Market Insights
"The South African concrete floor coatings market is likely to grow at a promising CAGR of 5.1% over the next five years to reach a value of US$ 64 million in 2027."
Floor coatings are tough protective layers used to protect concrete floors from wear and tear, corrosion, and harsh chemicals. They are also used to decorate floors by brightening or defining certain areas and to cover stained concrete. The South African concrete floor coatings market experienced an impressive growth of 15.8% in 2021 and is estimated to maintain its growth momentum (5.1% CAGR, value basis) over the next five years to reach a value of US$ 64 million in 2027. However, in terms of volume, the market experienced a huge decline of -17% in 2020 from 2019. The huge difference in value and volume growth is due to a spike in the price of materials in the wake of the demand-supply gap.
In terms of value, the market was not much affected by the pandemic and experienced decent growth in 2020. However, due to a lack of demand and supply shortage, the market declined at a rapid pace in terms of volume. There has been a significant increase in the price of raw materials, particularly epoxy, over the last two years, resulting in a significant change in market dynamics in terms of value and volume.
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South African Concrete Floor Coating Market – Snapshot
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Growth (2022-2027)
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5.1% CAGR, (Value Basis)
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Major Product Type
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Epoxy
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Major Application Type
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Indoor
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Region with the highest demand
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Asia-Pacific
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Key Players
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StonCor Africa (Pty) Ltd, Sika AG, Vuka Floors, Abe Construction Chemicals, Technical Finishes, Specialized Coating Systems, Jotun, Verni-Spécialité Construction Products (Pty) Ltd., Master Builder Solutions, and Silikal
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Segments' Analysis
Product Trends
"Epoxy segment accounted for the largest market share."
Based on the product type, the market is bifurcated into epoxy, polyaspartic, polyurethane, acrylic, and others. Epoxy is expected to remain the biggest product type in the foreseen future. Epoxy coatings are preferred for all major applications because of their durability, ease of maintenance, chemical and impact resistance, and ability to prevent wear and tear. Polyurethane is gaining market traction due to its flexibility, shorter curing time than epoxy, abrasion resistance, resistance to solvents and alkalis, resistance to temperature extremes and scratching, chemical and heat resistance; making it ideal for bio-medical, food processing, freezing chambers, malls, airports, and hospitals.
Application Trends
"Indoor segment accounted for the largest market share."
Based on the application type, the market is segmented as indoor and outdoor. Indoor is expected to remain the larger and faster-growing application type during the forecast period. Indoor parking, cold storage, industrial warehouses, food-processing areas, automotive workshops, and aircraft hangars are some major indoor applications. The majority of industrial and commercial floor coatings are indoor only.
Component Trends
"The two components segment accounted for the largest market share."
Based on the component type, the market is segmented as one-component, two-component, three-component, and four-component. Among these component types, the two components dominate the market. Epoxy is primarily used as a two-component, with part-A resin or base and part-B hardener. Three components include base A, hardener B, and a filler or aggregate C.
End-User Trends
"The industrial segment accounted for the largest market share."
Based on the end-user type, the market is segmented as residential, commercial, and industrial. Among these end-user types, the industrial segment unassailably dominated the market. Epoxy and polyurethane coating systems are predominantly used for industrial applications. Commercial to remain the second-largest end-user type during the forecast period. Key applications of commercial floor coatings are showrooms, malls, hospitals, workshops, stadiums, parking structures, walkways, supermarkets, etc. Residential floor coatings hold a minuscule share of the market.
Industrial Application Trends
"The distribution & warehousing segment accounted for the largest market share."
Based on the industrial application type, the market is segmented as automotive, D&W, F&B, healthcare, mining & energy, and others. Among these application types, distribution & warehousing are estimated to maintain its dominance in the market till 2027. Food & beverage, the second-dominant segment, includes wine industries, meat, cheese, and dairy processing, and other food-processing areas. PU is majorly used in the F&B and healthcare industries as it exhibits high chemical resistance to corrosive substances, solvents, acids, hot oils, and sugar, also it is food-approved.
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s South African concrete floor coatings market realities and future market possibilities for the forecast period of 2022 to 2027. 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 20 detailed primary interviews with the market players across the value chain in South Africa and industry experts to obtain both qualitative and quantitative insights.
