ID: MRFR/CnM/1167-HCR | February 2021 | Region: Global | 119 pages
The global elastomeric coatings market is estimated to reach a value of USD 14.6 billion by 2025 and is expected to grow at ~7.8% CAGR during the forecast period.
Elastomeric coatings are highly flexible, durable, and is used to provide a tough exterior finish to flooring, cladding, wall, metal, and plastic substrates. Elastomeric coatings have a much greater film thickness in comparison with conventional paint and coatings, hence provides a protective barrier for the structure on which it is applied. The global elastomeric coatings market is expected to witness steady growth during the forecast period owing to increasing demand from the automotive, construction, and marine industries. Elastomeric coatings are increasingly being adopted in the industries mentioned above as they increase the durability and lifespan of the material or object along with the unaltered aesthetics of the substrate.
Rapid industrialization and increasing investments in the construction industry segment is expected to drive the growth of the global market elastomeric coatings market. The construction industry is expected to be the largest consumer of elastomeric coatings. Elastomeric coatings are generally applied on the exterior walls and structures to protect them against increased air pollution, acid rains and cold climatic conditions. Furthermore, increasing automotive production driven by rising disposable income is expected to be the key driver for the growth of the global elastomeric coatings market. Additionally, owing to the rapid industrialization, the demand for commercial vehicles is increasing, which, in turn, is expected to propel the demand for elastomeric coatings during the forecast period.
Furthermore, the long-term outlook for global elastomeric coatings is expected to be positive owing to socioeconomic factors such as increasing disposable per capita income, rapid urbanization and industrialization, and economic growth across the globe. Elastomeric coatings are applied as an anti-fouling and anti-corrosion layer on ships and marine vessels. It increases the durability and life of marine vessels and offshore structures. Increasing international business and trading are expected to drive the growth of the shipbuilding industry. Thus, the global elastomeric coating market is expected to witness robust growth during the forecast period.
However, the fluctuating raw material prices, particularly of resins, and high cost are expected to be key restraining factor for the growth of elastomeric coatings market. However, owing to its characteristics such as flexibility, resistance to solvents and microorganisms, and high adhesion strength, elastomeric coatings are gaining traction in the construction industry for waterproofing and protective layer applications. Thus, with the high growth of the construction industry, the demand for elastomeric coatings is expected to increase significantly during the forecast period.
Geographically, Asia-Pacific is expected to be the largest and the fastest-growing market for elastomeric coatings. This can be mainly attributed to the robust growth of the construction and automotive industries in China, India, and ASEAN countries, driven by rapid urbanization and industrialization in the region. The elastomeric coatings market in North America is expected to trail behind the Asia-Pacific market in terms of value. However, the market in North America is expected to witness significant growth on account of the recovering residential construction segment in the US. Furthermore, the market in Europe is expected to witness an upsurge in demand for elastomeric coatings on account of the growing repair and renovation activities in the industrial, commercial, and residential segments in countries such as Germany, the UK, Spain, and Italy. The elastomeric coatings market in Latin America is expected to witness significant growth during the forecast period owing to the growth of the automotive and construction industry, especially in Brazil and Mexico. The market in Middle East & Africa is expected to expand at a moderate CAGR during the forecast period.
The global elastomeric coatings market has been segmented based on type, source, application, end-use industry, and region.
By type, the global elastomeric coatings market has been categorized into acrylic, polyurethane, silicone, and others.
By source, the global elastomeric coatings market has been divided into water-borne, and solvent-borne.
By application, the global elastomeric coatings market has been segmented into wall, roof, floor, and others.
By end-use industry, the global elastomeric coatings market has been categorized as automotive, construction, marine, aerospace, and others
The global elastomeric coatings market, based on region, has been segregated into North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.
Some of the key players operating in the global elastomeric coatings market are BASF SE (Germany), PPG Industries Inc. (US), Clariant (Switzerland), The Sherwin-Williams Company (US), Dulux Group (Australia), Nippon Paints (Japan), Jotun A/S (Norway), Progressive Painting Inc. (US), BEHR Process Corporation (US), and Rodda Paints (US).
Frequently Asked Questions (FAQ) :
Elastomeric Coatings Market is expected to reach a valuation of USD 14.6 billion by 2025.
elastomeric coatings market is expected to exhibit a solid 7.8% CAGR over the forecast period.
The construction industry is the leading end user of elastomeric coatings.
Asia Pacific is the largest regional market for elastomeric coatings due to the growing construction industry in the region.
The high costs of elastomeric coatings and fluctuations in the prices of raw materials are the major restraints on the global elastomeric coatings market.