Floor Coatings Market: By Resin Type (Polyaspartic, Polyurethane, Epoxy and Others), By Coating Component (One-component (1K), Two-component (2K), Three-component (3K) and Other Components (4K, 5K, etc), By End User (Commercial, Residential and Industrial) and Geography  

Floor Coatings Market was valued at USD 8,935.43 million in 2022, and is poised to grow at a CAGR of 5.5% from 2023-2029. Some of the key factors propelling the market growth are rising globalization and rapid development in industrialization, increasing construction business in countries such as India and China and new technological advancements in material handling equipment’s. However, factors such as rise in raw material prices and strict regulations imposed on floor coatings are hindering the market growth. Because of the building industry's recession, increasing demand for floor coatings will be more difficult in 2020. The economic downturn produced by the COVID-19 outbreak is likely to cause a period of low growth in building and construction throughout significant regions over the following two years. The commercial building industry, in particular, has seen a significant drop as a result of the current situation. Lower demand in end-user sectors, such as the construction industry's accelerated growth decrease and a slowdown in core industries, had a cascade effect on other industries, resulting in a drop in overall demand for floor coatings. Housing development activity in Asia-Pacific economies are projected to pick up in the short future. VOCs generated by floor coatings, on the other hand, are subject to stringent controls. The industrial sector's need for floor coatings dominated the market studied, and it is predicted to rise over the projection period due to rising demand from the chemical industry. Polyaspartic coatings' promising performance is likely to present an opportunity in the future.