Elastomeric Coatings Market Size, Share, Growth Analysis, By Type(Acrylic, Polyurethane), By Application(Building & Construction, Industrial) - Industry Forecast 2024-2031

Report ID: SQMIG15E2469 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 67 | Figures: 66

Elastomeric Coatings Market Insights

Global elastomeric coatings market size was valued at USD 6.81 billion in 2022 and is poised to grow from USD 7.33 billion in 2023 to USD 13.17 billion by 2031, growing at a CAGR of 7.6% in the forecast period (2024-2031).

Elastomeric coatings are extensively used in building and construction applications to reduce heat absorption and reflect light in internal or external applications. They are also used in other industry verticals for similar purposes, and this is what drives its demand around the world. Growing investments in infrastructure development around the world and rising investments in novel materials research are estimated to bolster sales of elastomeric coatings over the coming years. Elastomeric coatings are also used to provide a protective finish to surfaces in automotive and industrial applications. Rapidly expanding automotive production activity and growing industrialization around the world are also estimated to favor elastomeric coatings market growth in the long run. Surging demand for affordable yet effective coatings around the world is also estimated to favor elastomeric coating demand across the forecast period and beyond.

Elastomeric Coatings Market Report Snapshots

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elastomeric coatings market size was valued at USD 6.81 billion in 2022 and is poised to grow from USD 7.33 billion in 2023 to USD 13.17 billion by 2031, growing at a CAGR of 7.6% in the forecast period (2024-2031).

Elastomeric coating manufacturers should focus on incorporating sustainability in their manufacturing process and products to comply with changing regulations worldwide. Elastomeric coating suppliers should focus on maximizing their sales in developing economies if they want to bolster market share. Collaborations and partnerships could also be key strategies for companies who are looking to fast-track their product development and launch cycles. Companies can also capitalize on the surging demand for advanced coatings around the world to improve their sales and revenue generation potential going forward. Market players can also improve the properties of elastomeric coatings to improve their scope of application across several industry verticals. 'Huntsman Corporation', 'DowDuPont Inc.', 'Versaflex Inc.', 'Nukote Coating Systems', 'PPG Industries Inc.', 'Sherwin-Williams Company', 'Pidilite Industries Ltd.', 'BASF SE', 'Marvel Industrial Coatings LLC', 'Rhino Linings Corporation', 'Covestro AG'

To boost economic growth and accommodate the rapidly expanding population base, governments across the world are investing aggressively in infrastructure development, which in turn is slated to bolster elastomeric coatings demand. High use of elastomeric coatings in different construction applications boosts market growth.

Rapidly Increasing Automotive Production: Rising disposable income has pushed the sales of vehicles around the world and this has catalyzed demand for automotive production. Increasing use of elastomeric coatings in different automotive component manufacturing processes will open new avenues of opportunities for elastomeric coatings suppliers in the long run.

The Asia Pacific region accounts for a dominant share of the elastomeric coating demand outlook. This can be attributed to the presence of robust infrastructure development activity and growing automotive production in this region. Rapid urbanization and industrialization have resulted in increased construction activity, which boosts elastomeric coating demand. China, India, Indonesia, and Japan are some of the lucrative markets for elastomeric coating manufacturers in the Asia Pacific region going forward.

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Elastomeric Coatings Market Size, Share, Growth Analysis, By Type(Acrylic, Polyurethane), By Application(Building & Construction, Industrial) - Industry Forecast 2024-2031

Elastomeric Coatings Market Insights

Elastomeric Coatings Market Report Snapshots

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