U.S. Parking Deck Coatings Market Undergoes Changes with New Material Innovations
The U.S. parking deck coatings market size is expected to reach USD 152.2 million by 2030, expanding at a CAGR of 6.9% from 2023 to 2030, as per the new report by Grand View Research, Inc. The growth is majorly driven by rising construction activities in the U.S. and the ascending demand for parking spaces in commercial buildings. The increasing usage of energy-saving and environment-friendly products is also expected to positively impact the market.
The rising demand for parking space in office complexes, hospitals, educational institutes, and other public locations in the U.S. is anticipated to boost the consumption of effective parking deck solutions for providing wear & tear, corrosion, and thermal resistance. This, in turn, is predicted to fuel the demand for parking deck coatings in the coming years.
Pigments, such as fillers, extenders, titanium dioxide, and color pigments, are used in the product as raw materials. Titanium dioxide is a major non-crude oil derivative raw material that majorly affects product manufacturers. The manufacturing process of titanium oxide largely contributes to environmental pollution. The Chinese government in the past shut down and suspended several manufacturing plants in the country owing to rising environmental concerns.
The U.S. commercial construction industry has witnessed significant growth owing to increasing infrastructural developments. According to the Associated General Contractors of America (AGC), the construction industry has a major contribution to the economy of the U.S. and creates structures worth around USD 1.4 trillion annually. These factors have provided ample opportunities to investors in recent years, which are likely to trigger spending on parking structure construction in the country.
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U.S. Parking Deck Coatings Market Report Highlights
- In 2022, polyurethane emerged as the dominating product segment by contributing over 40% of the revenue share. This is attributed to its properties including superior substrate adhesion and high chemical & stain resistance
- Epoxy was the second largest product segment and is predicted to grow at a CAGR of 6.5% over the forecast period owing to the minimization of installation labor costs
- The single component was the dominating technology segment in 2022 accounting for a revenue share of around 44%. The segment is likely to grow as they are economical, easy to apply, and impervious.
Key Companies & Market Share Insights
The market is partially fragmented with the presence of some key players along with a few medium and small-scale players operating in different parts of the country. The companies in the market compete based on the product quality offered and the technology used for the production of parking deck coatings. However, established players compete based on application development capability and are entering into strategic partnerships with regional players for minimizing the risk of expanding into a new marketplace.
List of Key Players in the U.S. Parking Deck Coatings Market
- Tennant Coatings
- LATICRETE International, Inc.
- Sika AG
- Dur-A-Flex, Inc.
- Tremco Incorporated
- PPG Industries, Inc
- Stonhard, Inc.
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