Industrial Flooring Global Market Projected To Reach $9.58 Billion By 2025 At A Compound Annual Growth Rate CAGR Of 6.2%
Industrial Flooring Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Has The Global Industrial Flooring Market Grown And What's Its Future2 Growth Potential?
The industrial flooring market size has grown remarkably in recent years, rising from $7.12 billion in 2023 to $7.53 billion in 2024. This substantial growth, encapsulating a compounded annual growth rate CAGR of 5.7%, can be accredited to the upsurge in industrial expansion, growing demand for safety compliance, increased need for chemical resistance flooring, and the ability of industrial floors to withstand heavy equipment, combined with their increased durability.
Looking ahead, the industrial flooring market size is anticipating strong growth over the next few years, projected to reach $9.58 billion by 2028, marking an impressive CAGR of 6.2%. The anticipated growth during the forecasted period can be attributed to the escalating demand for sustainability, growing food and beverage sector, increasing demand from e-commerce and warehousing sector, burgeoning pharmaceutical and healthcare sectors, and evolving regulatory changes. Major trends that are expected to shape the market growth include emerging preferences for epoxy resin flooring, polished concrete flooring, anti-static and esd flooring, fast-curing flooring systems, and smart flooring designs.
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What Are The Key Drivers Propelling The Industrial Flooring Market Growth?
A significant factor propelling the industrial flooring market growth is the increasing demand from the food and beverage sectors. The processing, packaging, and distribution of food and beverages require industrial flooring that meet the industry's stringent safety and cleanliness standards. To illustrate, the revenue of the food manufacturing sector escalated to $125 billion in 2021, showing a sharp increase of 14.8% YoY, as reported by Farm Credit Canada, a Canada-based financial services company. The expanding reliance of the food and beverage sector on the industrial flooring market draws a promising growth trajectory for the future.
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Which Major Companies Are Leading In The Industrial Flooring Market?
Major players operating in the industrial flooring market include BASF SE, Cornerstone Flooring, Fosroc Inc., Sika AG, PPG Industries, The Sherwin-Williams Company, Master Builders Solutions Group, Summit Industrial Flooring, Premier Industrial Flooring, Armstrong Flooring Inc., RCR Industrial Flooring, Cipy Polyurethanes Pvt. Ltd., Don Construction Products Ltd., RPM International Inc., Akzo Nobel N.V., MBCC Group, Twintec Group Limited, VIACOR Polymer GmbH, The Bonie Group, Flowcrete Group Ltd., Elgood Industrial Flooring, among others.
What Are The Major Trends Propelling The Industrial Flooring Market?3
Product innovations and the development of advanced flooring solutions are leading the trends in the industrial flooring market. For instance, Topciment, a Spain-based microcement products manufacturing company, has made an innovative initiative with the launch of Industtrial, an epoxy micro concrete designed for the industrial flooring market in September 2021. The new product merges the hardiness of epoxy systems with the decorative appeal of micro concretes, manifesting a revolutionary flooring solution.
How Is The Global Industrial Flooring Market Segmented?
The industrial flooring market has the following segments:
1 By Material Type: Epoxy, Polyaspartic, Polyurethane, Acrylic, Other Material Types
2 By Thickness: Light Duty, Medium Duty, Heavy Duty
3 By End-User Industry: Food And Beverage, Chemical, Transportation And Aviation, Healthcare, Other End-User Industries
What Are The Regional Insights Into The Industrial Flooring Market?
Asia-Pacific was the largest region in the industrial flooring market in 2023, while markets in Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa also exhibit robust growth prospects.
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