Resin Flooring Market Analysis | 2022-2028

Market Highlights

The resin flooring market is likely to grow at a CAGR of 4.5% during 2022-2028 to reach USD 6.8 billion in 2028. 

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Market Dynamics

Introduction

Resin flooring is a decorative, sustainable, customizable, and highly durable form of flooring. It is used to customize commercial and residential floors and shield them from damage. It provides optimal performance and is also resistant to wear and tear and is widely known as a long-lasting flooring option. It has become a popular flooring option, owing to its simplicity of deployment and lower cost as compared to that concrete flooring. The selection of materials for resin flooring is influenced by a variety of factors, including substrate type, quick curing time, barrier properties, self-leveling, durability, traffic endurance, etc. Some of the major materials used by flooring suppliers are epoxy, PU resin, and methyl methacrylate, among which epoxy is gaining traction in the market, driven by its numerous advantages over others.

COVID-19 Impact

COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report. However, the market is also facing challenges such as fluctuating raw material prices, which can impact the profitability of manufacturers. In addition, the COVID-19 pandemic has had a negative impact on the construction industry, which in turn has affected the demand for resin flooring. Due to the pandemic, the resin flooring market contracted by -5.0% in 2020. In the same year, the demand for resin flooring drastically decreased in all four regions.

Market Drivers

Resin flooring is a durable, low-maintenance flooring solution that offers a wide range of benefits such as chemical resistance, abrasion resistance, and easy cleaning. The market is witnessing a shift towards decorative resin flooring solutions that offer aesthetic appeal and customization options. This trend is particularly strong in the residential sector, where homeowners are increasingly seeking unique and personalized flooring options.

In 2021, the market experienced an extraordinary growth of 33.4% as the year saw an increase in the building sector as renovation activities grew by 60% worldwide. The need for flooring materials will also be further complemented by the manufacturing sector's ongoing expansion.

The resin flooring market is becoming more and more consolidated every year as a number of essential companies make strategic acquisitions and mergers to get an advantage over rivals and take advantage of growth prospects. For instance, in 2021 RPM’s subsidiary Carboline purchased Dudik Inc., a market leader in high-performance coatings, flooring, and tank linings. Similar to this, COVESTRO AG purchased Royal DSM's Resins & Functional Materials business, which will enhance their global network and add profits estimated to be US$ 1.2 billion.

The growth of the resin flooring market is primarily driven by:

• Increasing demand in various industries such as industrial, commercial, and residential.
• Increasing demand in various end-use industries and the shift towards sustainable and decorative flooring solutions.
• Increasing demand for eco-friendly and sustainable flooring solutions has also boosted the market growth of resin flooring.

Segment Analysis

By Material Type

"Epoxy held market is expected to remain the dominant segment of the market, and it held a revenue share of more than 60% in 2022"

The resin flooring market is segmented into epoxy, PU resin, MMA (methyl methacrylate), and others. In 2022, epoxy held market dominance and is expected to remain the dominant segment of the market, and it held a revenue share of more than 60% in 2022. Epoxy is a favorable material in resin flooring, designed to safeguard the floor from different circumstances and optimize the overall flooring performance. 

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By Application Type

"Industrial manufacturing is likely to maintain its dominance and it held a revenue share of more than 30% in 2022"

The market is classified as food & beverage, healthcare, automotive manufacturing, industrial manufacturing, and others. Industrial manufacturing is likely to maintain its dominance and it held a revenue share of more than 30% in 2022, whereas food & beverage is anticipated to register the highest growth over the same period.

By End-User Type

"Industrial segment occupied a major market share of more than 70% in 2022"

The market is segmented into industrial, residential & commercial. The industrial segment occupied a major share of more than 70% in 2022.

Regional Analysis

"Europe is the most dominant market for resin flooring, and it held a revenue share of more than 40% in 2022"

Europe is the most dominant market for resin flooring, and it held a revenue share of more than 40% in 2022. The countries, such as Germany, France, and the UK, are the major growth engines of the regional market due to the presence of major market players, distributors, and contractors. Several flooring material suppliers have their presence in the region to address the emergent needs of the market.

Asia-Pacific, another major market for resin flooring, is subjected to grow at the highest pace over the next five years. China alone holds more than half of the region's market and will continue marking greater dominance in the region as well as the global market. Over the years, there has been a constant increase in the penetration of resin flooring in the major Asian economies, particularly in China, a key factor driving the demand 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 resin flooring market:

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

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s resin 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 the 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 the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The resin flooring market is segmented into the following categories:

By Material Type 

• Epoxy
• PU Resin
• MMA
• Others

By Application Type 

• Food & Beverage
• Healthcare
• Industrial Manufacturing
• Automotive Manufacturing
• Others

By End-User Type

• Industrial
• Residential & Commercial

By Region 

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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.