AEC Industry Creates Favorable Revenue Streams for Floor Coating Manufacturers
Floor coatings are almost omnipresent in different places such as residential, commercial, industrial, and government sectors, among others. This explains why the global floor coatings market is projected to advance at a favorable CAGR throughout the assessment period. The ever-expanding architecture, engineering and construction (AEC) industry is generating incremental opportunities for floor coating manufacturers. This is evident as floor paints and coatings are an essential part of any house renovation or construction project.
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Floor coatings are being used for mission-critical projects including for surfaces with heavy wear and corrosion such as manufacturing floors, warehouses, and at chemical plants. Leading-edge floor coatings help to enhance worker safety. Antiskid or non-slip epoxy floor paints help to minimize injury resulting from falls and slips.
Supply Chain Resilience Gaining Importance amid COVID-19 Outbreak
Import and export of floor coatings is projected to rise, owing to an increase in shipment and demand trends amid the COVID-19 outbreak. Companies in the floor coatings market are avoiding disruption across customer demand, supply of materials, and availability of logistics services to ensure business continuity.
Several multinational companies (MNCs) have already started re-evaluating their supply chains, and are in the process of shuffling their supply chains to reduce concentration in a handful of countries. They are increasing their local production capabilities and sourcing alternate supply partners to keep economies moving forward. The industry is likely to witness steady expansion driven by increase in demand for floor coatings with better resolution of supply chain issues in various countries.
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Increase in Demand for Floor Coatings in Construction Sector: Key Driver of Floor Coatings Market
Polyaspartic Material Segment Dominates Global Floor Coatings Market
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Industrial Application Segment Holds Major Share of Floor Coatings Market
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