Analysis of Potential Impact of COVID-19 on Canada Concrete Floor Coatings Market
The Canada market for concrete floor coatings is characterized by a highly consolidated competitive landscape because of the strongholds of a handful of market players. There is a need to have skilled labor, effective techniques, and a robust industrial base to manufacture concrete floor coatings, and hence, only a countable number of players have risen to reckon in the market. In 2016, 70% of the total market share was held by the top five players in the Canada market for concrete floor coatings. These market players are PPG Industries Inc., RPM International Inc., The Sherwin Williams Company, BASF SE, and Sika AG, and each of them has a unique selling point that aids its growth. Furthermore, these market players have made continual efforts to make their production more agile and nimble, which has helped them in reducing the operating costs. Technological expertise and product innovation have been the crux of the business strategies of the aforementioned market players. Although other market players also coexist in the market, there is little scope of growth for them because a major market share is held by the top five players. There are strong barriers to the entry of new players into the market and their sustenance is even more difficult.
A report published by Transparency Market Research (TMR) forecasts the growth rate of the Canada concrete floor coatings market over the period between 2017 and 2025. The Canada market is expected to expand at a steady CAGR of 5.2% over the aforementioned forecast period. Furthermore, the market was valued at S$100.8 mn in 2016 and is expected to reach a stellar value of US$158.0 mn in 2025.
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Constructions Industry to Raise Market Demand
The environmental regulations in Canada have played a pivotal role in elevating demand within the market for concrete floor coatings. The government has imposed restrictions on the use of paints and coatings with volatile organic compounds (VOCs) that can easily turn into vapor or gas. Constructions across residential, industrial, and commercial sectors in Canada have witnessed an unprecedented rise over the past decade. Since most of the constructions now involve the use of concrete floor coatings, the demand within the Canadian market for floor coatings is expected to keep rising over the coming years. Besides this, the government of Canada has introduced several plans and schemes for the development of the constructions industry in the region including New Building Canada Plan (NBCP) and Affordable Housing Initiative (AHI).
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Ontario to Emerge as Leading Regional Segment
The market for concrete floor coatings is expected to register the highest growth rate in Ontario where a number of residential projects are in the pipeline. Furthermore, the disposable income of the population in Ontario is significantly higher than that of other regions in Canada. In 2016, Ontario accounted for a total market share of 30% in the regional mix which shows the splendid performance of the region in the market for concrete floor coatings. Other key regions that are expected to exhibit a robust growth rate over the coming years include British Columbia, Manitoba, Atlantic, and Alberta.
The review is based on a market research report by TMR titled, “Concrete Floor Coatings Market (Product Type – Epoxy and Polyaspartics; Application – Indoor and Outdoor) – Canada Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025”.
The Canada concrete floor coatings market can be segmented as:
Concrete Floor Coatings Market – Product Type Analysis
Concrete Floor Coatings Market – Application Type Analysis
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