The
India floor coatings market is segmented based on binder type, coating
component, floor structure, end use, and region. Based on binder type, it is
categorized into epoxy, thermoplastic, thermoset, and others. By coating component,
the market is classified into one-component (1K), two-component (2K), and
three-component (3K). Based on floor structure it is classified into wood,
terrazzo, mortar, and others. By end use it is classified into residential,
commercial, and industrial. By region, the market is studied across North
India, East India, South India, and West India.
Rapid
urbanization in India leads to upsurge in civil construction activities, which
is a key factor that promotes the usage of floor coatings in the residential,
commercial, and industrial.
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Floor
coatings are gaining increased importance in the residential, commercial, and
industrial sectors, as floors are an essential part of a construction that
experience damages such as spillage; abrasion; and exposure to dust, chemicals,
heavy load, and UV light. Major manufacturers focus on advancement in
technology for the development of eco-friendly products. Epoxy floor coating is
a major binder type used across all the major industries in the India floor
coatings market.
The
factors that drive the growth of the India floor coatings market include rise
in awareness related to the benefits provided by the floor coatings in
industrial, commercial, and residential spaces and development of floor
coatings in compliance to the environment.
The
use of metallic epoxies for garage and other commercial floor spaces is the
latest trend in the commercial floor coatings market, as they provide
high-gloss, metallic finish, which enhance the look of the floor. Moreover,
these floor coatings exhibit prolonged durability and resist abrasion. Also,
they are easy to maintain. Imparting aesthetic appearance to the indoor spaces,
which further facilitate their adoption in the India floor coatings market.
Such innovation and product development shift the use of traditional floor
coatings toward new advanced floor coating solutions.
According
to Onkar Sumant, Manager, Chemical and material at Allied Market Research, The
India floor coatings market is heading toward growth expansion phase over the
coming years. Present levels of urban infrastructure are insufficient to meet
the demands of the existing urban population. There is a need for re-generation
of urban areas in existing cities and the creation of new, comprehensive smart
cities to meet the demands of increasing population and migration from rural to
urban areas. Future cities of India will require smart real estate and urban
infrastructure. These factors are anticipated to boost the growth of the market
during the forecast period.
The
key players analyzed in India floor coatings market are Flowcrete India,
AkzoNobel N.V., DowDuPont, The Arkema Group, Asian Paints Ltd., Kansai Nerolac
Paints Limited, Sika AG, British Paints, 3M, and Indigo Paints.
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