demand for epoxy flooring.
Similarly, based on the application type, the market is classified as food & beverage, healthcare, automotive manufacturing, industrial manufacturing, and others. Industrial manufacturing is likely to maintain its dominance during the studied period, whereas food & beverage is anticipated to register the highest growth over the same period.
In terms of region, the market is segmented into North America, Europe, Asia Pacific, and rest of the world. Currently, Europe holds the front chair in the industrial flooring market. The region is also likely to regain its lost business due to the pandemic at an influential rate. The expected recovery in industrial manufacturing will mainly contribute to the demand for industrial flooring. Secondly, like North America, the European region houses several manufacturing/assembly and processing plants for automotive, food & beverage, and pharmaceutical, assuring a healthy demand in the years to come.
Asia-Pacific, another major market for resin flooring, is subjected to grow at the highest pace over the next five years. China alone holds more than half of the region’s market and will continue marking greater dominance in the regional as well as the global market. Over the years, there has been a constant increase in the penetration of industrial flooring in the major Asian economies, particularly in China, a key factor driving the demand in the region.
Key Players:
Key players operating in the global Industrial Flooring market are-
- AFI Licensing LLC
- Ardex Group
- COVESTRO
- General Polymers Thermoplastic Materials, LLC
- Gerflor Group
- Jotun
- MBCC Group
- RPM International Inc.
- Sika AG
- The Lubrizol Corporation
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Industrial Flooring analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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