Canada Concrete Floor Coatings Market: Snapshot
Concrete floor coating is the covering applied to cured concrete in order to make the surface last longer by utilizing the anti-corrosion property. Advantages of using concrete floor coatings include esthetic look, durability, ease of maintenance, ability to be customized, long term cost savings, health benefits and low installation cost. The key applications of concrete floor coatings lies in the residential construction sector. They have been of high demand both for the indoor and outdoor applications. Increase in the number of construction projects and rise in demand for green technology are expected to fuel the market for concrete floor coatings in the next few years.
According to the report, the Canada concrete floor coatings market, which valued at US$100.8 mn in 2016, will reach US$158.0 mn in 2025, expanding at a CAGR of 5.2 % between 2017 and 2025.
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Epoxy Coatings to Remain Most Preferred Concrete Floor Coatings in Canada
On the basis of the type of product, the Canada concrete floor coatings market has been segmented in the report into epoxy, polyaspartics, polyurethane, and acrylic. Of these, the segment of epoxy coatings accounted for a massive share of nearly 60% of the Canada concrete floor coatings market in terms of revenue in 2016. Vast characteristic features of epoxy coatings, such as immense durability, incredible strength, low maintenance cleaning, resistance to chemicals, and an environment friendliness quotient that is higher than other chemical varieties of floor coatings work in their favor, leading to the huge demand.
The segment is expected to continue to hold a massive share in the overall Canada concrete floor coatings market over the report’s forecast period as well. However, it is likely to see a minor decline in its present stake in the Canada concrete floor coatings market over the forecast period, with the polyaspartics segment gaining notably in terms of its share in the Canada concrete floor coatings market. The segment of polyaspartic coatings is expected to exhibit a promising 6.0% CAGR in terms of revenue contribution from 2016 to 2024.
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Ontario to Retain Dominance Owing to Rising Number of Residential Projects
From a geographical perspective, Ontario accounted for more than 30% share of the Canada concrete floor coatings market in 2016. Rising urbanization, increasing disposable income and increasing demand for residential projects has been the prominent factor driving the concrete floor coatings market in Ontario. Quebec also held a significant market share in the Canadian concrete floor market. The geographic position and existence of key manufacturers of the concrete floor coatings are the key reasons for the significant market share of Quebec. Radical improvements in product quality and efficiency in advanced coatings are likely to drive the concrete floor coatings market at healthy rate in these regions over the forecast period as well.
British Columbia is expected to lead in terms of rate of growth of the concrete floor coatings market in Canada over the forecast period, driven largely owing to the rising number of new building startups in the province. Alberta, with high growth in GDP and per capita income is expected to have high growth potential in future. In terms of environmental performance of the concrete floor coatings, Saskatchewan faces some challenges. However, the rising employment rate in the province is expected to fuel the growth of concrete floor coatings in the Saskatchewan province. Both Manitoba and Atlantic are considered as provinces with significant growth potential albeit with challenges such as fluctuating economy and non-promising employment rates.
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Some of the leading companies operating in the Canada concrete floor coatings market profiled in the report are The Sherwin-Williams Company, PPG Industries Inc, BASF SE, RPM International Inc, and Sika AG