Market Trends of Industrial Flooring Industry
This section covers the major market trends shaping the Industrial Flooring Market according to our research experts:
Increasing Demand from the Food and Beverage Industry
- The floor in the food processing facility is exposed to all sorts of food byproducts, like hot oils, fats, blood, sugar solutions, and natural food acids. Some of these byproducts are corrosive, which can cause serious damage to the floor.
- Besides this, the food and beverage industry includes a high risk of microbial growth due to spillage. Consequently, these contaminants ultimately degrade processed food's purity.
- To avoid such problems, the food and beverage industry requires various resins and related coatings, such as epoxy, polyurethane, polyaspartic, and MMA, to provide a protective barrier to help prevent contaminants from permeating the concrete substrate and ensure a hygienic surface.
- The Global Food Safety Initiative (GFSI), the Food Standards Agency (FSA), and the European Food Safety Authority (EFSA) have issued stipulations to ensure food factories maintain the highest standards of handling and production.
- The North American food and beverage sector saw an uptick in capital project announcements in May 2022. For instance, Phyto Organix Foods, a Canadian maker of plant-based protein for the food and beverage industry, announced the largest project of a USD 225 million facility to process yellow peas into high-purity protein isolate in Strathmore, Alberta. Turkey processor West Liberty Foods also announced plans for a USD 100 million processing facility in its native Iowa.
- Furthermore, in January 2022, Tyson Foods announced it would invest USD 355 million to build a state-of-the-art bacon plant in Bowling Green, Ky. The project is part of Tyson's commitment to meet increasing retail and food service demand for bacon products. The new facility is expected to create 450 jobs, with production beginning in late 2023.
- Grupo Bimbo was the Mexican food company with the largest net revenue in 2021, over MXN 345 billion (USD 17.02 billion).
- Pepsico was North America's leading food and beverage company overall in the 2021 financial year. The corporation had over USD 47.6 billion in sales from food and beverages processed on the continent. In the same year, Pepsico had a net revenue of USD 79.47 billion from its global operations.
- All the factors above depict a positive outlook on using industrial flooring in the food and beverage industry during the forecast period.
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China to Dominate the Market in the Asia-Pacific Region
- The Asia-Pacific region dominated the global market, expected to continue during the forecast period. China is one of the major countries in Asia-Pacific, with ample construction activities supported by the growing economy.
- The chemical industry in the country grew drastically over the past two decades, in line with the overall growth of the country and the fundamentals of the key industries. China represents about one-third of the worldwide demand for chemicals.
- China is the world's largest manufacturer of chemicals, accounting for 43% of worldwide chemical sales in 2021, with a value of EUR 1,729 billion (USD 2,018 billion). From the 28.3% reported in 2011, China's global chemicals market sales share increased to 43.0% in 2021.
- The food processing industry is moving toward maturity in the country, witnessing moderate growth. The consumption trend of healthy, natural, and convenient ready-to-drink smoothies, juices, and yogurts is emerging in the beverage industry.
- In North China, there are about 42,577 food and beverage manufacturers, accounting for annual sales of over CNY 20 million (USD 2.95 million). There is continuous growth in the country's consumption of processed food products.
- China is the second-largest market for pharmaceuticals globally. The pharmaceutical market is growing rapidly, owing to the increasing middle-class and aging society present in the country, rising income levels, and increasing urbanization.
- China's pharmaceutical sector made over CNY 3.3 trillion (USD 487 billion) in total sales in 2021, an increase of about 20% yearly. The two main pharmaceutical industries in the nation are those that produce pharmaceutical preparations and Chinese patent medicines.
- Owing to all these factors, the region's industrial flooring market is projected to rise during the forecast period.
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