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According to Fortune Business Insights™, the global floor coatings market size is projected to reach USD 4,734.9 million by 2027, exhibiting a CAGR of 7.8% during the forecast period. Rising preference for sustainable flooring solutions will be a central factor driving the growth of this market, as shares in its report.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessins....ights.com/floor-coat
With growing pollution from buildings and infrastructures in urban areas, consumers are showing an increasing inclination towards adopting flooring products that have low levels of volatile organic compounds (VOCs) and low carbon emissions. As a result, several floor coating manufacturers are developing sustainable flooring solutions to meet this changing consumer behavior. For example, Ecoflor, a UK-based flooring company, has developed Smooth PU (polyurethane) and Liquid Vinyl floors that have long life expectancy and can be re-sealed or modified within premises. As a result, these floors are not only sustainable but are also cost-effective. Similarly, US-based Liquid Floors has been offering green epoxy floor coatings that have zero VOC content. Thus, the widening availability of green floor coatings will hugely benefit the growth of this market.
As per the report, the global market value stood at USD 2,687.7 million in 2019. The report also provides the following:
A comprehensive evaluation of the various market drivers and trends;
Granular analysis of the challenges facing the market;
Careful segmentation of the market; and
In-depth study of the competitive milieu and regional prospects of the market.
List of Key Companies Profiled in the Floor Coatings Market Report:
Kansai Paint Co., Ltd (Osaka, Japan)
DSM (Heerlen, Netherlands)
ADCOS NV (Malle, Belgium)
Asian Paints Ltd. (Mumbai, India)
The Sherwin-Williams Company (Ohio, U.S.)
BASF SE (Ludwigshafen, Germany)
PPG Industries, Inc. (Pennsylvania, U.S.)
Tennant Coatings (Minneapolis, U.S.)
Nippon Paint Holdings Co. (Singapore)
Jotun (Sandefjord, Norway)
Akzo Nobel N.V. (Amsterdam, Netherlands)
RPM International Inc. (Ohio, U.S.)
The slowdown in Construction Activities Worldwide amid COVID-19 to Hinder Market Progress
Central to the factors boosting the floor coatings market growth is the booming demand for construction, especially in the developing economies of India and China. According to Oxford Economics, for instance, 57% of the global growth in the construction industry will be led by India, China, and the US by 2030. However, the outbreak of the COVID-19 pandemic has dampened the energies of the construction industry.
A recent survey by the Royal Institution of Chartered Surveyors in the UK revealed that on-site productivity at construction sites is expected to fall by 12%, while only 20% of the stalled projects are predicted to restart amid the pandemic. Contracting construction operations will have a direct bearing on the market for floor coatings as these materials are extensively deployed in residential and commercial spaces. With construction projects being executed with a reduced workforce and social distancing measures, the bounce-back of the construction industry is anticipated to be sluggish.
Regional Insights
Governmental Support to Construction Projects to Propel the Asia Pacific Market
At USD 1,136.4 million, Asia Pacific dominated the floor coatings market share in 2019 on account of the strong support from the governments in the region to construction activities and infrastructural development. The policies are particularly geared towards promoting and building sustainable urban infrastructures since urban populations in countries such as India and China are rapidly expanding.
The market in North America is slated to experience stable growth on account of the widespread presence of globally-recognized flooring manufacturers in the region. Moreover, advanced floor coatings are being speedily adopted by manufacturing plants across the US and Canada to ensure the safety of workers in these spaces. In Europe, on the other hand, the high purchasing power of consumers is encouraging the adoption of more sophisticated and premium flooring solutions, which is creating numerous opportunities for market players in the region.
Competitive Landscape
Strategic Product Releases & Acquisitions to Energize Market Competition
Key players in this market are developing and strategically launching products to expand their footprint in the floor coatings domain. In addition, to further strengthen their market position and gain a tactical edge, companies are increasingly entering into agreements to acquire fellow competitors.
Key Industry Developments:
September 2020: PPG Industries introduced a comprehensive line of floor coating offerings, which includes, top coats, base coats, and prime coats. The products are designed according to the working environment, thus ensuring their optimum performance.
August 2020: Nippon Paint Holdings purchased 100% stake in the Australia-based paint company, Dulux Group Ltd, for an estimated value of 291.7 billion yen. Nippon Paints aims at broadening its business horizons across Australia and New Zealand with this acquisition.
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The global acrylonitrile butadiene styrene market share is projected to reach USD 42,809.5 million by 2027, exhibiting a CAGR of 6.9% during the forecast period. The phenomenal growth in the global construction industry will be a prime growth driver for this market, states Fortune Business Insights™
The construction industry has entered a phase of prolific expansion due to the rapid growth in world population and the proliferation of residential and commercial spaces in urban areas. According to a study by Oxford Economics and Global Construction Perspectives, the volume of construction output is slated to grow by 85%, hitting a value of USD 15.5 trillion by 2030. Led by construction activities in China, India, and the US, Oxford Economics, in a recent report predicted that even amid the COVID-19 pandemic, the construction industry will rise by 35% and reach USD 5.8 trillion by 2030. Acrylonitrile butadiene styrene (ABS), a versatile thermoplastic, is known for its structural sturdiness, superior impact strength, resistance to corrosive chemicals, and excellent mechanical and insulating properties, making it an essential component in the construction of buildings. Thus, as construction activities surge around the world, the demand for ABS is likely to remain steady over the forecast period.
Information Source:
https://www.fortunebusinessins....ights.com/acrylonitr
The report states that the global market value in 2019 was at USD 25,135.0 million. The main highlights of the report include:
Surgical analysis of the major market drivers, trends, and restraints;
In-depth diagnosis of each market segment;
Unmatched research into the regional developments and prospects of the market; and
Valuable insights into the profiles and strategies of the key market players.
Competitive Landscape
Focused Investments in Innovation by Key Players to Heat up Competition
The competitive milieu of this market is getting intensified by the heightening investments by key players to boost their innovation capacities. These investments are aimed at empowering companies to develop and introduce novel ABS solutions and capture a larger market share as well as strengthen their global market presence.
Industry Development:
September 2020: Covestro AG announced its futuristic automotive headlight concept that involves the usage of only one material, the polycarbonate Makrolon, which meets the functional and aesthetical demands of vehicles. The headlight will also utilize a blend of acrylonitrile butadiene styrene along with a scratch-resistant coating to cover the outer lens.
List of Key Companies Profiled in this Market Report:
Formosa Chemicals & Fibre Corp (Tainan City, Taiwan)
Asahi Kasei Corp. (Tokyo, Japan)
LG Chemicals (Seoul, South Korea)
INEOS (London, UK)
3M (Minnesota, United States)
KUMHO PETROCHEMICAL (Seoul, South Korea)
Chi Mei Corporation (Tainan City, Taiwan)
SABIC (Riyadh, Saudi Arabia)
Covestro AG (Leverkusen, Germany)
BASF (Ludwigshafen, Germany)
Restraining Factor
Fluctuating Demand for Plastics from the Auto Industry amid COVID-19 to Inhibit Growth
The arrival of COVID-19 led to massive upheavals in several industries, with the plastics industry is facing a moderate impact of the pandemic, which in turn in expected to have spillover effects on the acrylonitrile butadiene styrene market growth. Polymer manufacturers catering specifically to the automotive industry have been severely hit by the pandemic as many large automakers worldwide have had to shut down their operations in response to lockdowns and plummeting demand. For example, Fiat Chrysler announced that it will be ending its production activities at its plants in Serbia, Italy, and Poland, while Volkswagen declared closure of its plant in Spain. According to a survey conducted by the US-based Manufacturers Association for Plastics Processors (MAPP) in August 2020, plastic businesses linked almost exclusively to the automotive sector are on track to meet only 75% of the expected revenues in 2020. Since ABS materials are widely adopted for making various auto components, a slump in the auto industry will inevitably hinder the growth of this market.
Regional Insights
North America to Command Revenue Share; Asia Pacific to Dominate the Overall Market
In terms of revenue, North America is envisioned to lead the global ABS market owing to the rising demand for lightweight automobiles in the region, supported by the spreading awareness about fuel efficiency and economy of vehicles among consumers across the US and Canada. The other factor responsible for the high revenue generation in the North America market is the extensive adoption of ABS and other polymer-based materials in the healthcare industry to combat the coronavirus.
Asia Pacific, where the market size stood at USD 14,244.2 million in 2019, is expected to dominate the overall acrylonitrile butadiene styrene market share during the forecast period on account of the exponential growth of the construction industry in India and China. Increasing disposable incomes of car buyers in these two countries will also allow the regional market to register robust growth in the coming years.
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