Luton, Bedfordshire, United Kingdom, March 09, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Elastomeric Coating Market.
The global Elastomeric Coating Market size is USD 11.79 Billion in 2022 and is expected to grow till USD 44.83 Billion by 2029, at a compounded annual growth rate (CAGR) of 16.20%.
Elastomeric coating is higher volume solid as compared to conventional paints. The main advantage of elastomeric coatings is that it helps secure hairline cracks on the surface. These coatings tend to stretch on these surfaces and thus, provide basic protection to the applied surface from external damage. This has propelled the use of elastomeric coatings in the construction industry. Elastomeric coatings are used extensively on mineral surfaces which develop cracks due to temperature variation. Elastomeric coatings offer numerous advantages such as high solid residue as compared to paints, excellent physical and chemical resistance, and exceptional transparency, glossy finish when used with metals.
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Competitive Landscape
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.
The North America region is expected to account for 45% revenue share in the elastomeric coating market
The North American area is now the largest consumer of elastomeric coating and is expected to grow at a rapid rate. Countries such as the United States, Canada, and Mexico are likely to dominate the North American elastomeric coating market, with the United States accounting for the highest share of regional volumetric elastomeric coating consumption. The rising demand for elastomeric coatings in Asia-Pacific is likely to be the primary driver of the worldwide market.
Role Of Advance Coating Technologies for Elastomeric Coatings Market Growth
The technology has undergone significant changes over time, affecting the paints business significantly. Water-borne coatings, high-solids coatings, particle coatings, etc. are examples of advanced coating technologies. For waterproofing reasons, these technologies have attracted a lot of interest from a variety of end-use industries, including oil & gas, automotive & transit, chemicals, energy & power, and building & construction.
One of the main factors propelling the development of advanced coating technologies is the rise in the number of strict environmental laws relating to air pollution, coupled with the demand for odourless coatings and coatings with risk-free chemicals. The need for advanced coatings, such as elastomeric coatings, has increased as a result of environmental regulations restricting VOC emissions and harmful air pollutants (HAPs).
Rising use of thermoplastic elastomer coverings in the automobile sector to drive the market
One of the major factors driving the elastomeric coatings market is the growing demand for thermoplastic elastomer coatings in the automotive industry. Acrylic, ethylene-propylene rubber, polyurethane, and other thermoplastic elastomers are favored for coating applications in automobile plastic components. According to the International Trade Administration (ITA), China’s government plans to raise automotive sales to 35 million units by 2025.
Price Fluctuations in raw materials to hinder the market growth
Although demand for elastomeric coatings is strong, it is vulnerable to frequent fluctuations in the global petrochemicals market, owing to the fact that oil prices are often controlled by politics, and the petrochemicals industry is dominated by only a few companies. Another important restriction for this industry is that elastomeric coatings are often more expensive than other coatings on the market. Furthermore, owing to country-wide mandated lockdowns, individuals are forced to spend significantly more time in their houses and are now either retaliating with spending or feeling a general urge to enhance their homes to match their new lifestyle, as seen particularly in North America.
Report Metrics
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2022 | USD 11.79 Billion |
| Forecasted Market Value (USD) by 2029 | USD 44.83 Billion |
| Compound Annual Growth Rate | 16.20% |
| Regions Covered | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Market Drivers | Rapid industrialization, combined with increased production capacity, has increased demand for road marking materials. |
Leading companies are focusing on securing their market share.
The market’s top players have invested much in research and development as well as manufacturing. Product offerings, supported by great operational efficiency and cutting-edge technology, are part of the top leaders’ growth plans. They’ve all put a premium on having well-established supply networks. To boost their market position and stay ahead of the competition, leading companies are innovating new products and purchasing small-scale producers or suppliers.
The Key Players in Elastomeric Coating Market are Henry (California), Dow Corning Corporation (U.S.), Progressive Painting Inc. (U.S.), Sherwin Williams (U.S.), PPG Industries (U.S.), Nippon Paints (U.S.), and Rodda Paints (U.S.).
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Key Market Segments: Elastomeric Coating Market
Elastomeric Coating Market by Type, 2023-2029, (USD Millions)
- Acrylic
- Polyurethane
- Silicone
- Butyl
Elastomeric Coating Market by Technology, 2023-2029, (USD Millions)
- Waterborne
- Solvent Borne
Elastomeric Coating Market by Application, 2023-2029, (USD Millions)
- Wall Coatings
- Floor/ Horizontal Surface Coatings
- Roof Coatings
Elastomeric Coatings Market - Drivers & Challenges
Global demand for elastomeric coatings is currently driven by its growing usage in the building & construction industry. Building & construction has been the largest end-user of elastomeric coatings since the past few years. Elastomeric coatings are employed for bridging the cracks formed on exterior concrete walls, roof tops, and stucco, thus preventing water from penetrating into the interior constructed walls. Furthermore, these coatings provide resistance from settling of dirt, dew formation, and are stable under varying climatic conditions such as acid rain.
However, volatility in the prices of raw materials is one of the factors hindering the elastomeric coatings market growth. Global crude oil demand declined by 2.5 million barrels per day (mb/d) in Q2 2020 due to the nationwide lockdowns implemented across countries globally following the outbreak of COVID-19. In the second quarter, i.e., Q2 2020, global oil declined by around 90,000 barrels a day compared with the corresponding period in 2019. In addition, according to BP's statistics, oil prices declined to $64.21/bbl in 2022, while they were $71.31/bbl in 2021.
Opportunities for players in the elastomeric coating market:
Different coating variations can be created as a result of more recent product performance improvements. For instance, coats that are impervious to dirt and foot activity are being improved and should be made on a large scale. Additionally, the most advanced products in this field have roofs that, five years after original coating, can withstand nearly 70% of UV radiation. The U.S. Department of Energy's 2022 Building Energy Efficient Guidelines include a requirement for albedo to be close to 63% after three years of use. There will therefore be a need for study in the chemical and material fields in the upcoming years given the stringent regulations regarding the materials used for jackets.
FAQ
• What is the Size of global Elastomeric Coating market?
• What is the CAGR of Elastomeric Coating market?
• Who are the major participants in the market for Elastomeric Coating?
• What is the study period of this market?
• Which is the largest regional market for Elastomeric Coating market?
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