Performance Flooring Market Analysis

Market Highlights

"The global performance flooring market is likely to grow at a promising CAGR of 4.6% over the next five years to reach US$ 7.8 billion by 2028."

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Performance flooring is used to coat the floor for protecting it from the forces of external damage and enhance the flooring performance by providing chemical resistance, electrostatic discharge resistance, quick curing, and abrasion resistance Due to its antimicrobial property, ease of application, and economic cost, it has been becoming the choice of flooring. The selection of the flooring materials is dependent on several parameters, including substrate type, quick curing time, resistance, self-leveling, durability, traffic endurance, etc. Epoxy, PU resin, and MMA (methyl methacrylate) are the three major materials used by flooring suppliers, among which epoxy held the dominant position, owing to its numerous advantages over others.

The market for performance flooring is gradually consolidating as the major companies are performing mergers & acquisitions to quickly gain the leading position and tap growing opportunities in this briskly expanding market. For instance. In 2021, RPM’s division Carboline acquired Dudik Inc., a standalone world leader in performance coatings, flooring, and tank linings. Similarly, recently, The Sherwin-Williams Company acquired Tennant Coatings, and Covestro AG acquired the Resins & Functional Materials business from Royal DSM, which will enhance their global network.

This market, which has a strong alignment with the growth of the construction sector, has suffered setbacks in the wake of the COVID-19 pandemic. As a result, the performance flooring market declined by -4.3% in 2020. The market experienced a rebound at a growth rate of 32.6% in 2021, supported by the industry's growth and a sudden rise in the price of materials. Overall, the performance flooring market is likely to experience a promising CAGR of 4.6%, in the long run, to reach a value of US$ 7.8 billion in 2028.

Segment Analysis

Material Insights

The market is classified as epoxy, PU resin, PU cement, MMA, and others. Due to its extensive use, epoxy currently held the largest share of the market and is estimated to maintain its dominance in the foreseen future. MMA currently holds a minuscule share and is an expensive option for several industries. However, the material type is anticipated to witness the fastest growth in the years to come.

Application Insights

The market is classified as food & beverage, healthcare, automobile manufacturing, industrial manufacturing, and others. Among these applications, industrial manufacturing was the biggest demand generator for performance flooring in 2022, due to its large utility paired with a higher preference for performance flooring over other flooring options.

End-User Insights

The market is divided into industrial and residential & commercial segments. The industrial segment is expected to lead the market during the forecast period, owing to increasing industrial activities after the COVID-19 impact.

Regional Trends

Europe was the dominant market for performance flooring in 2022, with countries such as Germany, France, and the UK, being the growth engines of the regional market. In Europe, several rules and regulations have acted as a buoyant force to keep the performance of flooring manufacturing afloat. In addition to that, in order to ensure healthy growth, various firms have teamed up for upcoming construction or flooring programs. Asia-Pacific is likely to witness the fastest growth during the forecast period, due to the growing demand in the economies like China, Japan, and India. There are several domestic companies for performance flooring scattered in the region.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the performance flooring market:

• Sika AG
• Covestro Group
• The Sherwin-Williams Company
• BASF SE
• PPG Industries, Inc.
• Jotun
• RPM International Inc.
• Ardex group

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

What deliverables will you get in this report?

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s performance flooring market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.