Mexico Floor Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Mexico Floor Coatings Market Analysis
The Mexico Floor Coatings market is expected to reach USD 200 million by the end of this year and is projected to register a CAGR of over 4% during the forecast period. COVID-19 negatively impacted the market in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is forecasted to grow steadily.
- Increasing building and construction activities in the country will likely drive market growth in Mexico during the forecast period.
- The demand for floor coatings from the industrial sector is expected to dominate the market studied, and it is expected to grow during the forecast period due to increasing demand from the chemical industry.
- On the flip side, strict regulations on VOCs released for floor coatings hinder market growth.
- With increasing environmental concerns, the rising demand for environment-friendly floor coatings is expected to act as an opportunity to drive the market in the coming years.
Mexico Floor Coatings Market Trends
Rising Construction Activities in the Region
- The construction sector is a major contributor to the country's economy, fuelling the demand for the consumption of floor coatings in residential buildings and commercial construction applications.
- The construction industry is continuing to grow across Mexico, which is expected to increase significantly in the coming years. Owing to the expansion, more high-value and ambitious projects are ongoing in the country, which is further likely to drive the demand for floor coatings.
- For instance, in January 2022, the government of Mexico City announced its annual infrastructure plan, investing USD 1.25 billion to develop 478 projects in the fields of education, health, the public sector, and transportation.
- The projects also include the completion of 55 recreational units and the renovation of 308 educational institutions are taken into account by the 2022 infrastructure program in Mexico City.
Growing Demand for Floor Coatings in the Industrial Applications
- Floor coatings are utilized in industrial applications to boost efficiency by facilitating faster material flow and reducing workplace hazards.
- Industrial activities observed a downfall due to COVID-19. However, the sector is recovering significantly. For instance, foreign direct investment in Mexico's mining sector fell in 2020 due to the pandemic. Still, the industry recovered in 2021, with more than 1.5 billion dollars reported in the first half of 2021.
- Concrete floors in several industries, such as warehouses, assembly plants, etc., are prone to damage from harmful chemicals and scratches caused by equipment such as airplanes and forklifts. Thus, floor coatings are widely utilized in industry to prevent floors from such damage.
- With the rapid industrialization and construction of manufacturing and processing facilities in Mexico, the demand for floor coatings in the food & beverage, automotive assembling, and pharmaceutical industries is likely to be propelled during the forecast period.
- The slip resistance provided by these coatings to floors helps minimize accidents on work floors. Thus, there is a significant demand for floor coverings in industrial applications due to the growing significance of guaranteeing workplace safety and worker welfare.
- For instance, to accommodate the need for logistics for its stores, the company Coppel plans to construct new distribution centers in Mexico in May 2022. For this, Rinol, a major contractor in Mexico, intends to construct a floor using SigmaSlab technology (the combination of Dramix 4D steel fibers and CCL post-tensioned cables). This cutting-edge technique for concrete floors and slabs enabled Coppel to construct a floor with panels up to 100x100m and a high level of flatness, meeting the company's needs.
- Additionally, technology supplier, the Bosch Group in September 2022, announced plans to build a USD 215 million facility in Queretaro, a state in central Mexico.
Mexico Floor Coatings Industry Overview
The Mexico floor coatings market is fragmented. Some major players in the market include RPM International Inc, AkzoNobel NV, Sika AG, The Sherwin-Williams Company, and PPG Industries Inc., among others (in no particular order).
Mexico Floor Coatings Market Leaders
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RPM International Inc
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AkzoNobel NV
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Sika AG
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The Sherwin-Williams Company
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PPG Industries Inc.
*Disclaimer: Major Players sorted in no particular order
Mexico Floor Coatings Market News
- May 2022: Akzo Nobel India launched its breakthrough in the floor coatings market by introducing Dulux Floor Plus. It is a water-based acrylic emulsion specifically developed to protect and beautify flooring, including interlock paver blocks, walkways, terraces, and cemented and concrete surfaces,
Mexico Floor Coatings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Construction Activities
4.2.2 Growing Demand for Floor Coatings in the Industrial Applications
4.3 Market Restraints
4.3.1 Strict Regulations on VOCs Released for Floor Coatings
4.3.2 Other Restraints
4.4 Industry Value Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Resin Type
5.1.1 Epoxy
5.1.2 Acrylic
5.1.3 Alkyd
5.1.4 Polyurethane
5.1.5 Polyaspartics
5.1.6 Other Resin Types
5.2 Floor Material
5.2.1 Wood
5.2.2 Concrete
5.2.3 Other Floor Materials
5.3 End-User Industry
5.3.1 Residential
5.3.2 Commercial
5.3.3 Industrial
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AkzoNobel NV
6.4.2 ArmorPoxy
6.4.3 Jotun
6.4.4 PPG Industries Inc.
6.4.5 Sika AG
6.4.6 BASF SE
6.4.7 Teknos Group
6.4.8 LATICRETE INTERNATIONAL INC.
6.4.9 Sto SE & Co. KGaA
6.4.10 Polypro Concrete Coatings
6.4.11 Floor Shield of Panhandle
6.4.12 The Sherwin Williams
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Demand for Environmental-friendly Floor Coatings
Mexico Floor Coatings Industry Segmentation
Floor coatings are durable, protective layers applied to surfaces subjected to extreme wear or corrosion. Warehouses, chemical plants, and production floors are examples of typical applications. The market is segmented by resin type, floor material, coatings component, and end-user industry. By resin type, the market is segmented into acrylic, alkyd, polyurethane, epoxy, polyaspartics, and other resins. By floor material, the market is segmented into wood, concrete, and other floor materials. By end-user industry, the market is segmented into residential, commercial, and industrial. For each segment, the market sizing and forecasts have been done on the basis of revenue. (USD million)
| Resin Type | |
| Epoxy | |
| Acrylic | |
| Alkyd | |
| Polyurethane | |
| Polyaspartics | |
| Other Resin Types |
| Floor Material | |
| Wood | |
| Concrete | |
| Other Floor Materials |
| End-User Industry | |
| Residential | |
| Commercial | |
| Industrial |
Mexico Floor Coatings Market Research FAQs
What is the current Mexico Floor Coatings Market size?
The Mexico Floor Coatings Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Mexico Floor Coatings Market?
RPM International Inc, AkzoNobel NV, Sika AG, The Sherwin-Williams Company and PPG Industries Inc. are the major companies operating in the Mexico Floor Coatings Market.
What years does this Mexico Floor Coatings Market cover?
The report covers the Mexico Floor Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mexico Floor Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Mexico Floor Coatings Industry Report
Statistics for the 2024 Mexico Floor Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico Floor Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
