Continuing demand from key end-use industries is projected to drive the growth of the industrial flooring market. The critical role played by industrial flooring in the overall productivity and workplace safety of a plant or industrial facility is driving this demand.
F&B Industry to Account for Significant Demand
During the manufacturing process of food and beverage products, acidic materials, such as citric acid, can damage the floor and also degrade the concrete over an extended period of time. This could certainly increase the chances of an accident leading to loss of life or limb. The food & beverage sector has witnessed substantial growth across countries such as the U.K, Germany, and the U.S. The growth has been even better in emerging economies of China and India.
Moreover, food & beverage companies such as Heinz, PepsiCo, Nestle, etc., are focusing on the use of particular value-added flooring material types such as antimicrobial polyurethane or resin-based flooring. Such types of flooring materials provide additional protection while manufacturing edible products and also resist extreme temperature variations. Also, these materials possess a considerably high degree of chemical resistance to corrosive or hazardous chemicals, and are easy to maintain.
Stringent Safety Regulations Benefiting the Industrial Flooring Market
Additionally, a number of industry regulations, which have been enacted and stringently implemented by regulatory authorities such as the US Food & Drug Administration, United States Department of Labor, and European Union, pertaining to maintenance of safety and hygiene standards in the industrial workplaces, are also stimulating the demand for the industrial flooring market. Materials, such as polyurethane and epoxy, comply with all the requirements of the regulatory authorities, along with those stipulated by the food & beverages industry. Thus, the food & beverages industry will continue to remain one of the key end users in the industrial flooring market.
Epoxy - The Material of Choice
Epoxy floors are strong, hard, more durable, chemical resistant, and bond excellently with base substrate layers. Epoxy floors are mostly preferred in heavy traffic duty areas of industries, warehouses, and industrial environments, which need high chemical resistance. The epoxy material segment of the global industrial flooring market is projected to create an incremental dollar opportunity of ~ US$ 2 Bn in the period 2019 - 2029. The epoxy segment is predicted to expand at a CAGR of ~4% in terms of value during the forecast period, and reach a market size of ~US$ 6.6 Bn by the end of 2029, which would be 1.6 times its estimated market size in 2019.
New Product Launches to Enhance Market Shares of Industrial Flooring Market Players
The industrial flooring market is a highly fragmented market with key market players accounting for only around 10-15% of the global market share. The industrial flooring market is full of regional, small & medium scale, and niche players catering to the localized requirements of the customers. Companies such as BASF, Sika, RPT and Mapei are some players, which have a global market footprint among industrial flooring suppliers. These players are trying to further enhance their share in the industrial flooring market through acquisitions and launching new products to stay ahead of the competition.
A deep-dive analysis of the industrial flooring market has led the analysts to arrive at the following conclusion- The market is projected to grow at a robust pace with regions such as Europe and North America accounting for the major share of the global industrial flooring market. However, tremendous growth is projected in emerging economies such as China, India, Mexico, and ASEAN countries, as rapid industrialization takes hold and regulatory authorities tighten laws. The market for industrial flooring is expected to witness high levels of growth in China in terms of sales.
However, the highly localized nature of the competition there would make it difficult for international players to grab a slice of the pie. The only way to tap into such markets is to increase ground level presence through mergers, acquisitions, collaborations, and partnerships with locally dominant players. Increasing demand for industrial flooring is projected to be driven mostly by sectors such as food & beverages, automotive, and chemicals. Epoxy floorings continue to remain popular among end users due to their versatile properties, and the development of advanced products such as two-part epoxy resin-based flooring is projected to further strengthen their revenue shares in the market.
Persistence Market Research (PMR) recently published a study report on the global industrial flooring market. The report provides detailed valuation on the key market dynamics such as drivers, trends, opportunities, and restraints, as well as detailed information about the industrial flooring market structure. This market research report represents exclusive facts and figures about how the industrial flooring market will grow over the forecast period.
Key indicators of market growth, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the industrial flooring market over the forecast period.
The study is relevant for stakeholders in the industrial flooring market, including industrial flooring manufacturers, distributors, suppliers, and investors, and can also help them understand applicable strategies to grow in the industrial flooring market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the industrial flooring market can leverage the information and statistics presented in PMR’s research report.
The report includes facts & figures related to the macro as well as microeconomic factors that are impacting the growth of the industrial flooring market. The study also offers actionable insights based on the future trends in the industrial flooring market. Furthermore, regional players and new entrants in the industrial flooring market can also use the information presented in this report to make business decisions and gain momentum in the market.
Key Segments of the Industrial Flooring market
PMR’s study on the industrial flooring market is divided into four significant segments-material, end-use industry, product type, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Industrial Flooring Market Report
Industrial Flooring Market: Research Methodology
In PMR’s research report, exclusive research methodology is utilized to conduct comprehensive research on the development of the Industrial Flooring market and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by assistant analysts to ensure precision and reliability of the conclusions.
Secondary resources are referred by analysts during the evaluation of the industrial flooring market study, which comprises of the facts and figures from IMF, World Bank, OECD and other government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary resources and secondary resources is validated from companies in the industrial flooring market to make PMR’s projection on growth prospects of the industrial flooring market more accurate and reliable.