Elastomeric Coating Industry Size, Share, Demand & Growth by 2034
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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