Nordic Floor Paints Market

Nordic Market Study on Floor Paints: High Demand being Witnessed from Industrial Sector

Market Snapshot

Newly-released data on the floor paints market analysis for Nordic shows that demand for epoxies is expected to witness year-on-year (YoY) growth of 2.8% in 2021 to total 15,006 tons. Sales of acrylic products are expected to rise 2.2% to 2,401.0 tons.

As per value growth rate, Persistence Market Research has anticipated floor paints sales in Nordic to rise at a CAGR of 2.7% over the assessment period of 2021 and 2031. Sweden and Denmark are witnessing considerable growth in this market, with Sweden itself projected to account for around 35% market share in the region.

Find Out More about the Report Coverage

Companies

  • Jotun Group
  • TEKNOS
  • Hagmans Nordic AB
  • WOCA DENMARK A/S
  • Hempel A/S
  • Esbjerg Paints
  • Nor-Maali
  • TIKKURILA OYJ
  • Elco Paints
  • Fosroc Inc.
  • Arkema Group
  • AkzoNobel
  • Sherwin-Williams
  • PLPCOATINGS
  • PPG Industries
  • Axalta Coating systems
  • RPM International Inc.
  • Sika AG
  • Henkel AG
  • WELESGARD
  • Watco Industrial Flooring
  • ECOS Paints
  • Rust-Oleum
  • Technima Group

Valuable Insights Offered in Floor Paints Industry Survey:

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand Share and Market Share Analysis
  • Assessment by Product Grade / Purity / Formulation Standards
  • Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
  • Certifications and Compliance Requirements
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Floor Paint Sales and How to Navigate
  • Recommendation on Key Winning Strategies

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Consumption Analysis of Floor Paints from 2016 to 2020 Vs Market Outlook for 2021 to 2031

Historically, from 2016 to 2020, use of floor paints increased at a CAGR of 0.6%, mainly owing to the impact of COVID-19 in 2020. Barring this exception year, factors that have been encouraging market expansion include the growing construction sector and rising usage of the product across the commercial, industrial, and residential sectors.

Furthermore, increased government spending on manufacturing and infrastructure would undoubtedly impact growth in the sales of floor paints. Steady rise in customer demand for greater finishing abilities, chemical resistance, and abrasion resistance properties of floor paints is expected to create new product innovations by key players in the industry.

Other key factors such as need for industrial-based floor paints is being driven by factors such as rising industrialization and expanding food & beverage industries due to growing concerns about product quality, contamination, cleanliness, and purity.

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A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.

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What are the Key Opportunities for Floor Paint Manufacturers across Nordic?

Key manufacturers of floor paints are focusing on new product innovations in the segment of water-based paints instead of solvent-based paints, as solvent-based paints are associated with more hazards due to the presence of volatile organic compounds.

Growing awareness of using floor paints that are less toxic, less combustible with great surface qualities, including a non-yellowing layer, anti-sealing effects, rub resistance, high gloss, and lesser disposal of hazardous waste are some of the key opportunities for players to focus, especially on low hazardous paints for sustainable development.

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What are the Restraints that Floor Paint Suppliers Face in Nordic?

Availability and price volatility of raw materials restrain the expansion of the floor paints industry. Moreover, environmental regulations regarding the use of hazardous and chemically-treated products that are also associated with hazard generation used in human proximity are getting more stringent in the region.

For example, in Sweden, the ordinance to amend the Order (No. 210 of 1949) [LS 1949-Swe. 5] prohibits the employment of workers where painting work involves the use of or exposure to lead containing paint.

Manufacturers have to comply with new standards and regulations, whether by changing their raw materials or their compositions, production processes, or by switching to environment-friendly materials, including biopolymers, which at times may affect business margins.

Furthermore, supply of certain raw materials may get limited due to regulations in one or more countries through which the supply chain flows. All of these factors have the potential to cause an imbalance in supply, thereby restraining floor paint consumption growth to a certain extent.

Will Sales of Floor Paints Gain Traction Due to Surge in Use of Concrete Flooring in Industrial Segment?

Concrete is expected to be the fastest-growing flooring material. Concrete is the most frequently utilized material for the building of industrial floors due to factors such as cheaper cost, greater durability, and higher tensile strength.

As a matter of fact, floor paints adhere well to concrete surfaces and are cost-effective, simple to apply, and impermeable. They provide the surface a semi-glossy sheen. Characteristics of these floor paints, especially epoxy-based, make them appropriate for a variety of industrial and commercial applications such as vehicle parking, industrial facilities, basement areas, warehouses, aircraft hangars, and more.

Thus, there is increasing demand for floor paints to cover bare concrete surfaces so as to improve their appearance.

Will Rise in Construction Sector Create Opportunities for Floor Paint Providers?

Sectors such as construction and infrastructure in the Nordic region are expected to create ample of opportunities for floor paint suppliers. This is owing to increasing government spending on creating a sustainable development framework, along with growing focus on improving existing infrastructure.

These factors are boosting the construction industry. There is also rising individual income level and population relocation from rural to urban regions. This urbanization is expected to boost demand for associated urban infrastructure such as commercial centers, parking facilities, and public buildings, among others, in turn driving demand for floor paints over the coming years.

nordic-floor-paints-market

Country-wise Analysis

Why is Sweden a Highly Lucrative Market for Floor Paints?

In 2021, floor paint demand in Sweden is anticipated to grow 2.8% year on year, bucking initial scepticism about how the market would perform during a global pandemic. Across the whole of Sweden, total sales of floor paints are expected to reach US$ 35.8 Mn by 2031.

Factors such as increasing new housing projects and rising investments in the infrastructural sector for the development of new shopping centers and inns in the country are expected to drive consumption of floor paints extensively.

Owing to numerous applications in residential and commercial buildings and due to benefits such as stain, water, odour, and low maintenance, bacterial resistance, anti-corrosion, insulation, and durability, market growth looks positive for the years ahead.

What Makes Norway a Demand Hub for Floor Paints in Nordic?

Norway is also expected to remain a key market for floor paints in the Nordic region. In 2021, the market in Norway is expected to witness year on year growth of 2.7%.

Norway is known for its stringent laws and regulations to boost low-carbon construction. The country is witnessing substantial development in the greener construction industry. By utilizing environment-friendly materials for reaching net zero emission, constructing smart and energy-efficient buildings for sustainable development is being witnessed.

There is a recent move toward a circular economy in the country to significantly lower environmental and climate impacts. The concept of re-examine, reuse, and re-establish of building materials along with zero-emission construction sites and growing awareness about the use of environment-friendly building materials are expected to drive demand for eco-friendly floor paints in the country.

Category-wise Insights

Which Floor Type Generates Considerable Demand for Floor Paints?

Wood is expected to account for more than 10% market share in Denmark. This floor type is also estimated to witness a significant growth rate during the coming assessment period across the Nordic region.

Increasing house renovations as a result of higher disposable income, high growth in building and non-construction activities, and growing awareness and increased importance on the use of eco-friendly building materials in Nordic countries, such as wood, are some of the key drivers for floor paint manufacturers to generate high revenue from the wood flooring segment.

Which Resin has High Commercial Potential in Floor Paints?

Revenues in the epoxy segment of floor paints market are expected to increase 3% year over year in 2021. Demand for acrylics is anticipated to increase 2.4%, giving the combined floor paints market year-over-year growth of 2.8% in 2021.

Numerous applications of epoxy resins on concrete floors, terrazzo flooring, chip flooring, and coloured aggregate flooring in several industrial and commercial applications have benefited market players.

Further, added benefits of being chemically resistant, easy-to-clean flooring solutions, resistance to oil stains and water, good abrasion, and reduced odour during installation are driving product demand in the above-stated applications.

Why is Demand for Water-borne Floor Paints Surging?

Water-borne paints are expected to account for around 64.6% of overall demand for floor paints in 2021 in Finland.

Water-borne floor paints are increasing in demand due to their low toxicity and flammability, HAP emissions, and low VOC levels that provide a natural looking appearance and also help in reducing air pollution during application. They also require less coating to cover up the same surface area when compared to solvent-borne coatings.

Due to the above-mentioned properties, demand for water-borne coatings in the Nordic region is high as they are a more cost-effective option and an eco-friendly material.

Has COVID-19 Dented the Sales Prospects of Floor Paints?

COVID-19 has significantly impacted demand for floor paints in the region. The market, which was witnessing a steady growth rate, witnessed a sharp decline in 2020 owing to the pandemic impact.

The pandemic has had a huge impact on economic activities in the Nordic region and across the world. Demand for floor paints in the region was severely impacted owing to cutbacks in spending on new construction as well as refurbishment & renovation work.

However, as the region gradually comes back on track with increasing economic activities, there is a silver lining for market recovery. With increased public sector investments and stronger-than-expected growth in renovation with rising expenditure on public infrastructure, the Nordic construction sector is expected to recover at a reasonably fast rate.

Competitive Landscape

Several key players discussed in the report are focusing on expanding their production capacities in various countries across the region. Strategies include product development by investing in R&D, collaborations with other market participants, and strengthening of market presence by boosting regional distribution networks.

Further, key players have focused on acquisitions of small- and medium-size market participants to increase their annual turnover.

Some of the key developments are:

  • In June 2021, PPG Industries acquired Tikkurila Oyj, a leading paints and coatings manufacturer in Finland having very strong decorative brands and product offerings in Northern and Eastern Europe.
  • In 2020 AkzoNobel acquired a Spanish company Titan SAU to strengthen its paints business in Europe.
  • In September 2020, Hagmans Nordic AB launched a new durable one-component floor paint for garages.
  • In November 2018, Tikkurila Oyj launched a coating system - Fontefloor PU Cem for quality protection of industrial floorings made of concrete.

Similarly, recent developments related to companies manufacturing floor paints have been tracked by the team at Persistence Market Research, which are available in the full report.

Floor Paints Market Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

  • US$ Mn for Value
  • Tons for volume

Key Countries Covered

  • Sweden
  • Norway
  • Denmark
  • Finland
  • Iceland

Key Market Segments Covered

  • By Resin
  • Product Type
  • Floor Type
  • End Use
  • Country

Key Companies Profiled

  • AkzoNobel
  • Jotun Group
  • RPM international Inc.
  • Sika AG
  • Sherwin Williams
  • PPG Industries
  • Hempel A/S
  • Axalta Coating System
  • Technima Group
  • Hagmans Nordic AB
  • Rust Oleum
  • Tikkurila Oyj
  • Teknos Fosroc Inc.
  • Woca Denmark A/S
  • ECOS paints
  • Welesgard
  • Nor-Maali
  • Esbjerg paints
  • PLP Coatings

Pricing

Available upon Request

Key Segments Covered in Floor Paints Industry Research

By Resin

  • Epoxy
  • Polyurethane
  • Acrylic
  • Alkyd
  • Others

By Product Type

  • Solvent-borne Floor Paints
  • Water-borne Floor Paints

By Floor Type

  • Floor Paints for Cement & Mortar
  • Floor Paints for Wood
  • Floor Paints for Terrazzo
  • Others

By End Use

  • Floor Paints for Residential Purposes
  • Floor Paints for Commercial Purposes
  • Floor Paints for Institutional Purposes
  • Floor Paints for Industrial Purposes

FAQs Answered in Study

  • How much is the Nordic floor paints market valued at currently?

    The Nordic floor paints market is currently valued at over US$ 80 Mn.

  • What is main factor driving demand for floor paints?

    Growing construction sector and increasing urbanization are driving sales of floor paints.

  • At what CAGR did demand for floor paints increase over the past 5 years?

    From 2016 to 2020, demand for floor paints increased at a sluggish CAGR of 0.6%.

  • What will be the demand outlook for floor paints through 2031?

    Sales of floor paints are projected to increase at 2.7% CAGR and be valued at over US$ 104 Mn by 2031.

  • What are the key trends being witnessed in the Nordic marketplace?

    Acquisition, expansion, and investment in R&D by market players are being witnessed in this space.

  • What is the market share of the top 5 manufacturers of floor paints?

    Top 5 manufacturers of floor paints account for around 35% market share in the Nordic region, according to ratings on the basis of market share, market reach, clientele, etc.

  • Which are the top 5 countries driving most of the demand for floor paints?

    Sweden, Denmark, and Norway are the major demand centers in the Nordic region for floor paints.

  • Which countries are key producers and exporters of floor paints?

    Finland, Norway, and Denmark are key producers and exporters of floor paints in the Nordic area.

  • How is the floor paints market faring in Sweden?

    The market in Sweden is projected to account for US$ 42 Mn by 2031.

Enquiry before Buying

  • Is the market research conducted by Persistence Market Research?

    Yes, the report has been compiled by expert analysts of Persistence Market Research, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

  • What research methodology is followed by Persistence Market Research?

    Persistence Market Research follows a methodology that encompasses the demand-side assessment, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

  • Who are the respondents for primary research?

    Persistence Market Research speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

  • What are the sources of secondary research?

    Persistence Market Research conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

  • Is a sample of this report available for evaluation?

    Yes, you can request a sample, and it will be sent to you through an email.

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