The market for elastomeric coatings is predicted to rise as a result of the expanding construction sector. Elastomeric coatings are a well-liked and cutting-edge option on the market because of the rising demand for advanced and eco-friendly coatings and expanding building and construction activities. Elastomeric coatings are becoming more widely used thanks to ongoing research and development.
Additionally, the product’s strong water resistance characteristic effectively prevents moisture from penetrating the walls in the building sector. The market for elastomeric coatings was valued at US$ 6,345.5 million at the end of 2021 and is anticipated to develop profitably between 2022 and 2029 at a CAGR of 7.6%.
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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.
How will the market shape up?
Overall growth prospects of economies are expected to remain positive in the coming years. Owing to rapidly growing industrialization and urbanization, end-use industries such as construction are growing at a significant growth rate, which, in turn, is boosting elastomeric coatings market growth.
The building and construction segment is estimated to maintain its prominence over the forecast period, whereas, the usage of elastomeric coatings in industrial applications is projected to gain high traction at a steady peace.
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Elastomeric Coatings Market By Category
By Types :
- Acrylic
- Polyurethane
- Epoxy
- Silicone
- Polyurea
- Others
By Application :
- Building & Construction
- Roof
- Wall
- Floor
- Bridges
- Others
- Industrial
- Automotive & Transportation
- Others
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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