Global Elastomeric Coatings Market Insights, Opportunity Analysis, Market Shares and Forecast, 2016 - 2022
The global elastomeric coating market is projected to reach about $13.58 Billion by 2022, with a CAGR of 15.19% during 2016-2022. There are many drivers for the elastomeric coatings such as higher performance as compared to other conventional coatings, growth in the building & construction market, crack bridging ability, high flexibility, and waterproofing quality. Recovery and development in the global economy is anticipated to lead to enhanced construction activities. This rise in construction and development activities is projected to raise the demand for elastomeric coatings market. There is an increasing demand for elastomeric coating in the development and construction industry. The growing demand from wall coatings, roof coatings, floor coatings, and various other applications along with new technologies are also some key factors driving the global elastomeric coating market. Increasing awareness of high standard quality acrylic-based products and the growing demand from Asia-Pacific, which is experiencing high growth, fueled by their increasing population is also likely to drive the market.
The Elastomeric coatings market has been segmented on the basis by type of technology, resins, application and geography. Based on the type of coating resins the market is segmented into various categories such as acrylic, butyl, polyurethane, silicone and others. Each type vary greatly and the composition has different quality with different technical specifications. Acrylic is the fastest-growing type of elastomeric coating market in the world. This is because it is easy to handle, easy to carry, with low cost price, and has good performance in a variety of applications such as roof coating, floor coating, wall coating, and others. The key factor for the higher demand and growth is the rising use in wall and roof coatings and growing manufacturing & construction sector in the Asia-Pacific region.
Elastomeric coatings are used in various applications such wall coatings, roof coatings, floor coatings and others. In 2015, the wall coatings application had the largest market share, in terms of value. The demand is mainly driven by increasing population, especially in China, the U.S., and India. Roof coating is the second-largest application of elastomeric coating because of increasing awareness about its uses in the construction sector.
Globally, North America is enjoying the largest market share, in terms of both value and volume. There are going to be high demand in Asia-Pacific regions because of large population and development. Rising innovation & developments and heavy expenditure on R&D are making it a strong industry hub.
There are many players in the market. Key players in the elastomeric coating market include manufacturers such as 3M, BASF SE, Dow Corning, Progressive Painting Inc., Henry Company, Sherwin Williams, Clariant Chemicals, PPG Industries, Nippon Paints, Jotun A/S, and Rhoda. Innovation, expansion and technology development is the key strategic to have a strong hold in and growth for the company and the market. Nippon paints has technology in their products like air-purifying, anti-bacterial technology and lamination technology it gives consumer unmatched quality of the paints that are both environment-friendly products and are not harmful in use, and also provides perfect coating for every product.
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