Elastomeric Coatings Market size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1675
Elastomeric Coating Market size may witness a steady growth over the projected timeframe owing to increase in construction, automobile and medical equipment industries. It is mainly used to provide exterior finish to plastic, metal, and concrete substrates.
Elastomeric coating is highly durable, flexible, tough and surface adhesive making it suitable in flooring, cladding and wall coating applications. It has high elongation property which covers hairline cracks, thereby is used for roof waterproofing. It protects substrate from climatic & weather variations and improves product aesthetic value.
Polyurethane, butyl, silicone, polysulfide, acrylic and vinyl polymers are key elastomeric coating available in the market. Butyl rubber roof coating provides durable and seamless membrane, acts as a protective barrier to substrates, prevents degradation and have excellent elongation properties.
Elastomeric coating has strong application scope in building & construction industry as are used in wall, floor and roof purposes. Increased air pollution, acid rains and extremely cold climatic conditions are harmful for wall exteriors, thereby increasing structural durability. It is preferred over conventional paints owing to rigidity, higher thickness, and good adhesive properties. Elastomeric polymer enhances building longevity and gives smooth texture to the wall.
Rise in home renovation and repair projects demand has driven the flooring application in industrial, commercial and residential segment. Increase in residential flooring demand is attributed to rise in disposable income and change in lifestyle. The elastomeric costings are applied over wood floorings and provides enhanced aesthetic values, noise reduction, durability and water resilience. It protects wood from termites in turn extends wood flooring life and provides mopping and dusting ease.
Positive outlook in automotive industry owing to high gloss, scratch & corrosion resistance and increase in durability should drive elastomeric coating market size. Polyurethane is light in weight, provides heat & UV ray resistance and has good mechanical properties to withstand pressure which is a preferred material for tail- light, signal- lights and head light production. Elastomeric coating is applied to windows and glaze wind-shield as they provide excellent fog and UV rays resistance. Global automobile industry is poised to exceed USD 85 billion by 2024. Increasing consumer awareness along with shift in preference for stylish vehicle may drive industry growth. Rise in trend towards lightweight vehicles accompanied by fuel efficient cars may influence product demand.
Cardio-vascular stents are coated with elastomeric as they prevent peelings and cracking of coat leading to inflammatory reactions. Imperfect stent surface could result in uneven drug level release by vessel wall. The elastomeric coating eliminates stent deformation possibility and irregular surface, thereby improving drug release levels, and extend stent life.
Elastomeric coating act as an anti- fouling agent and applied on immersed ship portion. It protects marine vessel and prevents algae; tube worms and other sea organism formation has led to increase in ship life and fuel efficiency. The ban on tin based coating anti fouling agent in marine should promote elastomeric coatings demand. Japan, China and South Korea has largest ship building yards and may result in regional elastomeric coating market growth.
North America, driven by Canada and the U.S. elastomeric coating market size may show high growth owing to increase in residential & commercial buildings demand. Rise in expenses on repairs & renovations and roof proofing as preventive measure against snow should favour regional growth.
Europe driven by UK, France and Germany elastomeric coating market size may show significant gains. Rise in aging population has led to increase in heart diseases may show significant stent usage growth. Rise in automotive sector manufacturing and demand may drive regional industrial growth.
Asia Pacific led by Japan, India, and China has witness significant growth in elastomeric coating market size. Increase in government initiatives and rise in foreign investment has shown significant growth in construction industry. Rising geriatric population in Japan and increasing shipping sector may stimulate industry growth. Increase in per capita income in China and India has boosted automobile manufacturing sales thereby stimulating industry growth.
Polyvinyl chloride, polyethylene, and polyurethane are key raw material used for manufacturing process. Fluctuating raw material costs may hinder supply demand gap and affect elastomeric coating market price trend. Rise in structural flexibility requirements for electrical wire coatings may open new avenues over the forecast timeframe.
Global elastomeric coating market share is fragmented. The dominant players are Jotun, Dow, Progressive Painting, BASF, other players are PPG Industries, Nippon Paints, Henry, Rodda and Sherwin Williams.
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