Elastomeric Coating is a covering applied onto a substrate to serve decorative, functional, or protectoral purposes. The most common substrate type on which this type of coatings are applied are concrete, metal, and plastic. The Elastomeric Coatings offer various physical properties such as excellent, finish, gloss and clarity, greater weather ability, and superior hardness. These type of coatings possess greater film thickness as compared to traditional paints & coatings. Elastomeric Coatings are generally applied as double coats to prevent cracking of both film and the surface underneath it. The major benefit of the Elastomeric Coating is the increased lifespan and durability of the material or an object along with the unaltered aesthetics of the substrate. The major end-use industries deploying the use of Elastomeric Coatings are buildings & construction, transportation, marine, and others.
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According to the study conducted, the Global Protective Coating Market is projected to reach USD 25 billion by the end of 2023 at a robust CAGR. This is expected to boost the demand for the Elastomeric Coating during the forecast period, 2018–2023. The elastomeric coating accounts for over a quarter share of the global protective coatings market and is expected to retain its dominance throughout the forecast period (2018–2023). The Elastomeric Coatings serve a wide scope of applications and are witnessing significantly higher growth owing to continuously increasing demand for Elastomeric Coatings from the major end-use industries. In numerous industries, there is a growing need for the protective coatings to be applied to equipment, tools, and heavy machine parts. The rapid industrialization in almost all the developing countries is likely to fuel demand for these types of coatings. However, the fluctuating prices of raw materials such as coatings resins and crude oil-based products are expected to hamper the growth of the market during the assessment period.
The Global Elastomeric Coating Market is segmented on the basis of Type, Technology, Application, end Use, and Region.
Based on the Type the market is segmented into acrylic, polyurethane, silicone, polysulfide, and others.
By Technology, the market is categorized into water-borne, solvent-borne, and radiation cured.
On the Basis of the Application, the market is segmented into wall, roof, floor, and others.
Based in the End Use, the Global Elastomeric Coatings Market is segmented into residential, commercial industrial.
Geographically, the market is segmented into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.
The Global Elastomeric Coatings Market is spanned across the five major regions: Asia Pacific, North America, Europe Latin America, and the Middle East & Africa. Asia Pacific is dominating the market by holding the largest share. This is mainly attributed to the leading edge achieved by this region in industrialization and urbanization. Furthermore, the governments in this region are heavily focusing on their infrastructural development. India, Japan, South Korea, and China are the major contributors to this regional market. In terms of market size, North America is following Asia Pacific. The U.S is the largest market in this region due to a steady rise in the use of Elastomeric Coating materials, mainly in reconstruction activities and marine and automotive industries. Europe is closely following North America in the Global Elastomeric Coatings Market. The major markets in this region are Germany, the U.K., France, and Italy due to huge demand for the product from the automotive industry.
Lastly, Latin America and the Middle East & Africa is witnessing a steady growth of the major end-use industries in the countries namely Brazil, Saudi Arabia, Turkey, the UAE, and Argentina. The pacifying economic situation in both the regions is likely to favor the growth in regional market. In the coming years, Latin America and the Middle East & Africa are likely to contribute significantly to the growth of the market owing to increasing demand from the building and construction industry.
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