The global Elastomeric Coating Market is estimated to be valued at US$11.5 billion in 2020 and is expected to exhibit a CAGR of 14.1% over the forecast period 2021 to 2028, according to a new report published by Coherent Market Insights. The increasing demand for elastomeric coatings in various industries, such as construction, automotive, and marine, is driving the market growth.
Elastomeric coatings are widely used due to their unique properties, including high elasticity, water resistance, and durability. These coatings are commonly used for waterproofing applications, protecting surfaces from harsh weather conditions, and providing insulation. In the construction industry, elastomeric coatings are used to prevent water leakage, improve building aesthetics, and enhance the longevity of structures. Moreover, the automotive industry utilizes elastomeric coatings for corrosion protection and enhancing the vehicle’s appearance.
1. Growing Infrastructure Development: The booming construction industry, particularly in emerging economies, is one of the key factors driving the elastomeric coating market. The increasing investments in infrastructure development projects, such as commercial buildings, residential complexes, and industrial facilities, fuel the demand for elastomeric coatings.
2. Increasing Demand for Energy-Efficient Coatings: With the growing emphasis on energy efficiency, there is a rising demand for elastomeric coatings in the market. These coatings offer excellent insulation properties, reducing energy consumption and lowering heating and cooling costs. The increasing focus on sustainability and green building practices further contributes to the market growth.
Overall, the Elastomeric Coating Market is poised for significant growth, driven by the expanding construction industry and the increasing demand for energy-efficient coatings.
Market Key Trends:
The key trend in the elastomeric coating market is the increasing demand for sustainable and eco-friendly coatings. With growing concern for the environment, there is a rising preference among consumers for elastomeric coatings that are low in VOCs (volatile organic compounds) and have minimal impact on air quality. These coatings are also known for their durability and resistance to harsh weather conditions, making them suitable for various applications such as building exteriors, roofs, and infrastructure. Additionally, the elastomeric coatings provide energy-saving benefits by reducing the heat build-up in buildings, leading to lower energy consumption for cooling purposes. As a result, manufacturers in the elastomeric coating market are focusing on developing sustainable coatings with enhanced performance characteristics to cater to the increasing demand from the construction and automotive industries.
Strength: Elastomeric coatings have excellent elasticity and crack-bridging properties, providing long-term protection to substrates.
Weaknesses: The high cost of elastomeric coatings compared to traditional coatings remains a challenge for market growth. Additionally, the limited availability of raw materials for elastomeric coatings can hinder the market’s expansion.
Opportunities: The growing construction industry in developing economies and increasing infrastructure development projects offer significant growth opportunities for elastomeric coatings. Furthermore, the rising demand for energy-efficient coatings is expected to drive market growth.
Threats: Fluctuations in raw material prices and the availability of substitute products such as ceramic coatings pose as threats to the elastomeric coating market.
The global Elastomeric Coating Market Trend is expected to witness high growth, exhibiting a CAGR of 14.1% over the forecast period. The market is driven by the increasing demand for sustainable and eco-friendly coatings in various industries, including construction and automotive. With rising environmental concerns and the need for energy-efficient solutions, elastomeric coatings provide a viable option due to their durability, weather resistance, and low VOC content.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the elastomeric coating market. The region’s significant growth can be attributed to the increasing construction activities and infrastructure development projects. Additionally, strict regulations regarding VOC emissions and energy efficiency standards are driving the adoption of elastomeric coatings in the region.
Key players operating in the elastomeric coating market include 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. These key players are focusing on product innovation, strategic collaborations, and mergers and acquisitions to enhance their market presence and gain a competitive edge.
1. Source: Coherent Market Insights, Public sources, Desk research
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