Future Market Insights (FMI) has estimated the market of elastomeric coatings to witness a year-over-year growth of 7.3% in 2022 reaching a value of about US$ 6,810.5 Million by the end of 2022. The global business is projected to witness a growth rate of 7.6% over the forecast period of 2022 and 2029.
Rising demand for eco-friendly and advanced coatings coupled with growing building and construction activities makes elastomeric coatings a popular and innovative choice in the market. Through constant research & development, elastomeric coatings are finding applications in different areas. Further, the superior property of the product — water resistance — efficiently protects against the intrusion of moisture into the walls, in the construction industry. The growing construction industry is expected to catalyze the growth of the elastomeric coatings market.
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Key Takeaways of Elastomeric Coatings Market Study
- By type, silicone is expected to be the 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 — Key Research Findings
- The global elastomeric coatings market size is expected to reach US$ 11,360.5 Million by 2029.
- The market is projected to record a CAGR of 7.6% during the forecast period (2022–2029).
- Silicon-based elastomeric coatings hold about 1/3rd of the total revenue, while polyurea variants are expected to witness strong demand over the forecast period.
- Demand for elastomeric coatings in the building and construction industry will continue to grow at a significant pace, while industrial application will create profitable growth opportunities for market players.
- The increasing scope of application in the automotive industry is expected to complement the elastomeric coatings market growth.
- North America and Asia are expected to account for major shares of the global elastomeric coatings market, generating collective revenue of US$ 3 Bn by 2029.
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 a 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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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 pace.
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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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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