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Elastomeric Coatings Market - Forecast (2022 - 2027)

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  • 131 Pages
  • February 2022
  • Region: Global
  • IndustryARC
  • ID: 5616247
The Elastomeric Coatings Market size is forecast to reach $13.2 billion by 2027, after growing at a CAGR of 8.7% during 2022-2027. Elastomeric coatings provide moisture and thermal protection, corrosion control, and general protection to the building environment. Thus, increasing the demand for thermoplastic elastomers such as acrylic coatings for metal roofs, asphalt roofs, masonry walls, and polyether block amides and is expected to drive the demand for elastomeric coatings in the building & construction sector. According to the “India Brand Equity Foundation (IBEF)”, Under Pradhan Mantri Awas Yojana (Urban), in India 1.12 crore houses have been sanctioned in urban areas, which is creating demand for elastomeric coatings. Additionally, according to “IBEF”, the market of Indian green buildings is estimated to reach around 10 billion sq ft by 2022 worth US$35 billion to US$ 50 billion. Thus, increasing consumption of elastomeric coatings from the end-use industry is expected to influence the industry size during the forecast period.

Impact of COVID - 19

Due to COVID-19, the construction activities have been shut down from the first quarter of 2020, due to which new buildings, offices could not be commissioned. According to U.S. Census Bureau, construction spending in the US decreased by 0.8% in January 2021. Thus, due to the lockdown, all construction activities were pending. The private construction declined 0.5 percent, residential (-0.2 percent), health care (-4.4 percent) and office (-0.5 percent). Thus, such factors have limited the demand for elastomeric coatings.

Report Coverage

The report “Elastomeric Coatings Market - Forecast (2022-2027)” covers an in-depth analysis of the following segments of the Elastomeric Coatings Industry.
  • By Type: Thermoplastic Elastomers (Polyurethane, Epoxy Resin, Acrylic, Polyether Block Amide, Others) Silicon, Polysulfide Rubber, Neoprene, Butyl Rubber, Synthetic Rubber (Hypalon, Ethylene Propylene Rubber, Others), and Others
  • By Technology: Water Based and Solvent Based
  • By End-Use Industry: Residential Sector (Apartments, Raw Houses, Others), Commercial Sector {Healthcare Center (Hospitals, Clinics and Diagnostic Centers, Others), Offices, Factories, Industrial Buildings (Production Space, Warehouses, Others), Educational Institutes (Schools, Universities and Colleges, research centers), others}, Automotive, Aerospace, Military, and others
  • By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (the Middle East and Africa)

Key Takeaways

The Asia Pacific dominates the market of elastomeric coatings market due to increasing commercial and residential activities in emerging and developing countries such as India, China, Japan, Indonesia, South Korea, and Others.

According to Central Sanctioning and Monitoring Committee (CSMC), 1,68,606 new homes were approved to construct in urban areas under Pradhan Mantri Awas Yojana in 2021.

Increasing consumption of thermoplastic elastomers such as polyether block amide types for wall coatings, roof coatings, and floor coatings due to excellent waterproofing and elongation properties is driving the market growth.

Growing consumption of waterborne acrylic coating especially for roof coatings with increasing renovation activities is expected to boost the elastomeric coatings market.

Elastomeric Coatings Market Segment Analysis - By Type

The thermoplastic elastomer type segment held the largest share in the global demand for elastomeric coatings market in 2020 and is expected to continue its dominance for the period 2022-2027, owing to its properties such as high transparency, excellent colorability, and provide UV resistance coatings solution. The acrylic coating is used for exterior or interior use of buildings. It is applied as a curable liquid, as a barrier against atmospheric gases, and waterproof membrane coatings type. Acrylic elastomeric coatings are applied 5-10 times thicker than house paint. Additionally, polyether block amide is also used in automotive applications due to its mechanical properties and stability at high temperatures. Hence, an acrylic coating is widely used for roof coatings which are expected to drive the demand for acrylic elastomeric coatings.

Elastomeric Coatings Market Segment Analysis - By Technology

The waterbased segment held the largest share in the global demand for the elastomeric coatings market in 2020. A water-based coating source is applied on surface areas due to having low toxicity and flammability. Water-based coatings are required in less quantity to cover floor area as compared to solvent-borne coatings. It contains low volatile organic compounds and hazardous air pollutant emissions. Water-based coating is inexpensive than solvent-based coatings. Furthermore, it requires no additives, thinners, or hardeners thus, it is used for surface coating which, in turn, is expected to grow the demand for elastomeric coatings.

Elastomeric Coatings Market Segment Analysis - By Application

Building & construction dominated the market of elastomeric coatings market in 2020 and is growing at a CAGR of 7.82% during 2022-2027 due to increasing demand for wall covering flooring, and others which are expected to drive the demand for elastomers coatings. According to India Brand Equity Foundation (IBEF), the real state sector in India is expected to reach a market size of US$ 1 trillion by 2030 and will grow to (US$ 9.30 billion) by 2040. According to the National Bureau of Statistics, China's real estate market investment jumped from 15.7% in 2019 to 38.3% in January-February 2021. Additionally, according to the National Development and Reform Commission (NDRC), 14 construction investment projects were approved worth CNY177.8 billion (US$25.2 billion), following approvals of CNY68.9 billion (US$10.1 billion) in August 2020. Hence, the growing demand for construction activities is expected to boost the demand for elastomeric coatings during the projected era.

Elastomeric Coatings Market Segment Analysis - By Geography

APAC dominated the elastomeric coatings market share with more than 35% in 2020, due to the rapid consumption of polyether block amide thermoplastic elastomers for waterproof roof coatings and floor coatings with rapidly increasing building activities and polysulfide rubber for industrial application in Asian countries. According to the India Brand Equity Foundation (IBEF), the real estate market size was US$120 billion in 2017, which is expected to reach US$650 billion in 2025 and US$1000 billion in 2030. In addition, the Indian Government initiated a scheme “Housing for All” which is expected to bring US$1.3 trillion investment in the housing sector by 2025. Under this scheme, 60 million houses are to be built, which include 40 million in rural areas and 20 million in urban areas by 2022. According to the National Bureau of Statistics (NBS), real estate investment in China rose 7.0% in 2020. Hence, increasing adoption of waterproof coating is projected to drive industry growth of elastomeric coatings.

Elastomeric Coatings Market Drivers

Growing Consumption of Elastomeric Coatings from the Building and Construction Industry

Elastomeric coating materials such as acrylic, polyurethane, polysulfide rubber, silicone, epoxy, and more are used for surface coating including wall area, floors, and roof covering. These coatings are widely used in buildings due to various properties such as abrasion resistance, chemical resistance, tear strength, resistance to moisture, and temperature compatibility. Thus, the increasing growth of the building and construction sector is driving the demand for elastomeric coatings. According to India Brand Equity Foundation (IBEF), in 2019 Puravankara realty firm limited announced to invest Rs 850 crore to build 3 luxury housing projects in Bengaluru, Chennai, Mumbai over the next 4 years. According to an “American Housing Survey in the U.S.”, there are about 95 million single-family homes as of 2019. Hence, the growing investment for housing is expected to grow the elastomeric coatings market.

Increasing Consumption of Thermoplastic Elastomer Coatings in the Automotive Industry

Thermoplastic elastomers such as acrylic, ethylene propylene rubber, polyurethane, and other polymers are consumed for coating applications in automotive plastic components. Thus, the expansion of the automotive industry is estimated to boost the demand for elastomeric coatings. According to the International Trade Administration (ITA), the Chinese government is expected to run the production of automobiles with 35 million units by 2025. Additionally, according to the India Brand Equity Foundation (IBEF), the Indian Government expects the automotive sector to attract US$ 8 billion to US$10 billion in local and foreign investments by 2023. Hence, such factors are expected to boost the automotive industry which, in turn, drives the demand for elastomeric coatings.

Elastomeric Coatings Market Challenges

Volatility in Raw Material Prices

Elastomeric coating types such as acrylic, polyurethane, are used for waterproof coatings, which are derived from crude oil. Thus, volatility in crude oil fluctuates the prices of elastomeric coating, which creating degrowth for the market. The Global crude oil demand drops by 2.5 mb/d in Q2 of 2020. The second quarter declined by around 90,000 barrels a day compared with 2019. In addition, according to BP static, oil prices declined to US$64.21/bbl in 2019 as compared with US$71.31/bbl in 2018. Thus, fluctuations in the prices of crude oil may hamper the elastomeric coatings market.

Elastomeric Coatings Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Elastomeric Coatings Market. Major players in the Elastomeric Coatings Market are:

2. The Dow Chemical Company
3. The Sherwin-Williams Company
4. PPG Industries, Inc.
5. The Valspar Corporation
6. Clariant AG
7. BEHR Process Corporation
8. Jotun A/S
9. Asian Paint Limited
10. Axalta Coatings System
11. Dulux Australia, and among others.

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Table of Contents

1. Elastomeric Coatings Market- Market Overview
1.1 Definitions and Scope
2. Elastomeric Coatings Market- Executive Summary
2.1 Key Trends by Type
2.2 Key Trends by Technology
2.3 Key Trends by Application
2.4 Key Trends by Geography
3. Elastomeric Coatings Market- Comparative analysis
3.1 Market Share Analysis- Major Companies
3.2 Product Benchmarking- Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis- Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Elastomeric Coatings Market- Market Forces
4.1 Market Drivers
4.2 Market Constraints
4.3 Porters Five Force Model
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Powers of Buyers
4.3.3 Threat of New Entrants
4.3.4 Competitive Rivalry
4.3.5 Threat of Substitutes
5. Elastomeric Coatings Market- Strategic Analysis
5.1 Value/Supply Chain Analysis
5.2 Opportunity Analysis
5.3 Product/Market Life Cycle
5.4 Distributor Analysis - Major Companies
6. Elastomeric Coatings Market- By Type (Market Size -$Million)
6.1 Thermoplastic Elastomers
6.1.1 Polyurethane
6.1.2 Epoxy Resin
6.1.3 Acrylic
6.1.4 Polyerher Block Amide
6.1.5 Others
6.2 Silicon
6.3 Polysulfide Rubber
6.4 Neoprene
6.5 Butyl Rubber
6.6 Synthetic Rubber
6.6.1 Hypalon
6.6.2 Ethylene Propylene Rubber
6.6.3 Others
6.7 Others
7. Elastomeric Coatings Market- By Technology (Market Size -$Million)
7.1 Water Based
7.2 Solvent Based
8. Elastomeric Coatings Market- By End-Use Industry (Market Size -$Million)
8.1 Building & Construction
8.1.1 Residential Sector Apartments Raw Houses Others
8.1.2 Commercial Sector Healthcare Center Hospitals Clinics and Diagnostic Centers Others Offices Factories Industrial Buildings Production Space Warehouse Others Educational Institutes Schools Universities and Colleges Research Centers Others
8.1.3 Others
8.2 Automotive
8.3 Aerospace
8.4 Military
8.5 Others
9. Elastomeric Coatings Market- By Geography (Market Size -$Million/Billion)
9.1 North America
9.1.1 USA
9.1.2 Canada
9.1.3 Mexico
9.2 Europe
9.2.1 UK
9.2.2 Germany
9.2.3 France
9.2.4 Italy
9.2.5 Netherlands
9.2.6 Spain
9.2.7 Russia
9.2.8 Belgium
9.2.9 Rest of Europe
9.3 Asia-Pacific
9.3.1 China
9.3.2 Japan
9.3.3 India
9.3.4 South Korea
9.3.5 Australia and New Zeeland
9.3.6 Indonesia
9.3.7 Taiwan
9.3.8 Malaysia
9.3.9 Rest of APAC
9.4 South America
9.4.1 Brazil
9.4.2 Argentina
9.4.3 Colombia
9.4.4 Chile
9.4.5 Rest of South America
9.5 Rest of the World
9.5.1 Middle East Saudi Arabia UAE Israel Rest of the Middle East
9.5.2 Africa South Africa Nigeria Rest of Africa
10. Elastomeric Coatings Market- Entropy
10.1 New Product Launches
10.2 M&As, Collaborations, JVs and Partnerships
11. Elastomeric Coatings Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
11.1 Company 1
11.2 Company 2
11.3 Company 3
11.4 Company 4
11.5 Company 5
11.6 Company 6
11.7 Company 7
11.8 Company 8
11.9 Company 9
11.10 Company 10 and more