Market Trends of Floor Coatings Industry
Growing Demand from Industrial Applications
- The industrial segment is dominating the overall floor coatings market. The core sectors such as chemical, automotive, manufacturing, and other industries such as food and beverages and electrical and electronics, among others, are some of the major consumers of floor coatings.
- The chemical sector is the most important industry of the era. Directly or indirectly, chemicals are used in almost every product manufactured today. This implies the importance of the chemical industry globally. Being one of the most important industries, the right high-performance flooring is essential for research and development labs, production plants, and other facilities of the industry.
- In the industry, chemical resistance flooring, strict hygiene, and safety protocols play vital roles in avoiding the risks related to damage, accidents, and the health of workers. Thus, considering the risks and the requirements of the chemical industry, floor coatings have become an important element of concern.
- In September 2022, a Chinese CDMO (Contract Development and Manufacturing Organization), AsymchemLabs, announced a plan to invest CNY 4 to 5 billion (USD 557 million to USD 697 million) in a production facility to manufacture chemical raw materials. The facility would be built in Jiangsu TaixingEconomic Development Zone, Shanghai, China. The focus of the site would be research and development, along with the manufacturing of chemical raw materials and small-molecule drug substances.
- The United States has been witnessing numerous investments in the food & beverage sector. For instance, the number of projects in this sector to observe construction is Red Bull North America's USD 740 million worth 2 million-square-foot processing and distribution facility in Concord, North Carolina; Dairy cooperative DairgoldUSD 500 million worth 400,000-square-foot processing facility in Port of Pasco, Washington (completion scheduled for 2023); Biotics Research Corporation USD 9 million worth 88,000-square-foot warehouse, laboratory, and office facility in Rosenberg, Texas (completion scheduled for 2023).
- Further, in the United States, according to the United States Department of Agriculture (USDA), the total export of processed food products for the year 2022 was worth USD 38 billion.
- Thus, owing to such trends, the industrial application segment is likely to dominate the market during the forecast period.
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The Asia-Pacific Region is Expected to Dominate the Market
- The construction industry in Asia-Pacific is expected to become the largest and fastest-growing industry across the world, both in the residential and commercial sectors, with approximately a 45% share of the global construction spending coming from the region.
- The construction sector is a key player in China's continued economic development. China is amid a construction mega-boom. According to the National Bureau of Statistics of China, The value of construction output accounted for 31.2 trillion yuan (USD 4.5 trillion) in 2022, up from 29.3 trillion yuan (USD 4.2 trillion) in 2021, China is expected to spend nearly USD 13 trillion on buildings by 2030, creating a positive outlook for the industry.
- The Government of India has been actively boosting housing construction, as it aims to provide homes to about 1.3 billion people. The country is likely to witness around USD 1.3 trillion of investment in housing over the next seven years and is likely to witness the construction of 60 million new homes in the country. The availability of affordable housing in the country is expected to rise by around 70% by 2024.
- In Japan, in August 2022, housing starts increased by more than 4.5% with respect to July 2022. After witnessing a decrease in new dwelling construction (815.3 thousand) in the year 2020, the sector bounced back registering approximately 855.5 thousand new dwelling construction in the year 2021.
- Such trends in the region are expected to drive the market growth for floor coatings in the region over the forecast period.
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