The U.S. Concrete Floor Coatings Market size is anticipated to reach USD 420.0 million by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 4.3% over the forecast period. Increasing demand for green buildings in the country is expected to drive market growth during the forecast period. Green buildings incorporate the use of eco-friendly and lightweight materials to maintain and improve the indoor air quality and efficiency of energy, water, and other resources. The advent of VOC-free and eco-friendly products is also expected to boost the demand, thereby fueling the overall market growth over the forecast period.
In addition, increasing spending on the commercial sector is further expected to boost the market growth during the forecast period. For instance, in March 2020, the U.S. government announced an investment worth USD 2 trillion as a part of the Covid-19 response for the development of infrastructure including hospital buildings, roads, and other infrastructure. The epoxy product segment is projected to register a CAGR of 3.9% from 2021 to 2028 due to wide product usage in the flooring industry on account of its improved durability and superior toughness. These products are either water-based or solvent-based.
Epoxy floor coatings are widely preferred for garage application for improved appearance and owing to their reasonable price, better resilience to stains & tire marks, and ability to cover minor imperfections, such as flaws and spider cracks on the concrete. Moreover, the rising demand for anti-dusting products is supporting the market growth. In addition, government initiatives to provide affordable housing units are expected to fuel the growth of the residential construction industry. This, in turn, is projected to create product demand over the forecast period. For instance, the Mayor of Atlanta pledged to invest USD 1.0 billion to construct and preserve 20,000 units of affordable housing within the city of Atlanta by 2026.
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U.S. Concrete Floor Coatings Market Report Highlights
- South division dominated the overall market in 2020, both in terms of revenue and volume, and will retain the leading position throughout the forecast period
- Epoxy was the largest product segment and accounted for a market share of over 40% in 2020 and will witness steady growth over the forecast period
- Properties of epoxy, such as toughness, improved dimensional stability, and superior resistance to abrasion and UV light, are propelling its demand in residential, commercial, and industrial applications
- The commercial application segment is generating the maximum revenue owing to high product demand from restaurants & breweries, supermarkets & retail stores, educational institutions, and other commercial structures
- Key companies in the market are investing in R&D activities to develop innovative products to strengthen their market position
- For example, in September 2020, PPG Industries launched PPG Flooring coatings, which is a comprehensive line of four coating systems that comprise prime coats, base coats, and topcoats
- This product line is designed to provide optimum performance based on the specific work environment