The elastomeric coating market size is anticipated to reach USD 7874.8 million in 2024 and is expected to total USD 15760.5 million by 2034. The industry is projected to witness a CAGR of 7.2% during the forecast period from 2024 to 2034.
Rising demand for energy-efficient options and increasing awareness about the benefits of coatings make the product a popular choice among customers. Life cycle assessment of elastomeric coatings compared to alternatives is one of the key drivers.
Elastomeric or liquid-applied roofing membranes are highly utilized in sectors such as building and construction. This is due to the ability to offer excellent resistance to weathering, UV radiation, and environmental factors. These features help in reducing the frequency of damage and maintenance. Additionally, the coatings aid in lowering heat absorption and cooling costs and enhancing energy efficiency by reflecting light effectively.
Another driving factor for growth of the market is the surging emphasis on eco-friendly and sustainable building methods. With rising environmental consciousness and implementation of stringent regulations, companies are compelled to use eco-friendly coatings. Hence, the rise of low-VOC (volatile organic compound) and VOC-free elastomeric coatings is inevitable.
Manufacturers are prominently investing in research and development activities to formulate bios-based elastomers and create waterborne production methods. These are projected to meet the need for sustainability and performance standards. Rising popularity of cool roof coating with reflecting qualities subsidizes energy efficiency and decreases the urban heat island effect.
Liquid-applied roofing membranes play a vital role in the development of cool roofs by offering a highly reflective surface. This deflects low adsorption of sunlight and heat. High demand for environmentally friendly construction and building materials is also set to expand revenue.
The coatings have gained popularity because of exceptional properties, such as high energy efficiency and infusion of eco-friendly ingredients. These make the product a preferred option for green buildings. Inconsistent performance and quality resulting from a lack of industry control and standardization may pose constraints on revenue growth.
| Attributes | Description |
|---|---|
| Estimated Global Elastomeric Coating Market Size (2024E) | USD 7874.8 million |
| Projected Global Elastomeric Coating Market Value (2034F) | USD 15760.5 million |
| Value-based CAGR (2024 to 2034) | 7.2% |
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Demand to Rise in the Construction Industry
The construction sector is witnessing a significant demand for elastomeric coating as these are an essential component for protecting structures and prolonging lifespan. These coatings are set to be utilized in multiple applications, such as roof and wall coating, with waterproofing advantages.
With increasing energy efficiency and sustainability concerns in the construction industry, demand for these coatings is estimated to surge. These coatings also help buildings meet energy efficiency standards and certifications, driving adoption in the sector.
Strict Environmental Regulations to Create Challenges
The impact of environmental regulations on the elastomeric coating market increases production costs and limits the use of certain ingredients. This often leads to the reformulation of coatings to reduce volatile organic compound (VOC) emissions, impacting performance and cost-effectiveness.
Liquid-applied roofing membranes are set to face challenges regarding the limitations in harsh environments, such as extreme temperatures, rising pollution, and exposure to toxic chemicals. These conditions result in quick degradation and reduced protection.
Use of High-performance Coatings Rises in Sustainable Infrastructure Development
Rapid urbanization and the need for sustainable infrastructure are anticipated to fuel demand for the coatings. The impact of climate change on the demand for elastomeric coatings is set to be negative. Hence, companies are seeking high-performance coatings. Durability and weather resistance properties make elastomeric coatings the ideal choice. These are, hence, a favorable option for both the government and contractors.
Government initiatives such as investments in infrastructure development influence demand in various sectors and create significant opportunities. Bio-based liquid-applied roofing membranes can provide performance comparable to traditional coatings, offering a sustainable solution without compromising on quality. As consumers and industries increasingly prioritize sustainability, the bio-based coating segment is expected to rise significantly.
Elastomeric coating sales increased at 5.7% CAGR from 2019 to 2023. Growth was attributed to high demand from various industries. In 2020, demand for these coatings decreased, resulting in a decline in the historical CAGR. The first half of 2021 witnessed growth revert to the original position backed by gradual economic recovery.
By 2024, manufacturers are anticipated to invest highly in research and development activities to innovate products with low-energy coating technologies. Demand for powder coatings, single-coat electro-coatings, high solids coatings, and two-component systems is anticipated to rise in the forecast period.
Increasing building and construction projects and ongoing industrial expansion across China, India, and ASEAN nations are expected to fuel elastomeric coating market growth. The sector is set to lead, fueled by rising demand for effective coatings for waterproofing applications.
Increasing focus on sustainable and energy-efficient construction practices is also set to drive demand for liquid-applied roofing membranes in the building and construction sector. Technological advancements, green building initiatives, and a growing preference for cool roof coatings are projected to aid sales.
The coatings are aimed at enhancing durability, weather resistance, and flexibility while also addressing environmental concerns, urbanization trends, and infrastructural development initiatives. These factors are anticipated to contribute to the expansion of the industry.
Principal Consultant
The section below presents the estimated growth rate of the leading countries. The United States is projected to remain at 4% CAGR through 2034. In Asia Pacific, China and India are estimated to show robust growth, with the CAGRs highlighted in the table below.
| Countries | CAGR 2024 to 2034 |
|---|---|
| United States | 4% |
| Germany | 3.4% |
| Spain | 5.4% |
| China | 8% |
| India | 10.7% |
The United States is estimated to hold around 4% CAGR in the forecast period from 2024 to 2034. Liquid-applied roofing membranes offer high durability and weather resistance, reducing maintenance needs. Stringent regulations and policies are set to help promote energy-efficient and sustainable materials. This is further anticipated to propel demand for these membranes.
Manufacturers in the country are strategically investing in research to develop advanced coating solutions. These are tailored to meet the precise requirements of the construction sector. The targeted approach not only fuels expansion but also fosters growth by addressing key challenges and enhancing performance in critical areas. These include factors like durability, weather resistance, and sustainability.
The elastomeric coating sector in China is experiencing significant expansion. The country is anticipated to register a CAGR of 8% by 2034. Growth is driven by rapid industrialization and urbanization. These have fueled demand for new coating materials across various sectors, including automotive, construction, and electronics.
China continues to invest in infrastructure development projects and technological advancements. Hence, the need for high-performance elastomers for seals, gaskets, and insulation has surged. Growing emphasis on sustainability and environmental protection has led to a shift towards eco-friendly coatings, accelerating innovation and sales.
Expansion in India is influenced by the government's ambitious infrastructure development plans. These initiatives have spurred significant investments in urban and rural infrastructure. Favorable policies are anticipated to lead to a greater uptake of liquid-applied roofing membranes for various construction projects. The country is set to register a CAGR of 10.7% by 2034.
Rising extreme weather events in India have pushed the need for durable and weather-resistant building materials. The coatings are a preferred choice for architects, builders, and property developers. Increasing focus on sustainable and energy-efficient construction practices has bolstered demand for these coatings, pushing expansion in India.
By type, the silicone segment is anticipated to dominate the sector, holding a value share of 29.3% in 2024. Based on application, the building and construction segment is projected to account for a share of 56.1% in 2024.
| Segment | Silicone (Type) |
|---|---|
| Value Share (2024) | 29.3% |
Silicone stands out as the leading segment in the global sector. The segment is anticipated to hold a share of 29.3% in 2024, owing to outstanding characteristics tailored for various applications.
Renowned for exceptional weather resistance, durability, and adaptability, silicone coatings excel in diverse environments. Superior adhesion capabilities render these suitable for a wide array of substrates, including concrete, metal, and roofing materials.
Silicone formulations offer long-term protection against UV degradation and water intrusion. These are critical for maintaining structural integrity in harsh climatic conditions prevalent in several regions.
Burgeoning demand for sustainable solutions amplifies the dominance of silicone coatings. With a growing focus on environmental responsibility, these coatings are favored for low VOC content and energy-efficient attributes. Beneficial properties contribute to reducing energy consumption, particularly in buildings, thereby aligning with green building standards and regulations.
Construction practices have evolved to prioritize eco-friendly materials. Hence, silicone elastomers continue to be the preferred choice, thereby augmenting sales.
| Segment | Building and Construction (Application) |
|---|---|
| Value Share (2024) | 56.1% |
In terms of application, the building and construction segment will likely hold a share of 56.1% in 2024. The sector is underpinned by a fundamental need for protective and aesthetic solutions.
Novel coatings play a significant role in safeguarding structures against various environmental challenges, including weathering. Ability to enhance the durability and longevity of building materials significantly reduces maintenance costs over time.
The construction sector’s diverse substrate requirements, ranging from concrete and metal to roofing materials, drive demand for elastomeric coatings. These can effectively adhere to different surfaces while providing long-term protection.
Growing emphasis on sustainable building practices and energy efficiency further propels demand in the construction sector. Coatings with low volatile organic compound content are increasingly preferred as these contribute to healthy indoor air quality and high environmental responsibility.
Coatings with reflective properties are set to help improve energy efficiency by reducing heat absorption, further lowering cooling costs in buildings. Alignment with green building standards and regulations further solidifies the position of the building and construction segment.
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The competitive landscape in the elastomeric coating industry is characterized by the presence of key companies. These companies are actively engaged in several strategic activities to hold significant shares. Renowned companies are investing in research initiatives to explore new applications and products for clients.
Strategic collaborations between large-scale companies and emerging players are also prevalent, aimed at reducing competition and fostering innovation in product development. Evaluation of competitors in this sector is based on the products and services available. The main focus is on factors such as performance, durability, and application-specific features.
Industry Updates
The industry is segregated into acrylic, polyurethane, epoxy, silicone, polyurea, and others.
A few important applications include building and construction [roof, wall, floor, bridges, and others], industrial, automotive and transportation, and others.
The main countries of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa are covered.
The sector is set to reach USD 7874.8 million in 2024.
The industry is projected to experience a 7.2% CAGR by 2034.
Huntsman Corporation, Covestro AG, PPG Industries Inc., and Versaflex Inc.
In 2024, the silicone segment is estimated to hold a substantial share.
The sector is projected to reach USD 15760.5 million by 2034.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
6.1. Types
6.2. Application
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Types
7.1. Acrylic
7.2. Polyurethane
7.3. Epoxy
7.4. Silicone
7.5. Polyurea
7.6. Others
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
8.1. Building & Construction
8.1.1. Roof
8.1.2. Wall
8.1.3. Floor
8.1.4. Bridges
8.1.5. Others
8.2. Industrial
8.3. Automotive and Transportation
8.4. Others
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
9.1. North America
9.2. Latin America
9.3. Europe
9.4. South Asia
9.5. East Asia
9.6. Middle East & Africa
10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. Sales Forecast 2024 to 2034 by Types and Application for 30 Countries
18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
19. Company Profile
19.1. BASF SE
19.2. Sherwin-Williams Company
19.3. DowDuPont Inc.
19.4. Huntsman Corporation
19.5. Covestro AG
19.6. PPG Industries Inc.
19.7. Versaflex Inc.
19.8. Rhino Linings Corporation
19.9. Nukote Coating Systems
19.10. Marvel Industrial Coatings LLC
19.11. Pidilite Industries Ltd.
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Elastomeric Coating Market
