by The 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 of 2021 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Elastomeric coatings are flexible coatings that provide excellent resistance against weathering, UV degradation, and temperature changes, making them suitable for various applications such as construction, automotive, and industrial. These coatings are extensively used for waterproofing and weatherproofing purposes, as they can bridge hairline cracks, withstand extreme weather conditions, and provide long-term durability. They are also used for protecting exterior walls, roofs, and concrete surfaces. The increasing construction activities, infrastructure development, and rising awareness about energy-efficient coatings are driving the demand for elastomeric coatings in the market.
Market Dynamics:
The growth of the elastomeric coating market is primarily driven by the increasing demand for waterproofing and weatherproofing applications in various industries. These coatings offer excellent resistance against water, extreme weather conditions, and UV degradation, making them ideal for building exteriors and roofing applications. Additionally, the growing construction industry, infrastructure development, and rising focus on energy-efficient coatings are further propelling the market growth. Moreover, the adoption of elastomeric coatings in the automotive and industrial sectors for corrosion protection and enhanced durability is also contributing to market expansion. The market is expected to witness substantial growth during the forecast period, supported by the increasing demand for high-performance coatings with long-lasting durability.
Segment Analysis:
The elastomeric coating market can be segmented based on application type, substrate type, and region. In terms of application type, the dominating segment is the residential sector. This is primarily due to the increasing demand for durable and weather-resistant coatings for residential buildings. Elastomeric coatings provide excellent protection against harsh weather conditions, including UV radiation, heavy rain, and extreme temperatures. Moreover, these coatings offer superior elasticity and crack-bridging properties, enhancing the overall durability of residential structures. As a result, the residential sector is driving the demand for elastomeric coatings in the market.
PEST Analysis:
Political: The political factors impacting the elastomeric coating market include government regulations and policies related to environmental sustainability. Increasing focus on reducing VOC emissions and promoting eco-friendly coatings can influence the market dynamics.
Economic: The economic factors affecting the market include GDP growth, disposable income, and investments in infrastructure development. Growing construction and renovation activities, particularly in emerging economies, are driving the demand for elastomeric coatings.
Social: The social factors influencing the market include consumer preferences for energy-efficient and sustainable coatings. Increasing awareness about the benefits of elastomeric coatings, such as long-term cost savings and enhanced building protection, is driving their adoption.
Technological: Technological advancements in elastomeric coating formulations are driving market growth. Innovations in raw materials, manufacturing processes, and application techniques have led to the development of high-performance elastomeric coatings with improved durability and weather resistance.
Key Takeaways:
The global Elastomeric Coating Market Trend is expected to witness high growth, exhibiting a CAGR of 14.1% over the forecast period. This growth is primarily driven by the increasing demand for durable and weather-resistant coatings in the residential sector, where elastomeric coatings offer superior protection against harsh weather conditions.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the elastomeric coating market. Rapid urbanization, infrastructural developments, and growing construction activities in countries like China and India are fueling the demand for 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 companies are actively focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and cater to the growing demand for elastomeric coatings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
