Elastomeric Coating Market Growth Drivers, Business Strategies and Future Prospects 2021 to 2028
 |
| Elastomeric Coating Market |
The global Elastomeric Coating Market is estimated to be valued at US$ 11.5 Bn in 2022 and is expected to exhibit a CAGR of 14.1% over the forecast period, 2021 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Elastomeric coatings are flexible coatings that can stretch to almost twice their original length and return to their original form without adversely affecting the bond. They prevent cracking and peeling and provide superior adhesion along with weather resistance. The coatings are predominantly used on metal roofs, walls, facades, and other building components to protect them from weathering.
Market key trends:
One of the key trends in the elastomeric coating market is the growing demand for eco-friendly coatings. Regulatory restrictions on the use of Volatile Organic Compounds (VOCs) in coatings have propelled research towards bio-based and zero/low VOC formulations. Major players are focusing on developing sustainable elastomeric coatings using bio-based resins from plants and other natural sources.
Segment Analysis:
The elastomeric coating market is segmented by type, application, and end-use industry. By type, the acrylic elastomeric coating segment dominates the market owing to its excellent weatherproofing and exterior durability properties, thus making it suitable for various residential, commercial, and industrial applications. By application, the wall coatings segment accounts for the largest share as elastomeric coatings offer superior adhesion to concrete, masonry, and stucco surfaces, thereby preventing moisture penetration.
Key Takeaways:
The global Elastomeric Coating Market Insights is expected to witness high growth, exhibiting a CAGR of 14.1% over the forecast period from 2021 to 2028, due to increasing infrastructure development activities across residential and non-residential construction sectors.
- Regional analysis: North America dominates the global market owing to the presence of leading coating manufacturers and increasing construction activities in the US and Canada. Asia Pacific exhibits the fastest growth rate attributed to rising industrialization and population growth in China, India, and other Southeast Asian countries.
- Key players: 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. BASF SE dominates the market owing to its wide product portfolio and global distribution network.
The global elastomeric coating market size was valued at USD 11.5 Billion in 2020 and is expected to grow substantially due to increasing infrastructure development activities across emerging economies in Asia Pacific and Central & South America regions over the forecast period.
Comments
Post a Comment