Floor coating Europe: Key market research findings
- Increasing demand for terrazzo drives market growth
- Water-borne coating segment accounts for a majority of the market’s revenue
- Key vendors – Akzo Nobel, DAW, PPG Industries, and Tikkurila
Technavio’s market research analysts predict the floor coating market in Europe to grow at a CAGR of more than 5% in terms of revenue between 2016 and 2020. The demand for floor coating in Europe is augmented by increasing vendor focus on terrazzo. Terrazzo is a composite of chips of recycled or waste materials such as marble, glass, and granite and is pre-cast or poured in place on a concrete substrate. It offers a high degree of design and color customization and low maintenance. Terrazzo is a popular choice for both commercial end users that demand decorative interior floors at high-traffic areas and for industrial end-users that demand durable floors.
The new market research report from Technavio presents a breakdown and analysis of the floor coating segments based on the technology.
“Vendors in the market are leveraging the use of nanotechnology to gain traction in the market. Nanotechnology-based floor coatings have advantages such as scratch resistance, a clearer finish for wood floors, and antibacterial and antifungal properties. While only a few vendors such as Akzo Nobel and Jotun in the floor coatings market in Europe currently offer nanotechnology-based products, more ventures are expected to happen in this segment of the market in the coming years,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
During 2015, the water-borne coating segment dominated the floor coating market in Europe by accounting for a market share of around 45%. Water-borne coatings are widely used in Europe as their low content of volatile organic compounds (VOCs) makes them eco-friendly when compared to solvent-borne coatings. Furthermore, stringent regulations in Western Europe limit the use of solvent-borne coatings that have a high VOC content and encourage the use of water-borne coatings. The growth of the housing market in Western Europe and industrialization in Central and Eastern Europe are some of the factors that will propel growth in the water-borne floor coating market in Europe during the forecast period.
The key vendors in the market include Akzo Nobel, DAW, PPG Industries, and Tikkurila. Owing to the presence of numerous well-established vendors, the floor coatings market in Europe is highly competitive. The vendors compete in terms of price, quality, branding, and customer service. Since product differentiation is low and a wide range of similar products are available in the market, vendors aim to enhance the brand recall of their products among consumers through effective marketing communications. Most vendors in the market use water-borne coatings technology in their products because of their low VOC content. However, the introduction of UV-cure coatings has generated a higher demand from the key players due to the ease of application compared to water- and solvent-borne coatings.
A more detailed analysis is available in the Technavio report, Floor Coating Market in Europe 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
