Report Overview
The U.S. parking deck coatings market was valued at USD 89.0 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.9% from 2023 to 2030. This is attributable to the rising commercial construction across the U.S. states. The U.S. parking decks or garages industry is expanding in line with an increase in overall construction activity in recent years. The construction of parking structures is often essential addition to commercial developments, especially in urban cities. A surge in the number of commercial constructions, especially mixed-use developments, has strengthened the demand for parking structures to accommodate vehicles, which, in turn, is expected to positively affect product demand over the forecast period.
The U.S. government has passed numerous initiatives to improve parking infrastructure including standalone structures, low-energy parking structure designs, and self-park structures at a domestic level. These design considerations include ease of travel for drivers and pedestrians, integration with surrounding streets and buildings, compatibility and space efficiency with vehicle types, aesthetics, and safety. As a result, commercial structures in the U.S. are anticipated to foresee an increase.
Volatile solvents or volatile organic compounds are widely used in the production of parking deck coatings. Environmental and health hazards associated with volatile organic compounds are majorly affecting the production of the product. Various environmental and safety regulatory agencies such as The Occupational Safety and Health Administration (OSHA), The Environmental Protection Agency (EPA), and California Air Resource Board (CARB), and EU legislation are implementing limits to the usage of VOCs in parking deck coatings as they highly contribute to the formation of ozone.
The fluctuation in the prices of raw materials like polyurethane and epoxy resin along with their demand from other application industries are expected to impact the market growth over the forecast period. Oil and natural gas are the raw materials used as the primary feedstock for parking deck coatings. Furthermore, huge variations in the prices of oil owing to several factors, such as natural disasters, various demand & supply aspects, and seasonal variations, among others, have an impact on all its by-products such as epoxy, polyurethane, and acrylic coatings.
Product Insights
The polyurethane segment dominated the market with a revenue share of over 40% in 2022. This is attributed to its excellent properties including safety, consistent finish, and high performance in extreme temperatures. These coatings offer softness and flexibility along with low permeability and good skid resistance making them suitable for use in garage flooring and parking deck flooring applications.
Epoxy was the second-largest product segment and is anticipated to grow at the fastest CAGR of 6.5% over the predicted years. The growth is attributed to its properties such as color stability, UV & weather resistance, and waterproofing & blistering. The product is used as a protective coating on indoor pedestrian areas, turning circles, and car park ramps, owing to its high wear and chemical-resistant properties.
Technology Insights
The single-component segment dominated the market with a revenue share of over 44% in 2022. This is attributed to the excellent adhesion to concrete floors. Single-component parking deck coatings are normally used on pedestrian areas and ramps, which are subject to lower traffic volumes such as offices or residential parking decks. They are installed in a thin layer and impart a semi-glossy finish to the floor.
The double-component was the second-largest segment and is projected to grow at the fastest CAGR of 7.3% in the coming years. The growth is attributed to the excellent abrasion, chemical, and water resistance properties. These coatings are comparatively more robust and are installed in thick layers than single-component coatings. They are generally free from solvents and offer high solid formulations along with low odor. Also, they do not rely on air moisture to cure.
The others segment include four-component and five-component parking deck coating. The coatings are available in various colors and can withstand vehicle traffic from heavy trucks and cranes. Five-component parking deck coatings are used to provide an electrostatic surface, which can be controlled in facilities requiring electrical resistance.
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. Some prominent players in the U.S. parking deck coatings market include:
Tennant Coatings
LATICRETE International, Inc.
Sika AG
Dur-A-Flex, Inc.
Tremco Incorporated
PPG Industries, Inc
Stonhard, Inc.