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India Floor Coatings Market by Binder (Epoxy, Thermoplastic, Thermoset and Others); By Coating Component (One Component, Two Component and Three Component); By Floor Structure (Wood, Terrazzo, Mortar and Others); By Application (Residential, Commercial and Industrial); by Region (North India, South India, Western India and East India)- Analysis of market share, size & trends for 2016-19 and forecasts to 2030
Indian Floor Coatings Market is anticipated to reach USD 125.7 million in 2030 from USD 62.1 million in 2019 growing at a CAGR of 6.60% during the forecast period, i.e., 2019-2030.
Floor coating is used to improve the longevity of concrete, tiles, floors of wood, tapestries, vinyl, and other materials. These are anti-static, vibration-resistant, and waterproof and have stylish surfaces and bare concrete finishes. They consist of sealers and sealants to form a barrier against oxidation and moisture. Since the floor is susceptible to maximum harm, it demands security and due consideration in new building and renovation work. The floor coatings protect the concrete from damage, such as thermal shocks, abrasions, corrosions, and chemical attacks. For slip prone applications, floor coatings are used. The use of floor coatings reduces concrete cracking and maintenance costs. The use of floor coatings enables the smooth cleaning of the floors and renders production units and factories appealing with a sumptuous look on the concrete. They are used in educational institutions, restaurants, aviation & transport, health, and commercial institutions...
Increasing awareness about the advantages that floor coatings offer in manufacturing, commercial and residential areas and the production of environmentally friendly floor coverings are major factors driving the growth of India's floor coatings market. Also, the market for floor coatings is expected to increase with a wide variety of end-use industries including construction, manufacturing, and others. End consumers, such as businesses, industries, and housing, are increasing demand. The significance of floor coating rises with supportive government programs, such as "Make in India" and increased infrastructure investments. Rapid urbanization in India results in the expansion of demand for civil buildings, which is a key factor encouraging the use of floor coating. However, the growth of this market is anticipated to be inhibited by increased competition for substitutes.
Indian Floor Coatings market is segmented by binder into epoxy, thermoplastic, thermoset, and others. In the Indian market, the Epoxy segment is dominating the floor coating market with an increase in abrasions, slippages, waste, heat, and resistance to chemicals. The floor coatings of Epoxy are expected to grow at the fastest CAGR during the forecast period as they are smooth, anti-static, and easy to take care of. Epoxy coatings are used on industrial buildings, walking paths, and sometimes even on walls or ceilings, usually on garage floors. For commercial or industrial buildings, like production plants, supermarkets, pharmacy buildings, food and beverage plants, and even labs, many plants benefit from epoxy flooring.
Based on the coating composition, the market can be categorized into one component, two-components, and three-components. Among these, the market was dominated by two components (2K) in 2019 and is expected to grow at the highest CAGR over the forecast timeframe. Two-component floor coatings have remarkable mechanical characteristics, improved overall resistance to weather, high chemical resistance, and can be resistant to high heat when treated. It further enhances the use in industrial applications of two-component coatings. The two-component floor coatings are vibration-resistant, shock resistant, thermal resistant, plug voids, good adherence to identical and differentiated substrates, even stress distribution, long-lasting, and simple to apply.
Based on floor structure, the market for floor coatings in India is bifurcated into wood, terrazzo, mortar, and others. The Mortar segment dominated the market in 2019, due to relatively lower cost and tensile physical strength. As a result, the use of the mortar floor structure for exterior walls was further increased. Therefore, the mortar segment is projected to be the fastest-growing at a CAGR of XX% during the forecast period.
Based on the application, the market is segmented into residential, commercial, and industrial. Associated with the construction of new housing structures, the residential segment dominated the market in 2019 and is anticipated to grow at the highest CAGR of XX% over the forecast timeframe. As a result, floor coatings were increased for buildings in residential buildings.
Cost-Effective
Floor coatings are an inexpensive way of making the floor on a concrete surface that is appealing. The application of epoxy floor coating is a job that reduces the expense of skilled installers, simultaneously adding shine, lustre, and other features.
For a hard floor in the garage or basement, epoxy floors are a long-lasting choice. The car will cause issues for the material you choose for your floor in a garage you use for parking. The thermal tires in a vehicle can cause paint peel, but floors that are epoxy can withstand automotive hazards. Floors with epoxy resist peeling, cracking, and tinting.
The Indian Floor Coatings market is segmented based on regional analysis into four major regions. These include North India, South India, Western India, and Eastern India. Geographically, North India captured the largest share of the flooring market in India in 2019. Floor coatings are growing in importance with supportive government policies like Make in India and increased investments in infrastructures. Moreover, in the Indian market for floor coating, expansion in commercial activities including the development of new hotels and restaurants offers significant potential for growth.
Akzo Nobel N.V.
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