INDUSTRIAL FLOORING MARKET ANALYSIS


Posted July 16, 2020 by Divya1999

Industrial flooring is usually done to enhance the aesthetic appeal of the floor by providing various customized designs, improving texture, and color of the floor.

 
Moreover, industrial flooring also provides waterproof and slip resistance properties which make them suitable for harsh industrial environments. They are mostly used across commercial places such as fitness centers, offices, manufacturing industries, and hospitality buildings.

The global industrial flooring market is projected to surpass US$ 11.0 billion by the end of 2027, in terms of revenue, growing at CAGR of 4.4% during the forecast period (2020 to 2027).

Drivers

Growing demand for industrial flooring from the food &beverage industry for preventing the degradation of concrete due to the manufacturing process is expected to fuel the market growth of industrial flooring. The growth of the industrial flooring is also attributed to the growth in the food and beverage industry due to rising spending of consumers and government on the food industry especially across India, China, and the U.S.

Rising implementation of rules and regulations regarding the safety and hygiene of the workplace is expected to accelerate the market growth of industrial flooring. According to EU regulations 852/2004, 853/2004 and 854/2004, the floor of the food industry must be clean, hygienic, properly disinfected. Also, the product use for floor material should be easy to wash, non-absorbent, and made from non-toxic materials, etc.

Regionally, Europe dominated the global industrial flooring market in 2019, reporting 34% market share in terms of revenue, followed by North America and Asia-pacific, respectively.
Market Restraints

The high cost of industrial flooring as compared to traditional flooring is anticipated to restrict market growth. Moreover, the availability of various tiles that can withstand heavy-duty operations is also projected to hamper the market growth of the industrial flooring over the forecast timeframe.

Lack of awareness regarding the benefits of products among consumers coupled with the dearth of skilled labor for the industrial flooring application is expected to hinder the use of the product. This is likely to affect the overall market growth of industrial flooring over the forecast period.

Market Opportunities

Growth in the IT and telecommunication industry due to the increasing adoption of new operations and technology. The IT and telecommunication industry are highly preferred aesthetically pleasant flooring solution. Thus, growth in the IT and telecommunication industry is likely to present new opportunities for the market of industrial flooring.

Growing spending on the construction industry along with the rising adoption of advanced construction materials is expected to augment the market growth. Moreover, a rise in the number of various small manufacturers and rising FDI inflows coupled with favorable government policies is further expected to accelerate the market growth of industrial flooring.
Market Trends

Growth in the industries including metallurgical, mining, oil & gas due to the high requirement of tough ground that is suitable for chemical, solvents, and high-temperature applications is expected to augment the market growth. Industrial flooring provides enhance adhesion, excellent surface strength, and high-performance water and chemical proof advantage. This is expected to fuel market growth.

Continuous product innovation in the industrial material products by manufacturers is projected to be a major trend in the market and this is expected to fuel the market growth of industrial flooring. For instance, in January 2020, Royal DSM has enabled its new, bio-based self-matting resin, Decovery SP-2022 XP, that has been successfully integrated by coating formulators Ciranova and Arboritec AB into products launched at Domotex 2020. The resin is enabled easier application and higher aesthetic and functional performance in the flooring market.
On the basis of product type, medium duty (300um - 4mm) dominated the global industrial flooring market in 2019 with around 49% of market share in terms of revenue, followed by heavy duty (>4mm) and light duty (
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By www.coherentmarketinsights.com/market-insight
Business Address Coherent Market Insights | Market Research and Business Consulting Services Company
Country United States
Categories Marketing , Research , Services
Tags industrial flooring market , market , research
Last Updated July 16, 2020