According to Future Market Insights (FMI), the elastomeric coatings market will increase by 7.3% annually in 2022, reaching a value of roughly US$ 6,810.5 Million by the end of the year. A 7.6% growth rate is anticipated for the global economy between the years 2022 and 2029.
The demand for elastomeric coatings such as acrylic, polyurethane, epoxy, silicone, polyurea, and others is expected to increase in the upcoming years across a range of end-use industries, including building & construction, roof, wall, floor, bridges, industrial, automotive & transportation, and others. In light of this, FMI forecasts that by the end of 2029, global sales of elastomeric coatings will total US$ 11,360.5 Million.
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Key Takeaways of Elastomeric Coatings Market Study
- By type, silicone is expected to be most popular choice of elastomeric coatings, owing to the increasing consumption of silicone-based elastomeric coatings for roof protection against bad weather, standing water, and sun damage.
- In terms of application, the building and construction industry is expected to be a prominent consumer of elastomeric coatings. This is driven by the increasing construction of commercial, domestic, and industrial buildings across geographies. Furthermore, it is expected that, the application of elastomeric coatings on roofs will be prominent throughout the forecast period.
- The elastomeric coatings market is anticipated to grow at a decent rate in developing economies, especially in China, India, ASEAN countries, etc., as favorable market conditions and a large consumer base are fueling the demand for elastomeric coatings.
- Advanced coating technologies have gained tremendous attraction for waterproofing purposes in several industries such as building & construction, automotive & transportation, chemicals, oil & gas, energy & power, etc. Therefore, the shifting trend towards the adoption of advanced coating technologies is expected to drive the growth of the elastomeric coatings market.
“Elastomeric coatings hold more advantages over other coating systems, owing to lower VOC emissions and recyclability, which makes them a preferred choice because of their eco-friendly properties. Attributed to this factor, the demand for elastomeric coatings is anticipated to grow at a significant rate over the forecast period.”
Elastomeric Coatings Market: Competition Analysis
The global elastomeric coatings market is a consolidated market space, due to the presence of less number of market players around the world. Some of the key players identified across the value chain of the global elastomeric coatings market are BASF SE, Rhino Linings Corporation, PPG Industries, Inc., Teknos Group, Huntsman Corporation, Covestro AG, Sherwin-Williams Company, Pidilite Industries Ltd., Versaflex Incorporated, and DowDuPont Inc., among others. Most of the key players maintain strategic focus on the development of distribution partnerships and joint ventures for global expansion. Manufacturers are focusing on manufacturing sustainable products to cater to the increasing demand for such products for various applications.
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Elastomeric Coatings Market Taxonomy
By Type
- Acrylic
- Polyurethane
- Epoxy
- Silicone
- Polyurea
- Others
By Application
- Building & Construction
- Industrial
- Automotive & Transportation
- Others
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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