Burgeoning Construction Activities Drive Elastomeric Coating
DUBAI, U.A.E., Sept. 8, 2020 /PRNewswire/ -- According to a new market study by Future Market Insights (FMI), the global elastomeric coatings market is forecasted to behold substantial growth in terms of value between 2019 and 2029.
In the recent past, the demand for environment-friendly and advanced coatings has increased remarkably in construction activities. This is expected to remain the key growth attribute to elastomeric coatings, which majorly find applications in the construction sector. As the construction industry continues to flourish annually, the demand for elastomeric coatings is poised to increase in direct proportion.
Furthermore, advancements in coating technologies are ensuring healthy adoption in waterproofing applications across several industries including building & construction, automotive, chemical, oil & gas, energy & power, etc. Likewise, the superior water-resistant properties of elastomeric coatings are equally important to the growth of the market by fuelling the sales.
"Manufacturers are focusing on research & development activities to enhance the physical properties of the coatings, such as waterproofing, to widen the scope of applications," remarks FMI analyst.
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Elastomeric Coatings Market - Key Takeaways
- The global elastomeric coatings market was valued at over US$ 5.2 Bn at the end of 2018, and is projected to attain a valuation of US$ 10 Bn by 2029, progressing at an impressive CAGR of 7% through the forecast period.
- By type of coating, silicone is projected to remain the most sought-out coating type, capturing over 1/3rd of market value, due to high resistance to bad weather, standing water, and sun damage.
- Based on applications, the building & construction sector will remain the most lucrative sector owing to the rising number of construction activities across residential, commercial, and industrial sectors.
- The automotive sector is anticipated to emerge as a prominent application area backed by the surging need for coatings that withstand harsh physical conditions.
Elastomeric Coatings Market - Key Trends
- Growing inclination towards eco-friendly coatings coupled with increasing stringency of VOC emission norms is proliferating the adoption of elastomeric coatings owing to their low VOC emission rates and recyclability.
- The rising adoption of elastomeric coatings in biodegradable stents, especially cardiovascular stents, to prevent the release of drugs in uneven levels will continue to drive the demand for elastomeric coatings in the healthcare technology landscape.
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Elastomeric Coatings Market - Regional Analysis
- North America and Asia are projected to cumulatively account for the majority of market share, representing a value of US$ 3 Bn.
- North America accounted for over 32% of the global value in 2018 and will remain a lucrative regional market owing to the strong presence of the construction sector.
- Led by China and India, the Asian region is witnessing substantial private and public expenditure on infrastructural development which, in turn, is furthering market growth.
Elastomeric Coatings Market - Competitive Landscape
Major players profiled in the report include BASF SE, Rhino Linings Corporation, PPG Industries, Inc., Teknos Group, Huntsman Corporation, Covestro AG, Sherwin-Williams Company, Pidilite Industries Ltd., Versaflex Incorporated, and DowDuPont Inc., among others. On the product development front, players are focusing on manufacturing sustainable variants to cater to wider applications. On the strategic front, they are resorting to distribution partnerships and geographical expansion.
Elastomeric Coatings Market - Taxonomy
Building & Construction
Automotive & Transportation
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa
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Get Valuable Insights into the Elastomeric Coatings Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global elastomeric coatings market, presenting historical demand data and forecast statistics for the period from 2019-2029. The study divulges compelling insights on the elastomeric coatings market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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