Market Trends of India Floor Coatings Industry
Increasing Construction Activities in India
- In India, growth in population, migration from hometowns to service sector clusters, and the nuclear family trend are some factors driving residential construction. Besides, decreasing land-to-population ratio and the growing trend of constructing high-rise residential buildings and townships have been driving the application of floor coatings in the residential construction segment in the country.
- The residential sector is expected to grow significantly in the country. The Indian government, in its Union Budget 2022-23, allocated USD 580 million for its 'PM Aawas Yojana scheme, reiterating its commitment to implementing 'Housing for All' and building 20 million affordable homes for the urban poor by 2022.
- The Indian government has been actively boosting housing construction, aiming to provide homes to about 1.3 billion people by 2022. The country is likely to witness around USD 1.3 trillion of investment in housing over seven years from 2021 and the construction of 60 million new homes. The growing construction activities in the country are expected to increase the demand for floor coatings over the forecast period.
- The growing individual townships are also driving the current studied market. The development of the Palva industrial township, Zaheerabad integrated industrial township, and many other projects involving public and private investments with a total of USD 29.38 billion are boosting the sector.
- India is gearing up to embrace urbanization by leveling up its existing infrastructure in cities. The government, which had already commenced the drive to build 100 smart cities in 2014, is currently focusing on expanding the mission with an investment of USD 1.2 billion for carrying out city-wide developments.
Understand The Key Trends Shaping This Market
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The Industrial Segment to Dominate the Market
- 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 major consumers of floor coatings.
- Chemical-resistant floor coatings are used in several industrial applications such as wet food and beverage processing areas, process tank areas, chemical storage, secondary containment, process floors, trenches, sumps, railcar loading and unloading, truck loading and unloading areas, warehouses, and loading docks.
- Among all the core sectors, the chemical industry is a major end-user of floor coatings. High-performance flooring is essential for research and development labs, production plants, and other industrial facilities to protect the appearance of floors and walls against chemical stains.
- 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.
- In the food and beverage industry, the risk of microbial growth due to spillage is high. Consequently, these contaminants degrade the processed food's purity. To avoid such problems, the industry requires durable and thick floor coatings to provide a protective barrier, which can help prevent contaminants from entering the concrete substrate and ensures a hygienic surface.
- In the automotive manfacturing industry, floor coatings are used for slip resistance, to provide strength and aesthetic appeal to the floor, and to separate different zones of operations in the production plants.
