Floor coatings today add a great deal of importance apart from being simple protective coatings. Modern floor coatings offer a wide spectrum of applications for commercial, residential, and industrial purposes. Concrete floor coatings, as a part of the general floor coatings market, provides a large number of indoor as well as outdoor applications in all sectors. The outdoor applications of concrete floor coatings include those in patios, walkways, floors, and garages, while the indoor applications include restraints, industrial floors, commercial floors, and residential floor coatings.
The North America concrete floor coatings market is expected to reach US$546.8 mn at the end of 2023, after expanding at a CAGR of 6.0% within a forecast period from 2015 to 2023. The market was calculated to have reached US$363.6 mn at the end of 2016. The swift rate of growth shown by the North American construction industry is a key reason for the growth rate of the North America concrete floor coatings market, and will continue to influence it over the coming years.
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United States’ Demand for Concrete Floor Coatings Continues to Rise
The U.S. held the leading share in the North America concrete floor coatings market over the recent past, and market readings point to a continued dominance for this country within the North America region. There is a massive demand for concrete floor coatings in the U.S. within the application segments of commercial and outdoor. The demand for concrete coatings for garages and walkways is currently topping most application demands within the U.S., while future construction and renovation projects are likely to spur the demand for concrete floor coatings even further.
Canada and Mexico follow the U.S. on the profitability charts in the North America concrete floor coatings market, but current movements in Mexico suggest a heavy influx of demand over the coming years. An instance includes the initiation of the National Infrastructure Plan taken up by the Mexican government from 2014 to 2018. This project is already ramping up the demand for concrete floor coatings in the region and is likely to create the foundation for better market prospects over the foreseeable future.
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More Customers Preferring Epoxy Coatings
In 2014, epoxy-based coatings took up more than 55% of the North America concrete floor coatings market. Current market statistics confirm the high demand for epoxy-based concrete floor coatings and peg the segment to be the dominant one for the coming years. Epoxy-based concrete floor coatings are considered a high demand product in Mexico due to its ease of availability and relatively lower costs. Meanwhile, polyaspartic coatings are expected to drive the future demand in the North America concrete floor coatings market, given its advantages of such as faster curing rate, and a superior resistance to ultraviolet rays, wear and tear, and abrasion.
Outdoor concrete floor coatings took up the dominant share in the North America concrete floor coatings market over the recent years, thanks to a growing demand for them in the industrial and commercial sectors. The overall success rate of the North America concrete floor coatings market is, however, expected to remain stifled over the coming years due to the volatility of raw materials availability and prices, while the future demand for concrete floor coatings is likely to lean towards the use of bio-based raw materials due to growing environmental concerns.
The leading players in the North America concrete floor coatings market, at the moment, include BASF SE, Sherwin-Williams, RPM International Inc., The Valspar Corporation, and PPG Industries Inc. General competitive direction of the market is leaning towards improving customer retention and improving quality of product.