Elastomeric Coatings Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 12.95 Billion |
| Market Size (2029) | USD 16.07 Billion |
| CAGR (2024 - 2029) | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Elastomeric Coatings Market Analysis
The Elastomeric Coatings Market size is estimated at USD 12.95 billion in 2024, and is expected to reach USD 16.07 billion by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).
The COVID-19 pandemic hampered the Elastomeric coatings market. Due to nationwide lockdowns in several countries, strict social distancing measures affected residential and infrastructural construction activities, further affecting the market for elastomeric coatings. However, the market recovered after the restrictions were lifted and residential and infrastructural activities across the globe normalized.
- The increasing usage in the architectural and infrastructural industries and the rising demand for elastomeric coating products in the automotive industry are expected to drive the market for elastomeric coatings.
- On the flip side, the higher costs compared to conventional coatings and the fluctuations in the prices of raw materials are expected to hinder the growth of the market.
- The rapid industrialization and the increasing investments in the construction industry are expected to create opportunities for the market during the forecast period.
- The Asia-Pacific region is expected to dominate the market. It is also expected to register the highest CAGR during the forecast period. It is due to the rising demand for elastomeric coatings in residential and infrastructural end-user industries.
Elastomeric Coatings Market Trends
Wall Coatings Segment to Dominate the Market Demand
- The wall coating application is expected to dominate the demand for elastomeric coatings. Elastomeric wall coatings are known for their superior waterproofing and elongation properties. It makes them ideal to use as wall and roof coatings in the construction sector.
- According to Oxford Economics, the global construction industry was valued at USD 9.7 trillion in 2022. It is estimated to reach USD 13.9 trillion by 2037, driven by superpower construction markets China, the United States, and India. Furthermore, all construction work done over the next 15 years by the world鈥檚 top 10 construction markets is expected to account for 70% of the total global construction market.
- According to International Construction, China, North America, and Europe were the largest markets for the construction industry in 2022. While these markets will likely face challenges, India is forecasted to be the fastest-growing construction superpower in the world. In contrast, the Philippines, Vietnam, Malaysia, and Indonesia are forecasted to be the fastest-growing construction markets over the next 15 years.
- In the North American region, the increased government spending in the real estate market for residential construction and the growing demand for high-class residential homes are likely to benefit the market鈥檚 growth. In addition, rising real estate costs, particularly the development of single-family homes and multistory apartments in the region, are expected to drive the market for wall coatings.
- The construction industry in the United States is the largest in North America. According to the US Census Bureau, the annual construction in the United States accounted for USD 1,792 billion in 2022, compared to USD 1,626.4 billion in 2021, at a growth rate of 10.2%. The annual value of residential construction output in the United States was valued at USD 908 billion in 2022, compared to USD 802 billion in 2021. Thus, increasing the residential construction market is expected to drive the market for elastomeric coatings in the country.
- Hence, such favorable trends in the construction industry are expected to boost the elastomeric coatings market during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share. Owing to the growing investments in residential and commercial construction in countries such as India, China, the Philippines, Vietnam, and Indonesia, the market for elastomeric coatings is expected to increase in the coming years.
- The construction sector in the Asia-Pacific region is increasing at a healthy rate, owing to the rising population, increase in middle-class income and urbanization.鈥� The highest growth for housing is expected to be registered in the Asia-Pacific region, owing to the expanding housing construction markets in China and India.
- According to the National Bureau of Statistics of China, the value of construction output accounted for CNY 31.2 trillion (USD 4.5 trillion) in 2022, up from CNY 29.3 trillion (USD 4.2 trillion) in 2021. China is expected to spend nearly USD 13 trillion on buildings by 2030, creating a positive outlook for the current studied market.
- The growing demand for housing is likely to drive residential construction in the country, both in the public and private sectors. The increase in the construction of tall buildings and hotels is driving the market studied. This increasing residential construction further fuels the demand for fiber reinforced concrete. China鈥檚 government took the initiative to gift 40 key cities in the country with 6.5 million government-subsidized rental homes. These are supposed to accommodate around 13 million people in the country.
- Similarly, the Indian government is actively boosting housing construction to provide homes to about 1.3 billion people. The country will likely witness around USD 1.3 trillion of investment in housing over the next six to seven years. It is likely to witness the construction of 60 million new homes in the country.鈥�
- Hence, such investments and planned projects in Asia-Pacific are boosting the construction activities in the region. It may increase the demand for elastomeric coatings in the region during the forecast period.
Elastomeric Coatings Market - Industry Overview
The Elastomeric coatings market is fragmented. Some of the major players (not in any particular order) in the market include Axalta Coating Systems, LLC, BASF SE, Nippon Paint Holdings Co., Ltd, PPG Industries Inc., and The Sherwin-Williams Company, among others.
Elastomeric Coatings Market Leaders
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Axalta Coating Systems, LLC
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BASF SE
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PPG Industries Inc.
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The Sherwin-Williams Company
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Nippon Paint Holdings Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Elastomeric Coatings Market News
- December 2023: WEG company created an innovative coating that will significantly benefit offshore industries. The company used WrapX technology, which functions through the use of high-performance elastomeric coatings. It effectively extends the durability of the coated surface.
- April 2023: Gaco, one of the major roofing system manufacturers, introduced a new acrylic elastomeric roof coating, GacoFlex A48. The single-component, high-build acrylic roof coating can be applied up to 80 wet mils (5 gal/SQ) in a single pass application. The elastomeric coating offers long roof life, upgraded visual appeal, strong adhesion, high tensile strength, and excellent reflectivity.
Elastomeric Coatings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing usage in the Architectural and Infrastructural Industries
4.1.2 Rising Demand for Elastomeric Coating Products in the Automotive Industry
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Higher Costs Compared to Conventional Coatings
4.2.2 Fluctuations in the Prices of Raw materials
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Type
5.1.1 Butyl
5.1.2 Polyurethane
5.1.3 Silicone
5.1.4 Acrylic
5.1.5 Other Types (Polysulfide, Vinyl, etc.)
5.2 Technology
5.2.1 Water-borne
5.2.2 Solvent-borne
5.3 Application
5.3.1 Wall Coatings
5.3.2 Roof Coatings
5.3.3 Floor Coatings
5.3.4 Other Applications (Automotive Interior Coatings, etc.)
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 Italy
5.4.3.4 France
5.4.3.5 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Akzo Nobel N.V.
6.4.2 Asian Paints
6.4.3 Axalta Coating Systems, LLC
6.4.4 BASF SE
6.4.5 Dow
6.4.6 Gaco
6.4.7 Henry Company
6.4.8 Jotun
6.4.9 Kansai Nerolac Paints Limited
6.4.10 Nippon Paint Holdings Co., Ltd.
6.4.11 PPG Industries Inc.
6.4.12 Progressive Painting, Inc.
6.4.13 RODDA PAINT, CO
6.4.14 Sika AG
6.4.15 The Sherwin-Williams Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rapid Industrialization and Increasing Investments in the Construction Industry
7.2 Other Opportunities
Elastomeric Coatings Industry Segmentation
Elastomeric coatings are protective barriers applied on interior and exterior walls as wall paints. The elastomeric coatings can be water-based coatings or acrylic latex paints. They are applied as a thick coat on concrete structures.
The elastomeric coatings market is segmented into type, technology, application, and geography. Based on type, the market is segmented into butyl, polyurethane, silicone, acrylic, and other types (polysulfide, vinyl). Based on technology, the market is segmented into water-borne and solvent-borne. Based on application, the market is segmented into wall coatings, roof coatings, floor coatings, and other applications (automotive interior coatings, etc.). The report also covers the market size and forecasts for elastomeric coatings in 15 countries across major regions. Each segment's market sizing and forecasts are based on value (USD).
| Type | |
| Butyl | |
| Polyurethane | |
| Silicone | |
| Acrylic | |
| Other Types (Polysulfide, Vinyl, etc.) |
| Technology | |
| Water-borne | |
| Solvent-borne |
| Application | |
| Wall Coatings | |
| Roof Coatings | |
| Floor Coatings | |
| Other Applications (Automotive Interior Coatings, etc.) |
| Geography | |||||||
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Elastomeric Coatings Market Research Faqs
How big is the Elastomeric Coatings Market?
The Elastomeric Coatings Market size is expected to reach USD 12.95 billion in 2024 and grow at a CAGR of greater than 4% to reach USD 16.07 billion by 2029.
What is the current Elastomeric Coatings Market size?
In 2024, the Elastomeric Coatings Market size is expected to reach USD 12.95 billion.
Who are the key players in Elastomeric Coatings Market?
Axalta Coating Systems, LLC, BASF SE, PPG Industries Inc., The Sherwin-Williams Company and Nippon Paint Holdings Co., Ltd. are the major companies operating in the Elastomeric Coatings Market.
Which is the fastest growing region in Elastomeric Coatings Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Elastomeric Coatings Market?
In 2024, the Asia Pacific accounts for the largest market share in Elastomeric Coatings Market.
What years does this Elastomeric Coatings Market cover, and what was the market size in 2023?
In 2023, the Elastomeric Coatings Market size was estimated at USD 12.43 billion. The report covers the Elastomeric Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Elastomeric Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Elastomeric Coatings Industry Report
Statistics for the 2024 Elastomeric Coatings market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Elastomeric Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
