The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
In buildings, floor is probably the area that is subjected to huge amount of wear and therefore requires more maintenance. Floor coatings offer protection, high abrasion, chemical protection, decorative aspects, impact resistance, low cost and simple application. Floor coatings are generally used as a defensive layer that is applied to the floor surface. There are different varieties of floor coatings to pick from and each type of floor coatings possesses various characteristics to suit a particular environment. The main concern of floor coatings is the long shelf life of the floor coatings along with protecting measures such as corrosion resistant; prevent moisture damage, cost effective and low maintenance. Floor coatings are segmented on the basis of environment and requirement. For instance, companies or business those are out to impress the clients that visit the site on a regular basis would make their premises look professional and aesthetically pleasant. In such situations, decorative floor coatings are suitable to various external and internal environments.
Floor coatings are segmented into decorative coatings, non-slip coatings, cold room floor coatings among others. Decorative coatings have application areas that include companies, businesses and educational institutions. These coatings are used to design the floor to make the floor look pleasing and professional. The non-slip floor coatings are used for specific zones such as pathways, ramps and walkways. Non-slip coatings are added to the primers or floors coatings to apply a finishing layer to create bonded non-slip texture.
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For the activities and jobs that require fast drying floor coatings range from ideal for car parks to resin floor coatings drying tarmac, cold room floor coatings are best suited for this environment. Cold room floor coatings are specifically formulated to resist very low temperature. These types of floor coatings are ideal for food industries, supermarkets, dairies laboratories and cold storages. All the types of coatings have floor protection solutions that include anti-bacterial coatings, provide a hygienic environment.
The growing demand from huge businesses and multinational companies for decorative floor coatings is driving the floor coatings market globally. Increasing use of floor coatings in food industry is also expected to boost demand for floor coatings in the near future. Innovation is the major opportunity for floor coatings market. Innovative products such as the architectural coatings that reflect the sun radiant heat is expected to create high demand for floor coatings in the near future. Quality, cost, color and design are the crucial factors driving the growth of the floor coatings market.
North America, Europe, Asia Pacific and Rest of the World (RoW) are the key segments for floor coatings in the market. Asia Pacific is expected to be the largest consumer owing to the growing end user industries in the region, especially in China. North America and Europe are also expected to fuel market growth for floor coatings owing to rising demand from huge business firms and educational institutions in these regions.
The major players profiled in the floor coatings market include:
- Maris Polymers
- A & I Coatings
- Megaseal flooring systems
- Ardex Endura
- Grand Polycoats Company Pvt. Ltd
- Apurva India Limited
- Roto Polymers and Chemicals
- Asian Paints
- Nora Systems Inc
- Akzo Nobel Coatings nv
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Key geographies evaluated in this report are:
- North America
- France, Germany, Italy, Spain, and the UK
- Eastern Europe
- Latin America