by The global Industrial Flooring Market is estimated to be valued at US$ 9.5 Bn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial flooring includes a variety of durable, chemical and impact resistant flooring surfaces used in manufacturing facilities, warehouses, and other commercial spaces. Industrial flooring provides resistance to extreme temperature changes, oils, chemicals, abrasion and impacts from forklifts and heavy machinery.
Market key trends:
Resilient flooring continues to be the most preferred solution in the industrial flooring market. It offers superior characteristics like impact resistance, chemical resistance, ease of maintenance, longer lifespan and noise reduction compared to other types of industrial flooring. Additionally, growing industrialization and infrastructure development activities across developing nations in Asia Pacific and Latin America are driving increased construction of manufacturing plants, warehouses and other commercial buildings that require industrial flooring. This rapid industrial growth is fueling demand for resilient flooring globally.
SWOT Analysis
Strength: Industrial flooring is highly durable and able to withstand heavy usage in industrial facilities. It is chemical and stain resistant which makes cleaning and maintenance easier.
Weakness: Initial installation cost of industrial flooring like epoxy and polyaspartic coatings are higher compared to traditional options. Specific types require skilled labor for application.
Opportunity: Growing construction and expansion of manufacturing facilities across developing nations in Asia Pacific and Latin America is fueling demand. Rapid industrialization offers huge untapped market potential.
Threats: Volatility in raw material prices can increase the overall costs. Strict environmental regulations regarding usage of certain toxic chemicals may limit the product innovation.
Key Takeaways
Global Industrial Flooring Market Demand is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing construction activities in the industrial sector. Rapid industrialization and expansion of manufacturing plants across developing economies are major drivers for market growth.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its leading position during the forecast period. This is attributed to large presence of manufacturing industry and rapidly growing construction sector in China, India, Indonesia, and other Southeast Asian countries. North America and Europe are other majorly lucrative markets backed by well-established industrialization.
Key players operating in the industrial flooring market are BASF SE, Sika AG, RPM International Inc., Mapei U.K. Ltd. Fosroc, Don Construction Products Ltd., Cipy Polyurethanes Pvt Ltd., Viacor Polymer GmBH, Twintec, Acrylicon, Cornerstone Flooring, Applied Flooring, AVCON Technics Pvt. Ltd., 4m Europe, and East Coast Flooring Ltd. Majority of key players are focusing on new product development and geographic expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
