Surge in construction of commercial buildings & residential buildings, and rise in renovation and remodeling of old structures in developed countries drive the growth of the global cementitious flooring market.
PORTLAND, Ore., Oct. 17, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Cementitious Flooring Market by Type (Epoxy, Polyurethane, Acrylic, Others), by Application (Indoor, Outdoor), by End User (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global cementitious flooring industry generated $1.1 billion in 2021, and is anticipated to generate $2.0 billion by 2031, witnessing a CAGR of 5.9% from 2022 to 2031.
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Prime determinants of growth
Increase in urbanization, rise in industrialization, surge in construction of commercial buildings & residential buildings, and rise in renovation and remodeling of old structures in developed countries drive the growth of the global cementitious flooring market. However, high installation cost restricts the market growth. Moreover, key players are adopting various strategies such as product launch and acquisition to sustain the competition and improve the product portfolio, which is presenting new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global cementitious flooring market, owing to the temporary halt of production of many cork flooring products during the global lockdown.
- Not only the production, but also the demand for cementitious flooring was hampered due to the postponement of several construction projects across the world, especially in the initial period of the pandemic.
- However, the number of COVID-19 cases reduced with the introduction of vaccines for COVID-19. This led to the reopening of cementitious flooring companies at their full-scale capacities, thereby helping the market recover in the post-pandemic period.
The epoxysegment to maintain its leadership status throughout the forecast period
Based on type, the epoxy segment held the highest market share in 2021, accounting for nearly two-fifths of the global cementitious flooring market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.9% from 2022 to 2031, due to the wide application of epoxy floor coatings over concrete floors to provide a smooth and durable surface, which can withstand heavy loads.
The outdoorsegment to maintain its leadership status throughout the forecast period
Based on application, the outdoor segment held the highest market share in 2021, accounting for more than half of the global cementitious flooring market, and is estimated to maintain its leadership status throughout the forecast period. Increase in activities in the construction sector, which includes construction of buildings & infrastructure, propels the demand for cementitious flooring. However, the indoor segment is projected to manifest the highest CAGR of 6.5% from 2022 to 2031, owing to the growth in the demand for construction of call centers, schools, restaurants, daycare centers, retail shops, hotel, walkways, patios, floors and others.
The commercialsegment to maintain its lead position during the forecast period
Based on end user, the commercial segment accounted for the largest share in 2021, contributing to more than one-third of the global cementitious flooring market.. Urbanization and industrialization in developing nations of Asia-Pacific and LAMEA are driving the establishment of new commercial and industrial infrastructures, thereby augmenting the growth of the commercial cementitious flooring market. However, the industrial segment is expected to portray the largest CAGR of 7.4% from 2022 to 2031. The growth is attributed to surge in investments in industrial construction projects.
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Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly half of the global cementitious flooring market, and is likely to dominate the market during the forecast period. This is owing to rise in the number of residential and commercial buildings. However, the LAMEA region is expected to witness the fastest CAGR of 6.9% from 2022 to 2031. Many countries in the Middle East region are focusing on rapid development of infrastructure for boosting the tourism industry. This creates a demand for hotels, resorts, and other guests' accommodation; thereby increasing the demand for cementitious flooring.
Leading Market Players: -
- Behr Process Corporation
- Black Bear Coatings & Concrete
- Concare Inc.
- CRH PLC
- EPMS Supplies Ltd.
- Hempel
- Jotun
- Laticrete International
- Mapei S.p.A
- MBCC Group
- Michelman Inc.
- PPG Industries Inc.
- RPM International Inc.
- Sherlin-Williams
- Sika AG
- Teknos
- TMI Coatings Inc
The report provides a detailed analysis of these key players of the global cementitious flooring market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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