Elastomeric Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The elastomeric coatings market is expected to register a CAGR of around 14%, during the forecast period. The major factors driving the growth of the market studied are the growing infrastructure and architectural applications in Asia-Pacific and the Middle East, and increasing renovation and residential construction in North America. However, higher costs compared to conventional coatings, and vulnerability to global petrochemicals price fluctuations are some of the major stumbling blocks for the market studied.

• The acrylic type segment dominated the market. It is likely to grow during the forecast period, owing to its properties, such as transparency, high colorability, and UV resistance in coating solutions.
• Reduced maintenance costs have increased its popularity, which is likely to provide opportunities for the market studied, during the forecast period.
• Asia-Pacific dominated the global market, as the demand is driven by the robust growth of construction activities in the region.

Key Market Trends

Wall Coatings Segment to Dominate the Market Demand

• The wall coating application is expected to dominate the demand for elastomeric coatings. The elastomeric wall coatings are known for their superior waterproofing and elongation properties, which makes them ideal to use as wall and roof coatings in the construction sector.
• The global construction industry grew by about 3.5%, during 2018. Residential and commercial construction activities have been increasing significantly worldwide, which is driving the demand for elastomeric coatings for construction applications.
• The Asia-Pacific and North American regions have been witnessing strong growth in residential construction, which may increase the demand for elastomeric coatings for residential application, during the forecast period.
• Moreover, regions like, Asia-Pacific and the Middle East & Africa, are experiencing huge domestic, as well as foreign investments for setting up industrial units, hospitals, malls, multiplexes, hotels/resorts, and the IT sector, which is expected to augment the elastomeric coatings market.
• 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 into the 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.
• Currently, there are numerous airport construction projects, either in the development or planning stage, in China. These include Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Moreover, the government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities, over the next 10 years.
• In India, the government’s target of investing USD 120.5 billion, for developing 27 industrial clusters, is expected to boost commercial construction in the country.
• In Indonesia, the government planned to invest about USD 450 billion in the construction sector, by 2021, which is expected to boost the residential construction in the country.
• Hence, such investments and planned projects in Asia-Pacific are boosting the construction activities in the region, which may increase the demand for elastomeric coatings in the region, during the forecast period.

Competitive Landscape

The elastomeric coatings market is fragmented in nature, with numerous players holding a insignificant share of the market, to individually affect the market dynamics. Some of the major players in the market include BASF SE, the Sherwin Williams Company, Axalta Coatings System, PPG Industries, and Asian Paints Limited, among others.

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