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Demand Surges Amid Patent Growth

Monday, January 23, 2017

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The global concrete floor coatings market is expected to reach $2.6 billion by 2022, a recent forecast suggests, meanwhile technology advances are responsible for a boom in patent activity for the sector.

Allied Market Research says the market, which was valued at $1.66 billion in 2015, will grow at a compound annual growth rate of 6.6 percent over the next few years.

floor coatings
Photo courtesy of Citadel Floors

Forecasters say the concrete floor coatings market will grow at a compound annual growth rate of 6 percent or more in the coming years.

Specifically, the firm predicts that rapid economic growth and the demand for housing and commercial infrastructure in the Asia-Pacific region will help drive the global market during the forecast period.

Further, investment in the building and construction industry in both developed and developing countries is also projected to fuel the floor coatings market. In the U.S., most general contractors expect the overall construction market to expand or remain roughly the same in 2017, compared to 2016, according to recent Associated General Contractors survey.

In a separate market report, Transparency Market Research says the North American market for concrete floor coatings, will reach $546.8 million by 2023, expanding at a CAGR of 6 percent from 2015 to 2023.

Specific Characteristics in Demand

Allied states that an increase in specific features, such as efficiency, high mechanical strength, high chemical and temperature resistance, and remarkable and superior finishing ability will supplement the growth of the market.

The forecast also notes that a rise in consumer concern regarding eco-friendly, non-toxic products have accelerated growth for the bio-based and non-volatile organic compound (VOC) floor coatings options.

Patent Activity Booming

The launch of new technologies and products are on the rise in the sector.

Specifically, from January 2013 to October 2016, the total number of floor coating-related patents registered totaled 195, the researchers report.

patent
© iStock.com / Mouse-ear

The research firm reports that 66 patents were registered in 2015 alone.

The highest number of patents related to floor coatings was 66 registered in 2015, followed by 62 in 2013. Ten patents were registered as of October 2016, Allied notes.

New patents include those for antistatic floor coatings, epoxy resin floor coatings, flame-retardant floor coatings, radiation curable coatings and others, according to the researchers.

Epoxy Demand

Floor coatings play a key role in protecting and preserving concrete floors in various applications, with commercial and garage floor applications driving growth in North America, according to Transparency.

Allied also notes that the demand differs among binder or resin types.

In 2015, for example, epoxy resin occupied a 37.7 percent share in terms of global revenue, and is expected to increase at a CAGR of 7 percent during that forecast period.

Transparency adds that the demand for epoxy-based concrete floor coatings is expected to witness robust growth in North America over the next few years, particularly in Mexico, due to easy availability and low cost.

The Allied forecast also highlights thermoplastic, thermoset and other floor coating segments, while both reports profile various industry players including The Sherwin Williams Company, RPM International Inc., BASF SE and The Dow Chemical Company.

Allied's Floor Coatings Market report can be purchased here and Transparency's report can be purchased here. For more D+D News coverage of concrete floor market research, see “Floor Coatings Market Set to Soar” and “Concrete Floor Coatings on the Rise.”

Concrete Floor Coatings Resources

And for more concrete floor coatings insight, Durabilityanddesign.com offers myriad of resources for the concrete floor coatings professional.

A recent webinar, “Concrete Floors: Cut, Cover or Polish,” focused on the advantages and disadvantages of various concrete flooring options as well as maintenance requirements and costs. Presented by KTA Tator Inc.’s Terry Carroll, P.E., and Kevin Brown, the course specifically highlighted concrete floor options for the retail sector. A recording is available for viewing.

Further, several technical features, from D+D In Depth and Durability + Design Magazine, including this guide to building a solid foundation for concrete floor coatings are also available on Durabilityanddesign.com.

   

Tagged categories: Coating chemistry; Concrete coatings and treatments; Concrete floor coatings; Market forecasts; Market trends; Resinous flooring

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