The global business is projected to witness a growth rate of 7.2% over the forecast period of 2024 and 2034. Future Market Insights (FMI) has estimated the industry of elastomeric coatings sales to witness a year-over-year growth of 5.7% in 2023 reaching a value of aboutUSD 7874.8 million by the end of 2024.
Rising demand for eco-friendly and advanced coatings coupled with growing building and construction activities makes elastomeric coatings a popular and innovative choice in the market. Through constant research development, elastomeric coatings are finding applications in different areas. Further, the superior property of the product — water resistance — efficiently protects against the intrusion of moisture into the walls, in the construction industry. The growing construction industry is expected to catalyze the growth of the elastomeric coatings market.
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Key Takeaways of Elastomeric Coatings Market Study
- By type, silicone is expected to be the most popular choice of elastomeric coatings, owing to the increasing consumption of silicone-based elastomeric coatings for roof protection against bad weather, standing water, and sun damage.
- In terms of application, the building and construction industry is expected to be a prominent consumer of elastomeric coatings. This is driven by the increasing construction of commercial, domestic, and industrial buildings across geographies. Furthermore, it is expected that the application of elastomeric coatings on roofs will be prominent throughout the forecast period.
- The elastomeric coatings market is anticipated to grow at a decent rate in developing economies, especially in China, India, ASEAN countries, etc., as favorable market conditions and a large consumer base are fueling the demand for elastomeric coatings.
- Advanced coating technologies have gained tremendous attraction for waterproofing purposes in several industries such as building construction, automotive transportation, chemicals, oil gas, energy power, etc. Therefore, the shifting trend towards the adoption of advanced coating technologies is expected to drive the growth of the elastomeric coatings market.
“Elastomeric coatings hold more advantages over other coating systems, owing to lower VOC emissions and recyclability, which makes them a preferred choice because of their eco-friendly properties. Attributed to this factor, the demand for elastomeric coatings is anticipated to grow at a significant rate over the forecast period.”
Elastomeric Coatings Market — Key Research Findings
- The global elastomeric coatings market size is expected to reach USD 15760.5 million by 2034.
- The market is projected to record a CAGR of 7.2% during the forecast period (2024 to 2034).
- Silicon-based elastomeric coatings hold about 1/3rd of the total revenue, while polyurea variants are expected to witness strong demand over the forecast period.
- Demand for elastomeric coatings in the building and construction industry will continue to grow at a significant pace, while industrial application will create profitable growth opportunities for market players.
- The increasing scope of application in the automotive industry is expected to complement the elastomeric coatings market growth.
- North America and Asia are expected to account for major shares of the global elastomeric coatings market, which is projected to remain at 4% CAGR through 2034.
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing — ‘The Way Forward’.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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