The 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 paints formulated with elastic resins to allow for expansion and contraction on diverse substrates. These durable coatings provide protection from weathering effects such as heavy rain, sun exposure, wind damage etc. They are predominantly used in construction applications for roof coatings and wall coatings. Elastomeric coatings form a protective, seamless layer that sticks firmly to the substrate and allows for movement without damage. Their flexibility and elasticity makes them suitable for applications where conventional rigid paints may crack or peel.
Market key trends:
The global elastomeric coating market is driven by increasing demand from the construction industry. Rapid urbanization and growth of infrastructure in developing economies is boosting construction of commercial and residential buildings. Elastomeric coatings provide an ideal protective solution for cement substrates, metal panels, vinyl sidings used extensively in building construction. They extend the life of the substrate by preventing penetration of moisture and protecting from weathering effects. Furthermore, elastomeric coatings are environmentally sustainable as they contain low or zero VOCs. Stringent regulations regarding emission of volatile organic compounds from paints and coatings are favoring the demand for green elastomeric coatings. Their self-cleaning properties and flexibility to expand and contract with movement of the substrate also contributes to their growing adoption in the construction sector.
Porter's Analysis
Threat of new entrants: New players face high capital requirements for product research and machinery to enter the market. Bargaining power of buyers: Large buyers can negotiate lower prices due to their bulk purchase volumes. Bargaining power of suppliers: Few suppliers control raw material prices like latex which are key inputs. Threat of new substitutes: New product substitutes pose moderate threat as they must prove long-term performance advantages. Competitive rivalry: Intense competition exists among existing players to gain market share.
SWOT Analysis
Strengths: Product quality, durability and reliability. Established brand names and distribution channels. Weaknesses: High R&D costs and strict environment regulations increase production costs. Dependency on few raw material suppliers. Opportunities: Growing construction industry in developing nations offers expanded markets. New product innovations extending product applications. Threats: Volatility in raw material prices poses margin pressures. Rising environmental concerns and substitution threat from new technologies.
Key Takeaways
The global Elastomeric Coating Market Insights is expected to witness high growth at a CAGR of 14.1% over the forecast period, due to increasing infrastructure development worldwide. The Asia Pacific region dominated the market in 2020 with a share of over 35%, led by China, India and other Southeast Asian countries with robust construction spending.
Regional analysis - North America and Europe are also sizable markets owing to ongoing refurbishment projects. However, the Asia Pacific region is projected to register the highest CAGR during the forecast period, driven by rising construction activities in China and India.
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. Major players are focusing on offering diversified and innovative product portfolios to strengthen their market position.
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