by The Elastomeric Coating Market is estimated to be valued at US$ 11.5 Billion or Bn in 2022 and is expected to exhibit a CAGR of 14.1% over the forecast period from 2021 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Elastomeric coatings refer to flexible coatings applied on surfaces for waterproofing and protection from chemicals, moisture, corrosion, and ultraviolet radiation. They are widely used on roofing, wall, and concrete surfaces in commercial and residential construction. Elastomeric coatings form a barrier that seals cracks and blocks water penetration, and their flexible nature allows them to expand and contract with surface movement. They provide durable protection and increase the longevity of infrastructure.
Market Dynamics:
The growing construction industry, especially in developing economies, is a major driver for the elastomeric coating market. Rapid urbanization and rising income levels have accelerated infrastructure development and new construction activities globally. According to the Global Infrastructure Outlook, worldwide infrastructure investment needs are projected to reach $94 trillion by 2040. Governments across countries are significantly raising infrastructure spending to build roads, bridges, schools, hospitals, and other public facilities. Furthermore, aging infrastructure in developed nations is requiring renovation, repainting, and restoration works involving elastomeric coatings. The expansion of the automotive, aerospace and industrial sectors is also augmenting the consumption of elastomeric coatings in manufacturing facilities.
Segment Analysis
The elastomeric coating market is dominated by the acrylic segment which holds more than 35% of the market share. Acrylic elastomeric coatings are extensively used due to their weatherability, durability, longevity and flexibility. They offer excellent color and gloss retention along with resistance to harmful effects of UV rays and water. Due to such properties, acrylic elastomeric coatings are highly preferred for commercial and residential applications.
PEST Analysis
Political: Stringent environmental regulations regarding the use of volatile organic compounds (VOCs) are pushing manufacturers to develop innovative low and no-VOC coating solutions.
Economic: Rising construction activities along with infrastructure development projects in emerging nations are fueling the demand for elastomeric coatings.
Social: Increasing home ownership rates and growing emphasis on aesthetics of homes and commercial spaces are driving consumers to opt for premium coatings.
Technological: Advancements in polymer chemistry have led to development of hybrid polymers with enhanced physical and protective properties through introduction of nanotechnologies in coating formulations.
Key Takeaways
The global Elastomeric Coating Market Insights is expected to witness high growth, exhibiting CAGR of 14.1% over the forecast period, due to increasing infrastructure investments in developing countries. The Asia Pacific region dominated the market with over 35% share in 2020 led by strong growth of India, China and other Southeast Asian countries.
North America is anticipated to grow at a steady pace on account of reviving construction activities in the US. Major repair and renovation projects of architectural coatings in the residential sector is propelling the demand. In Europe, stringent green regulations regarding low VOC coatings along with rising “green” construction are driving the market.
Key players operating in the elastomeric coating market are BASF SE, Progressive Paintings Inc., The Dow Chemical Company, Sherwin Williams Company, PPG Industries Inc., Industria Chimica Adriatica SpA, Nippon Paints, Clariant, The Valspar Corporation, and Rodda Paints, among others. Leading companies are investing in R&D to develop bio-based polymer technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
