The global elastomeric coatings industry is projected to be worth approximately US$ 6,810.5 million in 2022, with a promising growth trajectory anticipated at a compound annual growth rate (CAGR) exceeding 7% over the forecast period from 2022 to 2029. This robust expansion is driven by the increasing demand for elastomeric coatings in various industries, reflecting their versatility and durability in protecting surfaces and structures.
Rising demand for eco-friendly and advanced coatings coupled with growing building and construction activities makes elastomeric coatings a popular and innovative choice in the market. Through constant research & development, elastomeric coatings are finding applications in different areas. Further, superior property of the product – water resistance – efficiently protects the intrusion of moisture into the walls, in the construction industry. The growing construction industry is expected to catalyze the growth of the elastomeric coatings market.
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Key Takeaways of Elastomeric Coatings Industry Study
- By type, silicone is expected to be most popular choice of elastomeric coatings, owing to the increasing consumption of silicone-based elastomeric coatings for roof protection against bad weather, standing water, and sun damage.
- In terms of application, the building and construction industry is expected to be a prominent consumer of elastomeric coatings. This is driven by the increasing construction of commercial, domestic, and industrial buildings across geographies. Furthermore, it is expected that, the application of elastomeric coatings on roofs will be prominent throughout the forecast period.
- The elastomeric coatings market is anticipated to grow at a decent rate in developing economies, especially in China, India, ASEAN countries, etc., as favorable market conditions and a large consumer base are fueling the demand for elastomeric coatings.
- Advanced coating technologies have gained tremendous attraction for waterproofing purposes in several industries such as building & construction, automotive & transportation, chemicals, oil & gas, energy & power, etc. Therefore, the shifting trend towards the adoption of advanced coating technologies is expected to drive the growth of the elastomeric coatings market.
Elastomeric Coatings Industry: Competition Analysis
The global elastomeric coatings market is a consolidated market space, due to the presence of less number of market players around the world. Some of the key players identified across the value chain of the global elastomeric coatings market are BASF SE, Rhino Linings Corporation, PPG Industries, Inc., Teknos Group, Huntsman Corporation, Covestro AG, Sherwin-Williams Company, Pidilite Industries Ltd., Versaflex Incorporated, and DowDuPont Inc., among others. Most of the key players maintain strategic focus on the development of distribution partnerships and joint ventures for global expansion. Manufacturers are focusing on manufacturing sustainable products to cater to the increasing demand for such products for various applications.
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Elastomeric Coatings Industry Segmentation
The global elastomeric coatings market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
By Type
- Acrylic
- Polyurethane
- Epoxy
- Silicone
- Polyurea
- Others
By Application
- Building & Construction
- Industrial
- Automotive & Transportation
- Others
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
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