Elastomeric Coatings Market
Elastomeric Coatings Market Analysis, By Product Type (Acrylic, Polyurethane, Silicon, Butyl, Other Types), By Application (Wall Coatings, Floor/Horizontal Surface Coating, Roof Coating, Other), and Region - Global Market Insights 2022 to 2032
Analysis of Elastomeric Coatings Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Elastomeric Coatings Market Outlook (2022-2032)
The global sales of the Elastomeric Coatings Market in 2021 were held at US$ 10.7 Bn. With 16.9%, the projected market growth during 2022 - 2032 is expected to be slightly higher than the historical growth.
Acrylic-based elastomeric coating is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 19.8% during 2022 – 2032.
Global Market CAGR (2022 – 2032)
Global Market Size (2022)
US$ 12 Bn
Global Market Size (2032)
US$ 56.6 Bn
U.S.Market CAGR (2022 – 2032)
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Revenue of Elastomeric Coatings Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032
As per the Global Elastomeric Coatings Market research by Fact.MR - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Market increased at around 13.2% CAGR.
The key revenue drivers of the Elastomeric Coatings Market are an increase in the manufacture and sales of car parts with elastomeric coatings to stop corrosion in the automotive industry, and the quest for odorless coatings that use safe chemicals. Besides, environmental regulations governing VOC emissions and dangerous air pollutants have also raised the demand for sophisticated coatings, such as elastomeric coatings.
Under 40 CFR 59, the National Volatile Organic Compound Emission Standards for Consumer and Commercial Products, the United States EPA regulates VOCs at the Federal level. The need for coatings with lower VOC content has consequently grown dramatically. Since elastomeric coatings have a VOC level that is far lower than that of other traditional coatings, demand for them is projected to rise at a significant pace.
Which Factors are Propelling Elastomeric Coatings Demand?
When compared to other industrial coatings on the market, elastomeric coatings have a number of advantageous features that, when combined, make this category a superior choice. For instance, elastomeric coatings offer significant water resistance. The thickness of elastomeric coatings is ten times greater than that of other industrial coatings. Elastomeric coatings are also more affordable and safe for the environment.
Elastomeric coatings are perfect for tasks including supporting walls, waterproofing walls and roofs, and applying environmentally beneficial coatings because of the aforementioned qualities. These factors are projected to have a significant impact on the consumption of elastomeric coatings by elevating them above other industrial coatings, which will drive the growth of the global market.
To prevent water from penetrating the constructed internal walls, cracks that appear on, roofing, stucco and outside concrete walls are filled with elastomeric coatings. Additionally, these coatings provide stability in a variety of climatic conditions, including acid rain, and resistance to dew formation and dirt settling. Elastomeric coatings are frequently constructed of acrylic, silicone, and polyurethane polymers in the building and construction industry.
Water droplets bead and are prevented from accessing the interior layers of the concrete as a result of the high surface tension of these polymers. It acts like a fungus in a favorable way when it comes to steel buildings and reinforced steel structures because it can keep the metal beneath from corroding and oxidizing by sealing it off from the environment, extending the metal's lifespan.
Elastomeric coating is a long-term solution as it also offers additional advantages, such as the capacity to halt structural deterioration. It may be produced in any color, making it a perfect replacement for plasters that cannot withstand typical wear and tear and are not suited for outdoor use. Plasters also frequently have high costs, are challenging to apply, and have short lifespans.
The European Commission and other federal government agencies, such as the Eco-Product Certification Scheme, create new laws and regulations. With low or negligible levels of VOC emissions, these guidelines create an eco-friendly and pure setting. These guidelines encourage makers of elastomeric coating ingredients to invest in bio-based products. Thus, these factors are driving the market growth.
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Which factors are restraining the growth of the Elastomeric Coatings Industry?
Producing paints and varnish is becoming more expensive due to rising oil prices. Currently, the price of oil per barrel is more than US$ 100 and it is expected to rise due to the ongoing Ukraine-Russia War, which is then passed on to consumers, elastomeric coatings are a preferable alternative.
As OPEC anticipates a resurgence in demand to pre-pandemic levels and cancels any pricing or output cut, paints and varnishes will continue to be expensive for consumers and for young and new homeowners. These factors are reducing the demand for Elastomeric Coatings and acting as a restraint for the Elastomeric Coatings market.
Why Asia Pacific is projected to Offer the Largest Opportunity in Elastomeric Coatings Industry?
Due to increasing expenditures in residential and commercial construction in China and India the demand for elastomeric coatings is on the rise. Several airport construction projects are either in the planning or development stages in China. Airports such as Chengdu Shuangliu International Airport, Beijing Capital International Airport, Chengdu Guangzhou Baiyun International Airport, and Shuangliu International Airport, are included in this list. In-depth expansion plans put forth by the government included the relocation of over 250 Mn people to new megacities during the following ten years.
Besides, the Indian government intends to invest US$ 120.5 Bn in the creation of 27 industrial clusters, which is expected to boost the nation's commercial building activity. By the end of 2020, the construction sector in India would be valued US$ 5 billion, according to the India Brand Equity Foundation, a trust formed by the Department of Commerce, Ministry of Commerce and Industry, Government of India.
Elastomeric coating usage is growing since there is an increasing demand for long-lasting, high-quality buildings. Therefore, throughout the projection period, there may be a rise in the demand for elastomeric coatings in the region as a result of such investments and planned projects in the Asia-Pacific region.
U.S. Elastomeric Coatings Market Analysis
The United States is expected to account for the largest market of US$ 21.1 Bn by the end of 2032. Also, the market in the country is projected to account for an absolute dollar growth of US$ 16.9 Bn. The US$ 20 Tn United States economy is supported by a vast infrastructure network that includes highways, freight rail bridges, electrical grids, ports, and internet connectivity.
In July 2021, the USDOT Secretary announced that the Infrastructure for Rebuilding America Program would provide a total of US$ 905.25 Mn in discretionary grants to 24 projects spread across 18 states. Owing to a grant of US$ 30 Mn to the Los Angeles County Metropolitan Transportation Authority, a number of alterations will be built at the 1.3-mile confluence area where the SR-57 and SR-60 highways meet in Los Angeles County. The need for elastomeric coatings in the nation has increased as a result of significant development in the building and construction industry.
The United States is one of the largest vehicle marketplaces in the world, contributing at least 3% of the country's overall GDP. As of June 2020, around 250 Mn trucks, cars, and buses in the US were powered by internal combustion engines that used gasoline or diesel fuel.
As electric vehicles have grown in popularity, the government has been providing various tax benefits to encourage the purchase of these vehicles. The market for automotive coatings is therefore anticipated to benefit from an increase in automobile construction. As a result of this, the market for elastomeric coatings in the country is anticipated to rise.
U.K. Elastomeric Coatings Market Analysis
The market in the U.K. is expected to reach a valuation of US$ 2.8 Bn by 2032. The market in the country is projected to grow at a CAGR of 17.9% during 2022 – 2032 to garner an absolute dollar opportunity of US$ 2.3 Bn.
Japan Elastomeric Coatings Market Analysis
In Japan, the market is expected to rise at a CAGR of 20% during 2022 -2032. The market is likely to reach a valuation of US$ 3.6 Bn by 2032, grossing an absolute dollar opportunity of US$ 3 Bn during the forecast period.
South Korea Elastomeric Coatings Market Analysis
The market in South Korea is expected to gross an absolute dollar opportunity of US$ 1.7 Bn by 2032. The market is expected reach US$ 2 Bn by 2032, growing at a CAGR of 22%.
Why Acrylic-based Elastomeric Coatings is projected to Generate Significant Opportunity?
Market revenue through acrylic-based elastomeric coatings is forecasted to grow at a CAGR of over 19.8% during 2022-32. These coatings' key attributes include excellent thermal resistance, uniform surface distribution, and enhanced finishing, and as a result, their consumption in the automotive industry is anticipated to grow throughout the projected period. Because of their inertness and enhanced color retention when exposed to outside environments, acrylic elastomeric coatings are frequently employed in the building and construction industry.
Due to its 52% solids and 48% water composition, this acrylic coating is the fastest-growing, but because about 50% of it evaporates after application, more products must be utilized. Despite being slightly more expensive than acrylic, silicone may be sprayed more sparingly because it is a resin-based solution and is 98% solid, which is especially useful on flat roofs. In terms of application, silicone is substantially superior to acrylic.
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Some of the key players in the elastomeric coatings market include BASF SE, Sherwin Williams Company, PPG Industries, Teknos Group, Huntsman Corporation, The DOW Chemical Company, Axalta Coating Systems LLC, The Valspar Corporation, Kansai Nerolac Paints Limited, Progressive Paintings LLC, Nippon Paints, and Rodda Paints.
Some of the recent developments of key Elastomeric Coating providers are as follows :
- In February 2021, PPG acquired Versa Flex from DalFort Capital Partners. For industrial flooring, transportation infrastructure, and water and wastewater infrastructure, Versa Flex specializes in polyurethane, epoxy, and polyurethane coatings.
- In May 2021, PPG announced that it has completed the acquisition of Worwag, a significant manufacturer of coatings used in both industrial and automotive applications. The company specializes in producing powder, liquid, and film coatings that are environmentally friendly.
- In January 2019, the coatings division of BASF will purchase the vehicle paint detackification business of Polymer Ventures, Inc. as well as all of the stock of Galaxy Chemical Corporation.
Similarly, recent developments related to companies in Elastomeric Coatings Market have been tracked by the team at Fact.MR, which are available in the full report.
Elastomeric Coatings Industry Segmentation
By Product Type :
- Other Types
By Application :
- Wall Coatings
- Floor/Horizontal Surface Coating
- Roof Coating
- Other Applications
By Region :
- North America
- Latin America
- FAQs -
The global market is worth more than US$ 12 Bn at present.
The value of the Elastomeric Coatings Market is projected to increase at a CAGR of around 16.9% during 2022 – 2032.
While the market in South Korea is expected to grow at nearly 22%, the market in Japan is projected to register a CAGR of nearly 20% during 2022 - 2032.
The growth of the market for Elastomeric Coatings in China is projected to expand at a CAGR of around 16.4% during 2022 – 2032.
The growth of the market for Elastomeric Coatings in US is projected to expand at a CAGR of around 17.6% during 2022 – 2032.
The global demand for Elastomeric Coatings is being fueled by a considerable increase in the building and construction Industry.
The value of the Elastomeric Coatings Market increased at a CAGR of around 13.2% during 2017 – 2021.