Asia Pacific is expected to be the most potential market for elastomeric coating manufacturers. Asia Pacific is projected to witness relatively high growth in terms of value over the forecast period. Growing population coupled with rapidly increasing construction and automotive industries is expected to fuel demand for elastomeric coatings in the region. This trend is expected to sustain over the forecast period. According to India Brand Equity Foundation (IBEF)—a trust by the Department of Commerce, Ministry of Commerce and Industry, Government of India—by the end of FY20 the Indian construction industry is expected to reach a value of US$ 5 billion. Increasing demand for high quality and sustainable structures is increasing consumption of elastomeric coatings. Rapid growth of the construction industry in Asia Pacific is a key driver for the market.
Elastomeric coatings have received increased acceptance amongst various end users due to properties such as enhanced durability and resistance to temperature variations unlike conventional paints. Elastomeric coatings are also used to coat the surface of plastic parts used in the automotive industry. Elastomeric coatings can also be applied on metals such as steel, which has a hydrophilic nature and if left unprotected can eventually leads to corrosion. Elastomeric coatings are also applied on roofs to provide cooling effect and protect concrete roofs from damage due to varying climatic conditions.
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Wall coating product segment is expected to remain dominant in the global elastomeric coating market, due to its wide application in the construction industry. Wall coatings offer properties such as water resistance to the surface. Roof coatings offer numerous advantages such as high tensile strength, thermal emissivity, dirt resistance, substrate adhesion, and solar reflectivity. This has increased the consumption of roof coatings in the last few years, which has augmented growth of elastomeric coating market. Acrylic coatings are used in wall coatings, roof coatings and also for surface coatings and thus, remains the most widely used elastomeric coatings product. Acrylic coatings provide excellent color retention property in outdoor conditions.
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Fluctuating prices of raw materials is expected to be one of the restraining factors for the growth of elastomeric coating market over the forecast period. Coating resin used for manufacturing elastomeric coating is derived from petroleum products, something that is subject to high price volatility. Volatile Organic Compounds (VOC) regulations govern the elastomeric coatings market. The National Volatile Organic Compounds Emissions standards enforced by the According to U.S. Environmental Protection Agency aims to reduce VOC emissions by 90,000 tons per year in order to reduce environmental impact. To reduce VOC content in Hong Kong, the government has passed many regulations to prohibit import and manufacture of products which exceed the VOC content limit. Continuous research and development to find alternatives to raw materials such as use of vegetables oils and production methods to reduce VOC emissions is one of the key strategies adopted by the top players in elastomeric coating industry. Some of the companies operating in the global elastomeric coating market are BASF SE, Progressive Paintings Inc., The Dow Chemical Company, Sherwin Williams Company, PPG Industries Inc., Industria Chimica Adriatica SpA, Nippon Paints, Clariant, The Valspar Corporation, and Rodda Paints, among others.
Elastomeric Coating Market Taxonomy
On the basis of type of product type global market is classified into:Silicone,Butyl,Polyurethane,Acrylic
On the basis of application, the global market is segmented into:Wall coatings,Horizontal surface coatings,Roof coatings