Mexico Floor Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

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.

Key Highlights

• 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).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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