The changing dynamics Industrial Flooring Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Industrial Flooring Market.
It was estimated prior to this unanticipated outbreak Industrial Flooring Market will reach CAGR of 4.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Industrial Flooring Market Insights
Industrial flooring market is likely to witness a significant CAGR of 4.3% during the forecast period. The prime factor contributing to the demand for industrial flooring is the growing awareness about hygiene and stringent regulations enacted by regulatory authorities pertaining to maintenance of safety and hygiene standards in industrial workplaces.
Market Share Analysis
Industrial Flooring Market Share: By Flooring Material Type
Based on the flooring material type, the market is segmented as concrete, rubber & PVC, epoxy, vinyl, and others. Epoxy to remain the largest material type during the forecast period. Epoxy based floors are durable, strong, chemical resistant, and are compatible with a wide range of base substrate layers. These floors are preferred in industries, warehouses, ad industrial environments requiring high chemical resistance.
Industrial Flooring Market Share: By End-Use Industry Type
Based on the end-use industry type, the market is segmented as food & beverages, chemical & pharmaceuticals, mechanical manufacturing, logistics and warehouses, healthcare, and others. Food & beverages to remain the dominant end-use industry during the forecast period. Industrial flooring is critical in the food & beverages industry as meeting hygienic standards are highly important. Stringent regulation by the US Food & Drug Administration (US FDA), the Global Food Safety Initiative (GFSI), the Food Standards Agency (FSA) and the European Food Safety Authority (EFSA) to ensure the highest standard of handling and production will drive the industrial flooring market in food & beverages industry.
Industrial Flooring Market Share: By Region
In terms of regions, North America is estimated to be the largest industrial flooring market during the forecast period. Whereas, emerging countries in Asia-Pacific such as China, India, and Indonesia to grow at the highest rate during the forecast period with the increasing awareness on food and worker safety and with regulations imposed. Food & beverages, automotive, and chemical industries to be the prime drivers for industrial flooring in the region.