Flooring Chemicals Market SWOT & PESTAL Analysis, Russia Ukraine War Impact and Forecast 2029
The global flooring chemicals market size is projected to expand at a steady pace on account of rising demand for epoxy floor systems, finds Fortune Business Insights™ in its report, Epoxy floors offer numerous advantages compared to other flooring chemicals and solutions. For example, not only do epoxy solutions create decorative floors, but they also provide strong resistance to a variety of chemicals such as acids and solvents, which makes them durable and efficient. Furthermore, these flooring solutions are very easy to maintain as they are seamless and liquid-tight and are thus very convenient to clean. Lastly, epoxy floors are sustainable, because they combine perfectly well with under-floor heating, saving energy and space. These benefits are pushing consumers towards adopting epoxy flooring systems, which in turn is expected to stimulate the growth of this market in the coming years.
List of Key Companies Profiled in the Flooring Chemicals Market Report:
- Borealis AG
- Toray Industries
- Tremco Inc.
- Forbo Holding
- LG Chem
- LyondellBasell Industries
- Huntsman Corp
- RPM International Inc.
- PPG Industries
- Mitsui Chemicals
- Mitsubishi Chemical Corporation
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Impact of Russia-Ukraine War Implication
The Russia-Ukraine war could change the market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
Contraction of Construction Activities to Hinder Market Growth
The flooring chemicals market growth is expected to suffer a major setback during 2020-21 as the COVID-19 pandemic has led to an unprecedented deterioration in the global construction industry. According to Oxford Economics, the construction sector is estimated to grow at 35% till 2030. This is a staggering revision, since, in a previous report, Oxford Economics had predicted a growth rate of 85% for the sector. International Construction and Infrastructure Surveys conducted by the UK-based Royal Institution of Chartered Surveyors found that construction workloads fell into negative territory across all major economies in the first quarter of 2020. In the UK, for instance, activities shrunk by -3% for the first time in eight years. Flooring chemicals are essential components of any building, whether residential or commercial, and decline in the construction sector is bound to impact the growth of this market.
Supportive Policies for Construction Activities to Propel the Market in Asia Pacific
Asia Pacific is expected to dominate the flooring chemicals market share in the upcoming years owing to the favorable policies supporting construction activities in the region. In particular, affordable housing projects in India and China will provide the market with the necessary fodder to grow. Additionally, accelerated pace of urbanization will also contribute to the regional market growth.
In North America, the market will be driven by the surging demand for commercial spaces and rapid adoption of advanced flooring systems. The market in Europe, on the other hand, is anticipated to showcase impressive growth owing to the rising demand for energy-efficient flooring solutions.
Prominent Players to Invest in Portfolio Diversification Activities
With a view to strengthen their position in the market, key players are heavily investing in diversifying their product offerings, focusing on innovations and collaborations. Besides this, several players are steadily expanding their production capacities to meet the surging demand for flooring systems around the globe.
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- January 2020: BASF announced a massive investment of a few million euros for expanding its water-based polyurethane dispersions production site in Spain by 30%. Among these, BASF has paid special attention to Joncryl®platform, its solution for polyurethane dispersions and hybrids for renovating floors.
- January 2020: PPG Industries unveiled its wood and vinyl flooring innovations, which include topcoats, sealers, stains, fillers, and primers, at The International Surfaces Event held in Las Vegas. PPG showcased the PPG CLARITAGE™ III anti-scratch topcoats and PPG RAYCRON™ ultraviolet (UV)-curable coatings, embedded with nanotechnology and advanced resins to protect floors all sorts of external factors.
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