Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the U.S. Parking Deck Coatings market.
Trusted Business Insights presents an updated and Latest Study on U.S. Parking Deck Coatings Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the U.S. Parking Deck Coatings market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: U.S. Parking Deck Coatings Market
The U.S. parking deck coatings market size was valued at USD 67.8 million in 2020. Developments in the construction industry are likely to generate the demand for the parking deck coatings. Increasing use of environment-friendly and energy-saving products is also expected to influence the market positively.
Ongoing research and developments in urethane-based products to expand the application scope is likely to boost market growth as they offer excellent strength and wear resistance with lower thickness. Technological breakthroughs, innovations, and studies carried out for expanding the application scope of parking deck coatings are projected to foster market growth.
The market is anticipated to be driven by rising construction activities in the U.S. and the ascending demand for floor spaces in commercial buildings. Parking deck coatings are used to offer high-temperature resistance to both indoor and outdoor areas as well as for protecting floors against wear and tear. These coatings offer resistance to a broad range of contaminants found in the floor and offer excellent flexible finish to withstand stresses that rubber tires impart onto a coat system.
Parking deck coatings manufacturers are expanding in terms of production capacity and infrastructure with an aim to cater to the growing market requirements. Moreover, many of the parking deck coating manufacturing companies are using product development, acquisition and partnership strategies for procuring raw materials. Mergers and joint ventures are an integral part of this market and allow companies to expand their market position.
Product Insights: U.S. Parking Deck Coatings Market
In terms of product, polyurethane emerged as the largest product segment and accounted for 41.5% of the parking deck coatings market in 2019. Properties such as consistent finish, safety, and high-performance in extreme temperatures and various environmental conditions make it suitable for various types of parking decks designed for heavy-duty and light vehicles.
Polyurethane parking deck coatings offer flexibility and softness along with low permeability and good impact and skid-resistance, which makes them suitable for use in garage flooring and parking deck flooring.
Epoxy resins are made from a class of synthetic thermosetting polymers containing an epoxide group. The resins are widely used in parking decks owing to their excellent properties such as color stability, UV and weather-resistance, extreme temperature resistance, and waterproofing and blistering. All these properties help in minimizing installation labor costs and support garages to get back up and run in a short interval of time.
In addition, the product is used as a protective coating on car park ramps, turning circles, and indoor pedestrian areas owing to its high wear and chemical-resistant properties. Moreover, the rising demand for green buildings is expected to create high growth potential for this product segment during the forecast period.
Technology Insights: U.S. Parking Deck Coatings Market
The single-component parking deck coating segment emerged as the largest technology segment and accounted for over 44.4% of the market share in 2019. Growth in the construction sector and rising demand for parking spaces in offices and residential buildings are anticipated to fuel the demand for a single-component parking deck coating.
Double component technology is suitable for use in places such as heavy-duty parking decks. These double component technology-based deck coatings are normally more robust and are installed in thicker layers than single-component technology-based deck coatings.
Double component technology is generally solvent-free and offers high solid formulations with low odor, and they do not rely upon the moisture in the air to cure. They have excellent abrasion, chemical, and water resistance properties. With rapid infrastructure development coupled with growing need for heavy-duty infrastructure in the country, the double component parking deck coating segment is expected to witness growth over the forecast period 2021-2027.
Triple-component technology exhibits properties such as high compression and tensile strength, and water and chemical resistance. Moreover, surfaces coated using the technology are not prone to bacterial growth, do not attract dust, and are easy to clean. The technology is used for seamless floors and self-leveling floors for areas with pedestrian and light-wheeled traffic.
U.S. Parking Deck Coatings Market Share Insights
Most of the key players operating in the market have integrated their raw material production and distribution operations to maintain product quality and expand regional reach. This provides companies a competitive advantage in the form of cost benefits thus increasing the profit margin. Companies are undertaking research and development activities to develop new products to sustain market competition and changing end-user requirements.
Research activities focused on new materials, which combine several properties, are projected to gain wide acceptance in this industry in the coming years. Some of the prominent companies manufacturing these products include Tennant Coatings; LATICRETE International, Inc.; Dur-A-Flex, Inc.; Sika AG; Tremco Incorporated; and Prime Resins Inc.
This report forecasts revenue and volume growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the U.S. parking deck coatings market report on the basis of product and technology:
Product Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
- Methyl Methacrylate
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