Elastomeric Coatings Market by Type and Geography - Forecast and Analysis 2022-2026

The elastomeric coatings market share is expected to increase by USD 790.3 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.48%.

This elastomeric coatings market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers elastomeric coatings market segmentation by type (silicone, acrylic, and urethane) and geography (APAC, Europe, North America, South America, Middle East and Africa, China, US, Japan, Germany, and India). The elastomeric coatings market report also offers information on several market vendors, including 3M Co., Acry tech Coatings Inc., Asian Paints Ltd., BASF SE, Choksey Chemicals Pvt. Ltd., Cloverdale Paint Inc., Dow Inc., DuluxGroup Ltd., DURABUILD, Henry Co., Jotun AS, Kamsons, LATICRETE International Inc., Masco Corp., Master Builders Solutions Deutschland GmbH, Nippon Paint India Pvt. Ltd., PDI Roof Coatings, PPG Industries Inc., Progressive Painting Inc., Sika AG, The Sherwin-Williams Co., and Univar Solutions Inc. among others.

What will the Elastomeric Coatings Market Size be During the Forecast Period?

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Elastomeric Coatings Market: Key Drivers, Trends, and Challenges

The increasing consumption of thermoplastic elastomer coatings in the automotive industry is notably driving the elastomeric coatings market growth, although factors such as volatility in prices of raw materials may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the elastomeric coatings industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Elastomeric Coatings Market Driver

The increasing consumption of thermoplastic elastomer coatings in the automotive industry is one of the key drivers supporting the elastomeric coatings market growth. Thermoplastic elastomers, such as acrylic, ethylene-propylene rubber, polyurethane, and other polymers, are preferred for coating applications in automotive plastic components. For instance, according to the International Trade Administration (ITA), the Chinese government is expected to increase the sales of automobiles in the country to 35 million units by 2025. Furthermore, according to the India Brand Equity Foundation (IBEF), the Indian government expects the automotive sector to attract $8-$10 billion in local and foreign investments by the end of 2023. Hence, such factors are expected to boost the growth of the automotive industry, which, in turn, will accelerate the demand for elastomeric coatings during the forecast period.

Key Elastomeric Coatings Market Trend

The burgeoning construction industry is another factor supporting the elastomeric coatings market growth. Elastomeric coatings materials, such as acrylic, polyurethane, polysulfide rubber, silicone, and epoxy, are used as a surface coating in buildings, including the wall area, floors, and roof coverings. These coatings are widely used in buildings due to beneficial properties, such as abrasion resistance, chemical resistance, tear strength, high resistance to moisture, and temperature compatibility. Thus, the rapid growth of the building and construction sector worldwide is driving the demand for elastomeric coatings. Furthermore, some of the major ongoing construction projects across the world that are expected to boost the growth of the elastomeric coatings market during the forecast period

Key Elastomeric Coatings Market Challenge

Volatility in the prices of raw materials is one of the factors hindering the elastomeric coatings market growth. Global crude oil demand declined by 2.5 million barrels per day (mb/d) in Q2 2020 due to the nationwide lockdowns implemented across countries globally following the outbreak of COVID-19. In the second quarter, i.e., Q2 2020, global oil declined by around 90,000 barrels a day compared with the corresponding period in 2019. In addition, according to BP's statistics, oil prices declined to $64.21/bbl in 2019, while they were $71.31/bbl in 2018. Furthermore, in February 2022, the price of crude oil crossed $100/bbl, primarily to the imminent war between Russia and Ukraine. Thus, fluctuations in the global prices of crude oil hamper the growth of the global elastomeric coatings market.

This elastomeric coatings market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global elastomeric coatings market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the elastomeric coatings market during the forecast period.

Who are the Major Elastomeric Coatings Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• 3M Co.
• Acry tech Coatings Inc.
• Asian Paints Ltd.
• BASF SE
• Choksey Chemicals Pvt. Ltd.
• Cloverdale Paint Inc.
• Dow Inc.
• DuluxGroup Ltd.
• DURABUILD
• Henry Co.
• Jotun AS
• Kamsons
• LATICRETE International Inc.
• Masco Corp.
• Master Builders Solutions Deutschland GmbH
• Nippon Paint India Pvt. Ltd.
• PDI Roof Coatings
• PPG Industries Inc.
• Progressive Painting Inc.
• Sika AG
• The Sherwin-Williams Co.
• Univar Solutions Inc.

This statistical study of the elastomeric coatings market encompasses successful business strategies deployed by the key vendors. The elastomeric coatings market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• BASF SE is a public company headquartered in Germany. It is a global company generating $96,448 million in revenues and has around 111,047 employees. Its revenue from the global elastomeric coatings market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. 
• BASF SE - The company offers elastomeric coatings that provide a superior way for builders to reduce the amount of heat that is typically absorbed by traditional asphalt roofs, under the brand name of BASF. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The elastomeric coatings market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Elastomeric Coatings Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the elastomeric coatings market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Elastomeric Coatings Market?

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54% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for elastomeric coatings market in APAC. Market growth in this region will be faster/slower than the growth of the market in regions.

The rapid consumption of polyether block amide thermoplastic elastomers in waterproof roof coatings and floor coatings will facilitate the elastomeric coatings market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 negatively impacted the industrial sector across the region. However, the gradual resumption of business activities in the region due to the decline in the number of COVID-19 cases by various government initiatives such as mass vaccination drives and other restrictions on public gathering, coupled with the growing focus on construction have led to a subsequent rise in the demand for coatings such as elastomeric coating, which is expected to drive the market growth during the forecast period.

What are the Revenue-generating Type Segments in the Elastomeric Coatings Market?

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The elastomeric coatings market share growth by the silicone segment will be significant during the forecast period. The effectiveness of silicon-based technologies in coatings has widened their scope, from high-performance applications to their broad usage across the coatings industry. Furthermore, owing to their high thermal stability and weathering resistance, silicone coatings are widely used in the electronics industry. In addition, silicone coatings also find applications in several end-user industries, such as construction, healthcare, automotive, and transportation, on account of their reliability and high performance, which is expected to bolster the demand for silicone-based elastomeric coatings during the forecast period. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the elastomeric coatings market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Elastomeric Coatings Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive elastomeric coatings market growth during the next five years
• Precise estimation of the elastomeric coatings market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the elastomeric coatings industry across APAC, Europe, North America, South America, Middle East and Africa, China, US, Japan, Germany, and India
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of elastomeric coatings market vendors

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