The global industrial flooring market is estimated to witness a healthy growth, at an estimated CAGR of over 4%, over the forecast period. Growing awareness about the advantages of industrial flooring is expected to drive the market growth.
- Stringent regulations on VOCs released on flooring are likely to hinder the markets growth.
- Increasing popularity of eco-friendly bio-based flooring and promising performance of polyaspartic coatings are projected to act as an opportunity for the market's growth in the future.
- Asia-Pacific holds the major share in the consumption of industrial flooring. The region is also expected to witness the fastest growth during the forecast period, powered by the growth in the industrial activities in the region.
Key Market Trends
Increasing Demand from Food and Beverage Industry
- In the food and beverage industry, industrial flooring has a vital role as these spaces have to maintained hygienic from spills, meeting the highest hygienic standards and withstanding extreme thermal, mechanical, and chemical impact and others.
- A combination of chemical resistance, durability, and antistatic features comprising flooring representing a safe working environment are used in the food & beverage industry. The antistatic properties of the flooring system protects electrostatic-sensitive devices and can be used in explosion hazard areas.
- The Global Food Safety Initiative (GFSI), the Food Standards Agency (FSA) and the European Food Safety Authority (EFSA) has issued stipulations to ensure food factories maintain the highest standards of handling and production. Many of these flooring used in this industry helps maintain non-slip resin nature and are antimicrobial and comply with strict hygiene and safety standards.
- In Japan, The food and beverage industry is expected to reach USD 22,200 million by 2023. This growth is attributed to the increase in demand for packaged food and beverages, coupled with increasing consumer's affordability. This expected growth in the food and beverage industry is expected to positively influence the demand for industrial flooring.
- Rapidly increasing population in developing countries like China, India and few other countries are consuming products, such as food, beverages at a rapid pace. This is increasing demand for the establishment of new industries to cater the needs of the growing population thereby creating scope for the application of industrial flooring sin the newly established industries.
- The flooring for food & beverages are designed in a way resistant for steam and hot water wash-downs, resistant to cleaning chemicals and impervious to animal fats, even under heavy-use conditions. This application of industrial flooring is reducing the maintenance cost due to sticky stains and others in the industry.
- The food processing industry is expected to expand at a lucrative rate in the Chinese market. In 2019, the country had more than 35,000 processing and manufacturing plants that churned out food products for the country's residents. Additionally, the beverage manufacturing industry in the country generated a profit of 25.2% within the first five months, in 2019, and the revenue was RMB 674.9 billion (~USD 9537 billion), This substantial establishment of new plants and growth in the industry is expected to drive the market for industrial flooring.
- In United States, the food & beverages industry created a market valued USD 10,740 in 2019 and is expected to reach USD 15,779 million in 2020 depicting a huge growth in the industry. This in indirectly driving the market for industrial flooring.
- However, due to the outbreak of covid-19, food & beverage industry also has also a slight hit except for the sale of essential products which in turn has a moderate affect on the market studied and is expected to continue till the end of 2020.
- All the aforementioned factors depict a positive outlook on the use of industrial flooring in the food & beverage industry.
China to Dominate the Market in Asia-Pacific Region
- Asia-Pacific region dominated the global market and the trend is expected to continue during the forecast period. China is one of the major countries in Asia-Pacific, with ample construction activities being supported by the growing economy.
- The Chinese segment of the market studied is expected to record a significant CAGR during the forecast period, owing to the growing end-user industries, such as food and beverage industry, chemical industry, etc.
- Currently, in North China, there were about 42,577 food and beverage manufacturers, which accounted for annual sales of over RMB 20 million. There is a continuous growth in the consumption of processed food products, in the country. This trend is expected to aid the growth of the food and beverage industry, which, in turn, is expected to drive the consumption of industrial flooring, during the forecast period.
- The chemical industry in the country has grown drastically over the past two decades, in line with the overall growth of the country and fundamentals of the key industries. China represents about one-third of the worldwide demand for chemicals. The manufacturing of chemicals in the country is expected to record significant growth, in the coming years, thus augmenting the consumption of industrial flooring in the country.
- In terms of the aviation industry, China has started developing aircrafts to compete with the manufacturing giants, including Boeing and Airbus. This developing trend of aviation manufacturing is expected to augment the demand for industrial flooring in China, in the coming years.
- Owing to all these factors, the market for industrial flooring in the region is projected to rise during the forecast period.
The market for industrial flooring is partially consolidated in nature with few players dominating the market. The major players include Cornerstone Flooring, APPLIED FLOORING, MarvelVinyls, Stonhard, and Twintec Group Limited, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support