Growing demand of elastomeric coatings as acrylic, polyurethane, epoxy, silicone, polyurea and others in various end use industries such as, building & construction, roof, wall, floor, bridges, industrial, automotive & transportation and others are anticipated to bolster the consumption rate in the coming years.
NEWARK, DE / ACCESSWIRE / August 20, 2024 / The global elastomeric coating market is expected to reach USD 15760.5 million by 2034 in response to the growing demand for energy-efficient and sustainable building solutions. The industry is anticipated to reach USD 7874.8 million in 2024. This growth is attributed to the rising number of new product developments worldwide. The market is projected to witness a CAGR of 7.2% through 2034.
The elastomeric coating market is thriving due to the rising demand for energy-efficient and sustainable building solutions. These coatings offer exceptional resistance to weathering, UV radiation, and environmental factors, reducing maintenance and enhancing energy efficiency. Additionally, the emphasis on eco-friendly methods and the growing popularity of cool roof coatings contribute to market growth.
Environmental regulations impact production costs and lead to reformulation to reduce VOC emissions. Elastomeric coatings face challenges in harsh environments but are essential for sustainable infrastructure development. Governmental initiatives and the rise of bio-based elastomeric coatings further drive market expansion.
Elastomeric coatings offer weather resistance and are essential for sustainable infrastructure development. Government initiatives and the rise of bio-based coatings are also contributing to market growth, providing sustainable options without compromising on quality.
What is the Role of Advance Coating Technologies for Elastomeric Coatings Market Growth?
Over the years, the coatings industry has witnessed substantial changes in the technology. Advanced coating technologies consist of water-borne coatings, high solids coatings, powder coatings, etc. These technologies have obtained huge attraction for waterproofing purposes in several end-uses like oil & gas, automotive & transportation, chemicals, energy & power and building & construction.
Furthermore, the increasing number of stringent environmental regulations pertaining to air pollution, coupled with the demand for odourless coatings and coatings with hazardless chemicals, is one of the prime factor driving the growth of advanced coating technologies. Such environmental rules for limiting VOCs emissions and hazardous air pollutants (HAPs) have surged the demand for advanced coatings, such as elastomeric coatings.
As a consequence, there has been a significant hike in the demand for low VOC content coatings. This is expected to raise the demand for elastomeric coatings from manufacturers as the VOC content of elastomeric coatings is less than 10 g/L, which is much less as compared to other conventional coatings.
Key Takeaways from the Elastomeric Coating Market
The elastomeric coating industry is anticipated to be worth USD 15760.5 million in 2024.
From 2024 to 2034, the building and construction segment is expected to account for a share of 56.1% CAGR in terms of application.
The United States is projected to showcase a CAGR of 4% in the forecast period.
China is anticipated to register a CAGR of 8% over the forecast period.
"Rising demand for high-performance elastomeric coatings, fueled by infrastructure development and a shift toward sustainable bio-based coatings, presents significant opportunities for growth. This trend reflects the increasing priority placed on durability and environmental sustainability in construction projects," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
How Does Elastomeric Coatings Provide Edge Over Other Industrial Coatings?
As compared to the other industrial coatings available in the market, elastomeric coatings offer a wide range of advantageous properties, which collectively make this category of coatings a better choice against other industrial coatings.
For instance, elastomeric coatings offer high water resistance. The thickness of elastomeric coatings is ten times more when compared to other industrial coatings. More importantly, elastomeric coatings are economical and more environment friendly.
The above mentioned properties make elastomeric coatings highly suitable for applications such as, roof and wall water-proofing, wall strengthening, and for the application of environment friendly coatings.
These factors are expected to have a significant impact on the consumption of elastomeric coatings by increasing their preference over other industrial coatings and hence will drive the growth of the global elastomeric coatings market.
To Gain In-Depth Insights on Market, Browse Complete Report: https://www.futuremarketinsights.com/reports/elastomeric-coatings-market
Competitive Landscape
The elastomeric coating market is shaped by the active engagement of top companies in strategic activities to secure a significant share. These companies are heavily investing in research to discover new applications and products, enhancing their competitive positions. Strategic collaborations between large and small-scale industries aim to drive innovation and minimize competition in product development.
Competitive evaluation in this market centers on the range of products and services offered, emphasizing performance, durability, and application-specific features. Companies differentiate themselves by focusing on product quality, technological advancements, and the ability to meet specific industry needs. Factors such as environmental sustainability, regulatory compliance, and customer service play significant roles in distinguishing competitors within the elastomeric coating industry.
Market players are leveraging technological advancements and sustainability initiatives to gain a competitive edge. This includes the development of eco-friendly formulations and the integration of advanced materials to meet evolving demands. The competitive landscape is continuously evolving, with companies striving to innovate and differentiate themselves through a combination of product excellence, strategic partnerships, and a customer-centric approach.
A Key Industry Development-
In 2023, Gaco introduced GacoFlex A48, a new high-build acrylic elastomeric roof coating. The product allows for the application of up to 80 wet mils in a single pass, offering extended roof life, enhanced visual appeal, robust adhesion, high tensile strength, and impressive reflectivity.
What is the role of Automotive & Transportation to surge up the demand for Elastomeric Coatings?
Growing demand for automobiles across geographies has significantly increased the production rate of the global automotive industry. Automotive and transportation is one of the key applications of elastomeric coatings that holds around 1/6th of the global elastomeric coatings market value share.
Therefore, an increase in the automobile construction is expected to have a positive impact on the demand for automotive coatings. Consequently, it is expected to drive the growth of the elastomeric coatings market.
Key Segmentation of Market Report
By Type:
The industry is segregated into acrylic, polyurethane, epoxy, silicone, polyurea, and others.
By Application:
A few important applications include building and construction [roof, wall, floor, bridges, and others], industrial, automotive and transportation, and others.
By Region:
The main countries of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa are covered.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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