Industrial Flooring Market to Register High Revenue Growth at 4.3% CAGR during 2016 – 2024
Covering industrial surfaces, especially floors, is one of the top priority for companies setting manufacturing plants or engineering units. Resistance to toxic & corrosive chemicals, mechanical abrasion, static, microbial outgrowth are some essential features expected from industrial floorings. Unfortunately, the global demand for industrial floorings is likely to get hampered in the years to come. Persistence Market Research projects that these essential facilities provided through industrial floorings will be rendered useless as industrialization witnesses an outright upgrade in terms of exposure to chemicals, toxins or unwanted microbes. According to its latest report, Persistence Market Research anticipates that the global market for industrial flooring will reach US$ 10 Bn value by 2024-end, but at a sluggish pace of 4.3% CAGR.
The report, titled “Industrial Flooring Market: Global Industry Analysis and Forecast, 2016-2024,” estimates that in 2016, around 873 million square meters of industrial floorings were sold in the world, raking in US$ 7.19 Bn in revenues. By the end of 2024, over 1 billion square meters of industrial floorings will be sold across the globe, reflecting a moderate CAGR of 4%. Rising use of industrial floorings in food & beverage, chemical and automotive industries is expected to boost the sales of industrial floorings. Regulations compelling companies to undertake non-tangible measures for workplace hygiene and safety are also promoting the use of industrial floorings.
Global Industrial Flooring Market: Growth Restraints
The report has addressed that in spite of these factors, the demand for industrial flooring will witness a slow-down in the future. Some of the major factors hampering the growth of industrial flooring market are lack of awareness regarding selection of material & range of thickness, coupled with lack of labor skills for its application in specific end-use industry. Selection of wrong materials for a particular flooring operation or lowering flooring thickness for heavy duty operations will lead to damages, that can sum up to be worth millions of dollars in due course of time.
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In industrial flooring, cost of flooring varies and depends upon the thickness of material used for flooring. The service provider also plays a key role in costing process. In most cases, the total cost of industrial flooring for end-use industries usually works out to be higher than the cost for traditional flooring. High costs of flooring are, thus, expected to cause major problems in sales of industrial floorings. Also, in order to gain competitive advantage, companies are focusing on manufacturing tiles that can withstand heavy duty operations, the cost of which works out to be even higher. The report expects that companies such as BASF SE, Sika AG, RPM International Inc., Mapei UK Ltd., Fosroc, Don Construction Products Ltd., Twintec, Cipy Polyurethanes Pvt. Ltd., Viacor Polymer GmbH, Acrylicon, 4m Europe, East Coast Flooring Ltd., Cornerstone Flooring, AVCON Technics Pvt. Ltd., and Applied Flooring, will be actively partaking in the growth of global industrial flooring market throughout the forecast period.