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According to the floor coatings industry analysis, market research analysts at Technavio has shown that the floor coatings market in Europe will witness steady growth and will post a moderate CAGR of more than 5% over the forecast period. With the rising demand for parquet flooring, the floor coatings market in Europe is anticipated to have a positive outlook in the coming years. Parquet flooring involves the use of geometrically-shaped wood pieces to form a mosaic, thereby increasing the aesthetic appeal of wood floors. This has led to an augmented demand for parquet floor coatings, which have become an indispensable part of the portfolio of key vendors in the floor coatings market in Europe. For example, Akzo Nobel, through the brand Synteko, offers a range of on-site parquet coatings that can be UV-cured. Vendors often offer a product mix of both factory-applied and on-site parquet coatings for end-users. Moreover, the past decade has witnessed a shift toward the consumption of eco-friendly, water-borne parquet floor coatings, which will also contribute to the growth of this market during the predicted period.
In this market research analysis, the analysts have predicted that the rising demand for pre-finished wood floors will fuel this growth of floor coatings market in Europe. Pre-finished wood floors are factory-finished and coated with finishing solutions before application, unlike unfinished products that are treated on-site for finishing. They provide ease-of-installation, convenience, and cost-effectiveness, in addition to superior quality since their finishing is carried out in a factory-controlled environment. For instance, hardwood floors that are treated with high-performance aluminum oxide polyurethane coatings are often exposed to seven rounds of UV-light to cure the urethane and preserve the wood color, resulting in a durable finish. Whereas, site-finished hardwood floors receive only three coats of urethane-based coatings. Therefore, the demand for pre-finished wood floors from both commercial and residential end users in growth in Europe and this trend is expected to gain traction over the next four years.
Owing to the presence of numerous well-established vendors, the floor coatings market in Europe is highly competitive. The vendors compete in terms of price, quality, branding, and customer service. Since product differentiation is low and a wide range of similar products are available in the market, vendors aim to enhance the brand recall of their products among consumers through effective marketing communications. Most vendors in the market use water-borne coatings technology in their products because of their low VOC content. However, the introduction of UV-cure coatings has generated a higher demand from the key players due to the ease of application compared to water- and solvent-borne coatings. This has also resulted in an increasing number of vendors entering the market in this product segment.
Key vendors in this market are
Other prominent vendors analyzed in this report are 3M, BASF, Benjamin Moore, Feyco Treffert, Industria Chimica Adriatica (ICA) Group, IVM Chemicals, Jotun, KAPCI Coatings, Renner Italia, RPM International, Sherwin-Williams, Sirca, Śnieżka, Sto, Valspar, and Weilburger Coatings.
Based on the floor coatings industry outlook, the wood segment dominated the floor coatings market in Europe and will account for close to 62% of the market shares in terms of revenue. A wide range of wood floors such as solid wood, engineered wood, and hardwood floors are available in the market. While hardwood floors are a traditional and popular preference, there is a growing demand for engineered wood floors that are relatively more durable. The growth of this segment is primarily driven by the rise in the demand for parquet and pre-finished floors. Also, the ease-of-use and the availability of a wide range of wooden flooring products in retail stores across Europe facilitate consumption of floor coatings by individual consumers for DIY projects.
The water-borne coatings segment was the highest revenue contributing segment and accounted for nearly 45% of the total market shares. Water-borne coatings are widely used in Europe as their low content of VOCs make them more environment-friendly than solvent-borne coatings. Moreover, stringent regulations in Western Europe limit the use of solvent-borne coatings that have a high VOC content and encourage the use of water-borne coatings. Also, the growth of the housing market in Western Europe and industrialization in Central and Eastern Europe will also aid in this segment’s growth until the end of 2020.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Floor coatings market in Europe
PART 06: Market segmentation by substrate
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
PART 15: Explore Techanvio
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