by Market Overview:
The elastomeric coating market is estimated to be valued at USD 11.5 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. Elastomeric coatings are widely used in various applications such as construction, industrial, and automotive due to their high durability, flexibility, crack resistance, and weatherproof nature. They are primarily used as protective coatings for roofs, walls, and concrete structures in residential and commercial construction.
Market Dynamics:
The rising infrastructural development activities across both developed and developing economies are a major driver for the elastomeric coating market growth. According to the Global Infrastructure Outlook, the world will need to invest $94 trillion in infrastructure by 2040, with developing economies likely to account for almost 60% of this investment. Rapid urbanization coupled with smart city initiatives in countries like India, China, and other Asian economies are increasing the demand for residential and commercial building construction which in turn is spurring the demand for elastomeric coatings in the construction industry. Additionally, increasing uptake of elastomeric coatings for protective coating applications in automotive and industrial sectors is also fueling the market growth over the forecast period.
Market key trends
One of the key trends in the elastomeric coating market is the growing adoption of these coatings in re-roofs, repair jobs and new construction projects to enhance the durability and aesthetics of buildings. Elastomeric coatings offer high flexibility, crack bridging ability and abrasion resistance which make them suitable for use on roofs. They provide an elastic, seamless membrane that stretches with the movements of the substrate. Their high reflectivity also helps reduce energy costs by lowering roof temperature.
SWOT Analysis
Strength: Elastomeric coatings provide enhanced durability, flexibility and crack resistance compared to conventional coatings. Their high reflectivity also offers energy saving benefits.
Weakness: Elastomeric coatings have higher costs compared to traditional coatings. They require specialized spray equipment and skilled labor for application.
Opportunity: Growing construction industry in emerging nations along with increasing repair and re-roofing activities present major growth opportunities. Advances in coating technologies are further expanding application scope.
Threats: Volatility in raw material prices poses risks. Stringent environmental regulations around VOC emissions may also constrain market growth to some extent.
Key Takeaways
The global Elastomeric Coating Market Insights is expected to witness high growth, exhibiting CAGR of 14.1% over the forecast period of 2021 to 2028, due to increasing popularity of these coatings for re-roofing and repair activities. The market was valued at USD 11.5 Billion in 2020.
The Asia Pacific region dominated the global market in 2020 and is expected to continue its lead over the forecast period. This can be attributed to ongoing infrastructure development programs and rising construction activities in major countries like China and India.
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. These players are focused on new product launches, expansion of production capacities and strategic partnerships to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
