Global Elastomeric Coatings Market - Segmented by Type, by Application, by Technology and Geography - Growth, Trends and Forecast (2018 - 2023)
Asia-Pacific is expected to remain the fastest growing market in the coming years, owing to increasing demand from key countries, such as China and India through the forecast period. China is the major consumer of elastomeric coatings owing to the increasing construction sector.
Growing Infrastructure and Architectural Applications in the Asia-Pacific
The construction industry in Asia-Pacific is expanding at a very rapid rate primarily from major economies, such as China, India, and ASEAN countries. With the consistent economic growth in the Asia-Pacific countries, the demand for infrastructure is growing at a significant rate. The infrastructure sector includes, both, commercial and residential, which in turn, is increasing the demand for paints and coatings in the region. The entry of major construction players from the European Union provides lucrative market in countries, such as China and India, in the recent years, has fueled the market growth. The gross output from construction industry in the China has been increasing at a significant rate, since past few years. This, in turn, is boosting the demand for elastomeric coatings market.
Acrylic Type is the Fastest Growing
Acrylic resins are thermoplastic resins produced by the polymerization of meth acrylic acid esters (methacrylate) or acrylic acid esters (acrylates). Acrylic resins develop properties, such as transparency, high color ability, and UV resistance in coating solutions. They are used in water borne systems very often, which results in low VOC emission. The application of acrylic coatings leads to high surface hardness. In certain applications, such as walls, decks, and roofing, acrylic coatings provide elastomeric finishes to improve the UV resistance of the surface, if employed with some fluids. Application of acrylic coatings is primarily found in the construction industry, for high-end finishing in roofs, decks, bridges, floors, and other applications. Water-based acrylic coatings are high in demand, owing to environmental concerns like the negative impact of VOCs affecting the air quality in the environment. Owing to these benefits there has been significant growth of elastomeric coatings market during the forecast period.
The United States Dominates the Global Market
The United States accounted for the largest market share of elastomeric coatings in the world, followed by China. Growing infrastructure in the United States, which is one of the major consumer of elastomeric coatings.
Additionally, the elastomeric wall coatings are known for their superior water proofing and elongation properties, which makes them ideal to use as wall and roof coatings in the construction sector. The office space market in the country is estimated to grow by almost 10% in the coming years. The gradual growth of the commercial sector primarily office space construction is likely to have a positive impact on the elastomeric coatings market.
Major Players: Sherwin Williams, Axalta Coatings System, PPG Industries, Asian Paints Limited amongst others.
Notable Developments in the Market
June 2017: Sherwin-Williams Company completed the acquisition of The Valspar Corporation with an offer of USD 11.3 billion.
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