Parking Deck Coatings Market Size Worth USD 194.6 Billion 2032| A CAGR of 9%
The global parking deck coatings market had a size of USD 89.6 billion in 2022, and it is expected to grow at a rapid revenue compound annual growth rate (CAGR) of 9% during the forecast period. Factors such as the increasing number of parking structures, awareness of the need to maintain and repair aging buildings, and the rising demand for long-lasting and environment-friendly parking solutions are driving the demand for parking deck coatings. The lack of parking spots in cities and towns, along with the increasing number of vehicles on the road, is another reason for the growing need for parking structures. Government programs aimed at improving transportation and infrastructure are also expected to drive market revenue growth. However, factors such as the high price of parking deck coatings, scarcity of skilled workers, and strict laws governing the application of coatings could restrain market revenue growth.
The global parking deck coatings market is segmented by type into acrylic, epoxy, polyurethane, and others. The epoxy segment accounted for the largest revenue share in the market due to its remarkable durability, strength, and chemical resistance, which make it the best option for parking decks that are subject to heavy traffic and chemical spills. The polyurethane segment is expected to grow at a fast rate due to the rising need for high-performance coatings that provide higher resistance to abrasion, chemicals, and weathering. The acrylic segment is expected to grow at a fast rate due to its exceptional weather ability, UV resistance, and gloss retention characteristics that make it a perfect choice for external applications.
Based on end-use, the global parking deck coatings market is segmented into commercial, residential, and industrial. The commercial segment is expected to account for the largest revenue share in the market due to the increasing number of commercial structures that need vast parking spaces. The residential segment is expected to grow at a fast rate due to the increasing number of residential buildings that are built with multi-level parking structures. The industrial segment is expected to account for a large revenue share due to the rising number of industrial buildings with on-site parking.
Regionally, the North America market accounted for the largest revenue share in the market due to the rapid expansion of the construction industry in North America, particularly in the U.S. The Europe market is expected to grow at a steady rate due to the rising adoption of green buildings and emphasis on sustainable construction methods. The Asia Pacific market is expected to account for a considerably large revenue share in the market due to the rising need for parking facilities, increasing urbanization and population, and the increasing emphasis on infrastructure development, particularly in China.
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Parking Deck Coatings Market: Drive factors
The global parking deck coatings market is being driven by several factors, including the increasing number of parking structures due to a lack of parking spots in cities and towns caused by the growing number of vehicles on the road. Additionally, the rising demand for parking garages around the world is driving revenue growth in the market.
Another factor contributing to market growth is the increasing awareness of the need to maintain and repair outdated parking structures, which can deteriorate over time and result in structural damage, safety issues, and a loss of aesthetic appeal. Parking structure owners are spending money on maintenance and repair work, which includes using parking deck coatings to provide durable protection against the elements.
Customers are also looking for environmentally friendly parking structure solutions, and parking deck coatings are a desirable alternative for those searching for long-lasting and sustainable parking solutions due to their durability and sustainability.
Government programs aimed at improving transportation and infrastructure are also expected to drive market revenue growth, as there is a need for parking deck coatings as a result of government investments in the construction of new parking facilities and the renovation of old ones.
However, there are also factors that could restrain market revenue growth, including the high price of parking deck coatings, a scarcity of skilled workers, and strict laws governing the application of coatings.
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