Market Trends of Canada Floor Coatings Industry
This section covers the major market trends shaping the Canada Floor Coatings Market according to our research experts:
Rising Construction Activities in the Region
- The construction sector is a significant contributor to the country's economy, fuelling the demand for the consumption of floor coatings in residential buildings and commercial construction applications.
- The construction industry is continuing to grow across Canada, which is expected to increase significantly in the coming years. Owing to the expansion, more high-value and ambitious projects are ongoing in the country, which is further likely to drive the demand for floor coatings.
- Some of the ongoing projects include The Vincent Condos project worth USD 150 million. The project involves the construction of a condominium community in Vaughan, Ontario. The project's construction started in Q1 2022 and is expected to be completed in Q4 2024. The project aims to provide a wide range of regional residential, commercial, and retail facilities. Thereby driving the need for floor coatings.
- Another ongoing project is the Wellington Sur Le Bassin Condominium Tower worth USD 126 million. The project involves the construction of a 25-story condominium tower comprising 380 units in Montreal, Quebec, and is expected to be completed in Q4 2024. The project aims to provide better residential facilities in the region.
- Furthermore, in August 2022, the Government of Canada announced new funding to the Saskatoon John G. Diefenbaker International Airport. The airport is likely to receive nearly CAD 1.7 million from the Airport Critical Infrastructure Programme to expand one of the airport's aprons and to create additional space for the movement of larger aircraft.
- Thus, these projects are expected to boost floor coatings consumption in the country in the coming years.
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Growing Demand for Floor Coatings in the Industrial Applications
- Floor coatings are utilized in industrial applications to boost efficiency by facilitating faster material flow and reducing workplace hazards.
- Concrete floors in several industries for instance, in warehouses, assembly plants, etc., are prone to several damages such as damage from harmful chemicals, damage from scratches caused by equipment such as airplanes and forklifts, others. Thus, floor coatings are widely utilized in industry to prevent floors from such damages.
- With the rapid industrialization and construction of manufacturing and processing facilities in Canada, the demand for floor coatings in the industries such as food & beverage, automotive assembling, and pharmaceutical industries is likely to be propelled during the forecast peroid.
- The slip resistance provided by these coatings to floors help minimize the accidents on work floors. Thus, there is a significant demand for floor coverings in industrial applications due to the growing significance of guaranteeing workplace safety and worker welfare.
- Several industrial projects such as Retail, Wholesale, Warehouse construction in the country include, Blair Industrial Business Park Warehouse construction of worth USD 150 million in Cambridge, and others.
- Thus, owing to above-mentioned factors, the demand for floor coatings in industrial applications is expected to grow significantly during the forecast period in Canada.
