Elastomeric coatings market forecast at $11.3 billion by 2029
Dublin, Ireland – Future Market Insights (FMI) has estimated the market of elastomeric coatings to witness a year over year growth of 7.3% in 2022 reaching a value of about US$ 6,810.5 Mn by the end of 2022. The global business is projected to witness a growth rate of 7.6% over the forecast period of 2022 and 2029.
Growing demand of elastomeric coatings as acrylic, polyurethane, epoxy, silicone, polyurea and others in various end use industries such as, building & construction, roof, wall, floor, bridges, industrial, automotive & transportation and others are anticipated to bolster the consumption rate in the coming years. Considering this, FMI has projected the global elastomeric coatings sales to reach a value of US$ 11,360.5 Mn by 2029 end.
The global demand for elastomeric coating expands by a magnitude of 7.2% over the first half of 2021, whereas the demand is estimated to witness a magnitude of 7.6% during first half of 2022. Sales of elastomeric coatings to witness a spike of 20 bps as compare to the earlier projections.
Demand for elastomeric coatings has increased as a result of the expanding automotive industry, expansion in non-residential buildings, profit-making business plans, and product advancements, which also remain key factors for the higher growth prospects.
Despite these positive outlook, there lies certain challenges which are expected to hinder the growth in the coming years, including raw material costs increment, stringent laws and regulations for chemical industry. With the potential to displace currently available conventional technology on the market, cutting-edge developing technologies like nanotechnology and powder paints & coatings is expected to propel market growth outlook.
Sales of the elastomeric coatings increased at 6.4% CAGR, between the period of 2014 and 2021, owing to its considerable demand from various end use industries. Demand for these coatings were reduced in the year 2020 which has resulted in the decrease in historic CAGR, however from 2021 first half the growth has been bounced back to its original pace with the recovery of the economic conditions.
The increasing focus on the development of low energy consuming coating technologies such as, powder coatings, single-coat electro coating, high solids coating and two component system are prominent technologies to consider.
The demand for elastomeric coatings is expected to witness an upward trend during the forecast period owing to the increasing demand for advanced and eco-friendly coatings. Along with this, increasing building & construction activities and rapid industrial growth in China, India, and ASEAN countries are key factors that are expected to drive the elastomeric coatings market over the forecast period.