The global market size for parking deck coatings was valued at USD 89.6 billion in 2023, with a projected revenue compound annual growth rate (CAGR) of 9% during the forecast period. The increasing number of parking structures and growing awareness of the need to maintain and repair aging buildings, along with a rising demand for long-lasting and environmentally friendly parking solutions, are driving the demand for parking deck coatings.
The coatings offer long-lasting protection and durability to parking structures, making them a desirable solution for customers seeking durable and sustainable parking solutions. Additionally, the lack of parking spots in cities and towns due to an increasing number of vehicles on the road is driving the need for parking structures. There is also a rising demand for parking garages globally, and an increasing awareness of the need to maintain and repair outdated parking structures.
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Major Companies and Competitive Landscape:
Major players in the global parking deck coatings market include:
- PPG Industries, Inc.
- Akzo Nobel N.V.
- BASF SE
- The Sherwin-Williams Company
- RPM International Inc.
- Sika AG
- 3M Company
- ArmorPoxy, LLC
- APF Epoxy Flooring Systems
- General Polymers (A Sherwin-Williams Company)
However, factors such as the high price of parking deck coatings, the scarcity of skilled workers, and strict laws governing the application of coatings may restrain market revenue growth.
The global parking deck coatings market is segmented into acrylic, epoxy, polyurethane, and others based on type. The epoxy segment holds the largest revenue share in the global parking deck coatings market due to its remarkable durability, strength, and chemical resistance. The polyurethane segment is expected to register steadily fast revenue growth, while the acrylic segment is expected to register considerably fast revenue growth rate.
Based on end-use, the commercial segment accounts for the largest revenue share in the global parking deck coatings market due to the increasing number of commercial structures needing vast parking spaces. The residential segment is expected to register significantly fast revenue growth rate during the forecast period, while the industrial segment is expected to account for the global parking deck coatings market's revenue due to increasing industrial buildings with on-site parking.
Driving Factors of Parking Deck Coatings Market
The global parking deck coatings market is expected to register a rapid revenue compound annual growth rate (CAGR) of 9% during the forecast period due to various driving factors, which include:
- Increasing parking structures: The rising number of vehicles on the road and a lack of parking spots in cities and towns is leading to the need for more parking structures, thereby driving the demand for parking deck coatings.
- Awareness about the need to maintain and repair ageing buildings: As parking structures deteriorate over time, they can result in structural damage, safety issues, and a loss of aesthetic appeal. To address these problems, parking structure owners are spending money on maintenance and repair work, including using parking deck coatings to offer durable protection against the elements.
- Rising demand for long-lasting and environment-friendly parking solutions: Customers are looking for environment-friendly parking structure solutions due to increasing environmental concerns. Parking deck coatings are a desirable alternative for customers searching for long-lasting and environmentally responsible parking solutions due to their durability and sustainability.
- Government programs targeted at enhancing transportation and infrastructure: Government investments in construction of new parking facilities and renovation of old ones are expected to drive the demand for parking deck coatings.
Despite these driving factors, factors such as the high price of parking deck coatings, scarcity of skilled workers, and strict laws governing the application of coatings are major factors that could restrain market revenue growth.
The global parking deck coatings market is segmented into acrylic, epoxy, polyurethane, and others. The epoxy segment accounted for the largest revenue share in the global parking deck coatings market in 2023 due to its remarkable durability, strength, and chemical resistance. The polyurethane segment is expected to register a fast revenue growth rate in the global parking deck coatings market during the forecast period due to its higher resistance to abrasion, chemicals, and weathering. The acrylic segment is expected to register a considerably fast revenue growth rate due to its exceptional weatherability, UV resistance, and gloss retention characteristics.
Based on end-use, the commercial segment is expected to account for the largest revenue share in the global parking deck coatings market during the forecast period due to the rising number of commercial structures that need vast parking spaces. The residential segment is expected to register a significantly fast revenue growth rate in the global parking deck coatings market during the forecast period due to the increasing construction of multi-level parking structures in residential buildings. The industrial segment is expected to account for in the global parking deck coatings market during the forecast period due to the rising industrial buildings with on-site parking.
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Segments Covered in the Report:
Segments covered by Type Outlook, Packaging Outlook, Regional Outlook
By Coating Type Outlook
- Epoxy
- Polyurethane
- Acrylic
- Others
By End-use Outlook
- Commercial
- Residential
- Industrial
Regional Outlook
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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