by The global Elastomeric Coating Market is estimated to be valued at US$11.5 billion in 2020 and is expected to exhibit a CAGR of 14.1% over the forecast period 2021 to 2028, according to a new report published by Coherent Market Insights.
Market Overview:
Elastomeric coatings are highly flexible and durable coatings that provide excellent protection against harsh weather conditions. These coatings are widely used in the construction industry for exterior walls, roofs, and other surfaces, as they provide waterproofing, weatherproofing, and UV resistance. The growing demand for weatherproof coatings in residential and commercial buildings is expected to drive the growth of the elastomeric coating market. Additionally, the increasing emphasis on energy-efficient buildings and sustainable construction practices further fuels the demand for elastomeric coatings, as they offer excellent thermal insulation properties. These coatings also help in reducing energy consumption and minimizing the carbon footprint of buildings.
Market Key Trends:
One key trend observed in the elastomeric coating market is the increasing adoption of eco-friendly elastomeric coatings. With the rising awareness about environmental sustainability, manufacturers are focusing on developing elastomeric coatings that have minimal VOC (volatile organic compounds) content and are free from harmful chemicals. These eco-friendly coatings not only meet the stringent environmental regulations but also provide excellent durability and weather resistance. They are being widely used in green building projects and renovation activities. The demand for eco-friendly elastomeric coatings is expected to witness significant growth in the coming years, driven by the increasing preference for sustainable construction practices.
Title: Analyzing the Elastomeric Coating Market: Porter’s Analysis and Key Takeaways
Porter’s Analysis
Threat of New Entrants: The elastomeric coating market presents a moderate threat of new entrants. Although there are relatively low barriers to entry, established players benefit from economies of scale, strong distribution networks, and established customer relationships.
Bargaining Power of Buyers: Buyers in the elastomeric coating market possess moderate bargaining power. This is due to the presence of multiple suppliers and the availability of substitutes. However, the market is highly competitive, with several players vying for buyer attention, enabling buyers to negotiate competitive prices.
Bargaining Power of Suppliers: Suppliers within the elastomeric coating market have a moderate level of bargaining power. While there are numerous suppliers available, some specialized raw materials used in the manufacturing process may come from limited sources, increasing the power of suppliers.
Threat of New Substitutes: The threat of new substitutes in the elastomeric coating market is relatively low. Elastomeric coatings have unique qualities, such as high flexibility and durability, that make them superior to many alternative coatings. This reduces the likelihood of customers switching to substitutes.
Competitive Rivalry: The elastomeric coating market is highly competitive, with several key players vying for market share. Key factors driving competition include product innovation, pricing strategies, and brand reputation. The intensity of competitive rivalry within the market is high.
Key Takeaways
The global Elastomeric Coating Market Trend is expected to witness significant growth, exhibiting a CAGR of 14.1% over the forecast period from 2021 to 2028. This growth can be attributed to the increasing demand for durable and weather-resistant coatings, particularly in the construction and infrastructure sectors. Surging investments in residential and commercial projects, along with the need for enhanced building protection, are driving the demand for elastomeric coatings.
Regionally, Asia Pacific (APAC) is the fastest-growing and dominating region in the elastomeric coating market. Rapid industrialization, urbanization, and the growing construction industry in countries like China, India, and Southeast Asian nations are propelling market growth in the region. Additionally, favorable government initiatives promoting sustainable construction and infrastructure development contribute to the rising demand for elastomeric coatings.
The key players operating in the elastomeric coating market include 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 focus on strategic initiatives such as mergers and acquisitions, partnerships, and product innovation to strengthen their market position and gain a competitive advantage.
In conclusion, the elastomeric coating market is poised for substantial growth in the coming years. Increasing demand from the construction and infrastructure sectors, particularly in the APAC region, coupled with the presence of key players driving competition, creates a favorable landscape for market expansion. Understanding the Porter’s analysis and key takeaways provides valuable insights for stakeholders in this dynamic market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
