The global market size for parking deck coatings was USD 89.6 billion in 2022, and it is projected to have a rapid revenue Compound Annual Growth Rate (CAGR) of 9% during the forecast period. This growth is driven by the increasing number of parking structures and the need to maintain and repair ageing buildings. Additionally, the rising demand for long-lasting and environmentally friendly parking solutions is also contributing to the growth.
Parking deck coatings are becoming popular as they provide long-lasting protection and durability to parking structures. The scarcity of parking spots in cities due to the increasing number of vehicles on the road has led to the rise in demand for parking structures. The increasing awareness about the need to maintain and repair outdated parking structures is also expected to drive the market revenue growth.
Moreover, governments' investments in the construction of new parking facilities and the renovation of old ones are expected to further drive the market revenue growth.
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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, the high price of parking deck coatings, scarcity of skilled workers, and strict laws governing the application of coatings could restrain market revenue growth.
Based on type, the market is segmented into acrylic, epoxy, polyurethane, and others. The epoxy segment accounted for the largest revenue share in 2022, and the polyurethane segment is expected to register fast revenue growth during the forecast period due to its flexibility, impact resistance, and UV stability.
Based on end-use, the market is segmented into commercial, residential, and industrial. The commercial segment is expected to account for the largest revenue share due to the rising number of commercial structures that need vast parking spaces. The residential segment is expected to register fast revenue growth due to the increasing construction of multi-level parking structures in residential buildings. The industrial segment is expected to account for revenue growth due to the rising industrial buildings with on-site parking.
Advantages of Parking Deck Coatings Market
The parking deck coatings market offers several advantages, including long-lasting protection and durability for parking structures, which helps to address the issue of a lack of parking spots in cities and towns due to increasing vehicle numbers on the road. In addition, rising demand for parking garages around the world is another factor driving revenue growth of the market.
Moreover, the increasing awareness about the need to maintain and repair outdated parking structures is also expected to drive market revenue growth. Using parking deck coatings can offer durable protection against the elements and prevent structural damage, safety issues, and loss of aesthetic appeal.
Customers are also looking for environmentally friendly parking structure solutions, and parking deck coatings are a desirable alternative due to their durability and sustainability.
The government's investments in the construction of new parking facilities and renovation of old ones is expected to drive market revenue growth further. Additionally, the capacity of coatings to improve aesthetics and offer slip-resistance is another factor driving revenue growth of this market.
However, there are also some challenges, such as the high cost of parking deck coatings, the scarcity of skilled workers, and strict laws governing the application of coatings, which could restrain market revenue growth.
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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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