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.
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.
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
Source:
https://www.fortunebusinessinsights.com/floor-coatings-market-102341
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