U.S. Concrete Floor Coatings Industry Overview
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.
U.S. Concrete Floor Coatings Market Segmentation
Grand View Research has segmented the U.S. concrete floor coatings market on the basis of product, application, end user, and division:
Based on the Product Insights, the market is segmented into epoxy, polyurethane, polyaspartic, other.
The epoxy product segment led the market and accounted for more than 40.0% share of the overall revenue in 2020. These coatings exhibit properties, such as excellent adhesion, heat and chemical resistance, and favorable electrical insulation, which have led to their increased popularity in concrete floor coating formulations.
Coatings are economical compared to their counterparts which further supports its market growth in the coming years. However, these coatings are futile against ultraviolet light exposure, since the ultraviolet light reacts with the coated surface to form radicals, which can hamper its market growth.
The U.S. Environmental Protection Agency (EPA) has framed numerous directives intended for reducing GHG emissions, which is anticipated to restrict the application scope of hazardous chemicals. The polycarbonate content in epoxy concrete floor coatings contain polycarbonate, which is declared hazardous by the EPA.
This inclination towards restricting volatile organic compounds (VOC) emissions coupled with increasing attention towards powder coatings as an eco-friendly alternative is anticipated to challenge market growth over the forecast period.
Based on the Application Insights, the market is segmented into residential, commercial, industrial.
The commercial application segment dominated the U.S. concrete floor coatings market and accounted for more than 54.0% of the revenue share in 2021.
Improvement in manufacturing sectors including automotive, and industrial manufacturing in the U.S., as a result of increasing application on a domestic level, is expected to upscale the requirements of coatings.
The strong foothold of commercial spaces as well as corporate houses in the U.S. owing to the well-established infrastructure, trained workforce, and close access to production units on a domestic level is expected to be a favorable trend for the market in commercial applications.
Residential includes the consumption of concrete floor coatings in garages, patios, walkways, and basements for new houses and townhouses built by the owner or for the owner on contract.
The residential construction sector in the country is primarily driven by the growth in single-family housing units. According to the United States Census Bureau, 970,000 single-family homes and 371,000 multi-family units were completed in 2021.
Moreover, single-family housing units comprise additional features such as larger garages. The additional features of single-family housing units are directly linked to more usage of concrete flooring for various operations.
Patios are exposed to heat, moisture, and other environmental factors across the year, which creates the need to protect patio surfaces. In summer, the surface is exposed to extreme heat and UV rays, which can lower the build quality of the patio and fade the surface.
While in winter, snow, sleet, and ice can wear down the patio. In addition, patios come in constant contact with dirt and grime. As a result, flooring solutions such as concrete floor coatings are used to strengthen patios, improve their appearance, and make them durable.
These coatings are easy to clean & maintain and offer resistance against weather, moisture, UV, and abrasion.
Based on the End-user Insights, the market is segmented into do-it-yourself (DIY), professional.
The professional end-user segment led the U.S. concrete floor coatings market and accounted for more than 74.0% share of the U.S. revenue in 2021.
The professional end-user segment dominated the market and is anticipated to maintain its dominance over the forecast period. Professional concrete floor coating application is more durable as compared to DIY.
Trained professionals use specialized equipment such as a shot blaster or diamond grinder to mechanically clean and abrade the floor to ensure the coatings adhere appropriately to the concrete and do not peel or delaminate over time.
The application done by the professionals is cost-effective in the long run owing to the low requirement of maintenance and high durability as compared to DIY.
The do-it-yourself (DIY) concrete floor coatings segment is expected to witness a growth rate of 5.2% during the forecast period. It is primarily gaining popularity in residential applications owing to the low cost incurred as compared to professional.
However, low durability as compared to professionals is expected to impact the growth of DIY during the forecast period.
Based on the Division Insights, the market is segmented into northeast, midwest, south, west.
The South division segment led the market and accounted for more than 42.0% share of the revenue in 2021.
Increasing government initiatives for providing affordable homes are expected to fuel the growth of the construction industry, thereby, propelling demand for concrete floor coatings.
The increasing focus of government toward spending on the construction of educational institutes is anticipated to fuel the product demand in the region. For instance, in May 2022, the UNC System Board of Governors approved additional capital for nine new construction projects costing about USD 250 million.
Rising awareness of the benefits offered by green buildings has increased their demand in the construction sector which is further anticipated to upswing the growth of construction activities in the U.S. This, in turn, is anticipated to create more demand for concrete floor coatings during the forecast period.
Based on the Concrete Floor Product Insights, the market is segmented into coated, polished.
The polished product segment led the market and accounted for more than 52% share of the revenue in 2020. The polishing of concrete floors results in the generation of a tremendous amount of slurry that crews must collect and dispose of.
This disadvantage is expected to increase demand for coated floors restraining the market growth of polished floors. A rise in the building and construction expenditure in the country is expected to strengthen the demand for coated floors.
Technological developments aimed at increasing production efficiency have countered the issue of a rise in raw material prices to some extent.
Based on the Concrete Floor Application Insights, the market is segmented into residential, commercial.
The commercial application segment dominated the U.S. concrete floor coatings market and accounted for more than 54.0% of the revenue share in 2021.Improvement in manufacturing sectors including automotive, and industrial manufacturing in the U.S., as a result of increasing application on a domestic level, is expected to upscale the requirements of coatings.
The strong foothold of commercial spaces as well as corporate houses in the U.S. owing to the well-established infrastructure, trained workforce, and close access to production units on a domestic level is expected to be a favorable trend for the market in commercial applications.
Residential includes the consumption of concrete floor coatings in garages, patios, walkways, and basements for new houses and townhouses built by the owner or for the owner on contract. The residential construction sector in the country is primarily driven by the growth in single-family housing units. According to the United States Census Bureau, 970,000 single-family homes and 371,000 multi-family units were completed in 2021. Moreover, single-family housing units comprise additional features such as larger garages. The additional features of single-family housing units are directly linked to more usage of concrete flooring for various operations.
Key Companies Profile & Market Share Insights
The market is highly fragmented with the presence of several key players. The key players face intense competition from each other as well as from regional players, who have strong distribution networks and good knowledge about suppliers and regulations. The fluctuation in prices of raw materials, such as epoxy resin and polyurethane, and their demand from other application industries are expected to hamper the market over the forecast period.
Some prominent players in the global U.S. concrete floor coatings market include:
The Sherwin-Williams Company
Henkel AG & Co. KGaA
PPG Pittsburgh Paints
Behr Paint Company
EPMAR Corporation
Sika Corporation
Market Industry Development
May 2022: U.S. President Joe Biden released a Housing Supply Action Plan aimed at easing housing costs over time and setting up quality housing in every community.
January 2022: The city of Syracuse, announced to embark on a USD 800 million plan which includes replacing public housing projects in the shadow of Interstate 81 with a new infrastructure.
Order a free sample PDF of the U.S. Concrete Floor Coatings Market Intelligence Study, published by Grand View Research.