by The global Elastomeric Coating Market is estimated to be valued at US$ 11.5 Bn or Billion 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 refer to coatings that are applied as liquid but set into tough, flexible, and durable solids. They are based on synthetic rubber or rubber-like polymers and provide exceptional adhesion, flexibility, and elongation. Elastomeric coatings are widely used in buildings, infrastructure, and other construction projects due to their waterproofing and weatherproofing properties. They protect surfaces by sealing out moisture, UV rays, fog, and industrial pollutants. They are breathable yet highly durable and enable movement without cracking or peeling. Their flexibility makes them suitable for applications on surfaces that experience thermal or seismic movement.
Market key trends:
Growing infrastructure development activities across both developed and emerging economies is expected to be a major factor driving demand for elastomeric coatings over the forecast period. Governments worldwide are investing heavily in new construction of roads, bridges, buildings, rail networks, and energy projects. Elastomeric coatings find wide usage in protecting surfaces of concrete, wood, metal, and other infrastructure from weathering. They ensure longer lifespan of assets by providing protection from water ingress and UV degradation. Another key trend is the increasing preference of elastomeric coatings over conventional roof coatings. Their flexibility and elasticity enable better sealing of roofs including those with complex designs. They accommodate thermal expansion/contraction without damage.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirement for manufacturing elastomeric coating products. Bargaining power of buyers: The bargaining power of buyers is high since there are many established players providing elastomeric coating products. Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw materials for elastomeric coatings are commoditized and available from multiple sources. Threat of new substitutes: The threat of new substitutes is low since elastomeric coatings provide several benefits over substitute products in terms of flexibility, crack bridging ability, and adhesion. Competitive rivalry: Competition in the elastomeric coating market is high due to the presence of many global players competing on pricing and quality.
Key Takeaways
The global Elastomeric Coating Market Insights is expected to witness high growth, exhibiting a CAGR of 14.1% over the forecast period, due to increasing infrastructure development activities across the globe. Rising construction of commercial buildings and expansion of the healthcare industry will further propel the market growth.
Regional analysis: Asia Pacific region dominated the global elastomeric coating market in 2020 and is expected to maintain its lead over the forecast period as well. Growing urbanization and increasing spending power in countries such as China and India are fueling residential and commercial construction activities in the region. Increasing FDI inflow towards infrastructure development in Southeast Asian countries is also expected to drive the APAC elastomeric coating market.
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. These players are focusing on new product launches and expansion strategies to gain a competitive edge in the market.
