The global Deckshield Car Park 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.
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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 Deckshield Car Park 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.
Parking Deck Coatings Market: notable innovation
The Deckshield Car Park Coatings market has seen notable innovation in recent years. One notable development is the use of advanced materials that provide superior durability and protection against harsh weather conditions, heavy traffic, and chemical spills. Additionally, there has been a growing trend towards the use of eco-friendly coatings that are non-toxic and have minimal impact on the environment. Another innovative trend is the use of coatings that incorporate anti-slip technology to improve safety and reduce the risk of accidents in parking structures. Overall, these innovations have helped to make parking deck coatings more effective and environmentally friendly, while also improving safety for drivers and pedestrians.
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