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Additives for Floor Coatings Market: By Type, By Formulation Type, By Application, and Geography
Additives for Floor Coatings Market: By Type, By Formulation Type, By Application, and Geography
Additives For Floor Coatings Market was valued at US$ 10,753.1 million in 2022 and is poised to grow at a CAGR of 6.1% over 2023-2029. Additives for floor coatings are specialized substances that are added to floor coating formulations in order to improve certain properties and performance that are made to address particular challenges or requirements related to floor coatings, such as adhesion, durability, slip resistance, chemical resistance, and aesthetics. The kind of floor coating, the substrate, and the planned usage of the coated surface all affect the additives that are chosen.
The increasing number of projects in the construction industry, including residential, commercial, and industrial drives the additives for the floor coatings market. Furthermore, the consumers' growing demands for customizable and aesthetically pleasing flooring solutions to maintain distinctive aesthetics and finishes are anticipated to propel the market growth.
In addition, fulfilling the particular requirements to maintain environmental hygiene and cleanliness in the pharmaceutical and healthcare sectors contributes significantly to the market’s significant increase in demand. Additionally, the growing customer demands for maintaining aesthetics have provided several opportunities for the manufacturers to develop aesthetically pleasing and adaptable flooring alternatives in the market. Currently, the environmental laws and the desire for better indoor air quality are driving a trend toward volatile organic compound (VOC)-free coating compositions. But the adoption of stringent environmental and safety regulations for the development of certain additives along with the high cost of those additives in the residential sector may hinder the market growth.
However, the increasing demand for more sophisticated and high-performance floor coverings, rising construction activities, growing trend of renovating commercial and residential spaces, ongoing research and developmental activities, and technological activities are anticipated to burgeon the market growth during the forecast years.
Study Period
2024-2030Base Year
2023CAGR
6.1%Largest Market
Asia-PacificFastest Growing Market
Asia-Pacific
The market is expected to rise as the number of residential sector projects is experiencing significant growth in the market. The significant demand for floor coatings in home improvement and renovation projects drives the market. Customers look for coatings with particular qualities, such as beauty, toughness, or simplicity of maintenance. Additionally, the increased emphasis on interior design and creating personalized living spaces drives homeowners to spend money on floor coverings for aesthetic improvement.
To achieve particular hues, textures, or finishes, additives may be employed. Owners in the residential sector employ floor coatings as a preventative step to lengthen the lifespan of flooring materials, improve resistance to wear and strain, and facilitate easier maintenance. Homeowners prefers floor coverings that are simple to apply given the growing popularity of DIY home repair initiatives. Additives may help create formulas that are simple to use and appropriate for DIY applications. The demand for floor coverings is influenced by urbanization and the development of new housing.
The Asia Pacific additives for floor coatings market is poised to grow at 6.3% CAGR over the forecast period owing to the increased construction activities and infrastructure development projects in developing countries with increasing urbanization. Furthermore, the Asia Pacific's manufacturing and industrial sectors are growing, that drives up the demand for industrial floor coatings.
Consumer bases in Asia Pacific's emerging nations, like China and India, are sizable and expanding. Due to the rising need for residential and commercial space, floor coatings and additives are used more frequently. Additionally, the coatings sector is boosted by governmental efforts and investments in infrastructure projects including transportation networks and smart cities. In these projects, specialty floor coatings with cutting-edge ingredients are frequently used. China dominates the market and is projected to grow at 6.2% CAGR over 2023 – 2029.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2022 |
US$ 10,753.1 million |
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Market CAGR |
6.1% |
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By Type |
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By Formulation Type |
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By Application |
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The additives for floor coatings market valued at US$ 10,753.1 million in 2022 and is expected to grow at 5.7% CAGR over the forecast period 2023 – 2029.
The increasing projects in the construction industry, including residential, commercial, and industrial drives the additives for the floor coatings market.
Akzo Nobel NV, Arkema SA., Ashland Global Holdings Inc., BASF SE, BYK-Chemie GmbH, Asahi Glass Co., Ltd., Dow Chemical, Evonik Industries AG, Solvay SA, Momentive Performance Materials, Inc., Arch Chemicals, and Lonza Group AG are a few companies operating in additives for floor coatings market.
Asia Pacific dominates the market with 5.9% CAGR in 2022, and is anticipated to grow with 6.1% CAGR over the forecast period 2023-2029.
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.