LONDON--(BUSINESS WIRE)--Technavio’s latest floor coating market in Europe report highlights three key emerging trends predicted to impact market growth through 2020. Technavio defines an emerging trend as something that has potential for significant impact on the market and contributes to its growth or decline.
Parquet coatings have become an indispensable part of the portfolio of key vendors in the floor coatings market in Europe. For instance, 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.
“Parquet flooring involves the use of geometrically-shaped wood pieces to form a mosaic and increase the aesthetic appeal of wood floors. Since 2012, there has been a steady rise in the demand for parquet floors, especially from countries in Central and Eastern Europe,” said Abhay Sinha, one of Technavio’s lead industry analysts.
“Key producers of parquet floors are diversified across Europe, while the consumption of parquet floors is concentrated in Western Europe. Overall, in 2015, Western Europe accounted for a consumption share of 79% of the parquet coatings market in Europe,” added Abhay.
Technavio’s market research study further identifies the following three emerging trends expected to propel the floor coating market in Europe:
- Leveraging nanotechnology
- Growing demand for pre-finished wood floors
- Growing market consolidation
The global coatings market has always been R&D intensive, with key vendors making concerted efforts at technology and product innovation to capture larger market shares. Developed regions such as Western Europe have been at the forefront of such innovations in the global coatings market, with key vendors such as Akzo Nobel leveraging the potential of nanotechnology to introduce nanocoatings.
Nanocoatings are resistant to scratches, chemicals, and corrosion and are used in wide range of industries including healthcare, building, and packaging. They also exhibit greater color and gloss retention compared to conventional coatings and are low-maintenance. Advanced nanocoatings that are available in the market today are known for being anti-microbial, anti-fingerprint, and self-cleaning. So, the demand for nanocoatings will increase at a strong rate, posting a revenue CAGR of over 20% during the forecast period.
Growing demand for pre-finished wood floors
Pre-finished wood floors are factory-finished and coated with finishing solutions before application, as opposed to 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. In comparison, site-finished hardwood floors receive approximately three coats of urethane-based coatings.
Growing market consolidation
There is growing consolidation in the floor coatings market in Europe, especially in Western Europe, with key vendors in the market acquiring regional vendors. For instance, in April 2015, RPM International acquired Morrells, a UK-based wood coatings company that also offers floor coatings under the brand Induro. Morrells has annual net sales of over USD 30 million. RPM International's acquisition of Morrells will mark the company as one of the top-ten vendors of wood coatings in Europe, including Akzo Nobel, DAW, Jotun, PPG, Sniezka, Tikkurila, and Valspar. In addition, RPM International's ranking in the floor coatings market in Europe will rise from eight to six.
Browse related reports:
- Global Wooden Floor Market 2016-2020
- Global Engineered Wood Products Market 2016-2020
- Wood Coatings Market in Europe 2015-2019
- Global Green Cement Market 2016-2020
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