LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global elastomeric coatings market for the construction industry to grow at a CAGR of close to 15% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global elastomeric coatings market for the construction industry for 2017-2021. The report also lists wall coating, floor coating and roof coating as the three major application segments, of which the wall coating segment accounted for 53% of the market share in 2016.
According to Hitesh Bhatia, a lead analyst at Technavio for paints, coatings, and pigments research, “The increased per capita income from APAC countries such as India, China, and Thailand is expected to drive the construction market which will ultimately lead to the growing demand for elastomeric coatings.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global elastomeric coatings market for the construction industry:
- Superior performance of elastomeric coatings
- High demand from emerging economies
- Growth in building and construction industry
Superior performance of elastomeric coatings
The elastomeric coatings are high solids and high-performance coatings, which can help in protecting the walls, floors, and roofs against snowfall, heavy rainfall, and strong wind. Elastomeric coatings provide several benefits such as waterproofing, weatherproofing, crack bridging, high flexibility, and resistance to mildew, dirt, and chemicals. Due to these properties, they are witnessing an increase in demand from exterior wall applications, flooring applications, and roofing applications.
In addition, high traffic-bearing capacity and the ability to withstand the vibrations of equipment make elastomeric coatings suitable for flooring applications. They also provide excellent impact, chemical, and abrasion resistance, which make them a favorable choice for the application.
In roofing applications, the high durability of elastomeric coatings as compared with the conventional coatings make them a preferred alternative. They generally come with a warranty of 10-15 years and provide the building owners a reduction in the frequency of roof maintenance jobs and lower life-cycle cost.
High demand from emerging economies
The increase in residential and non-residential building construction in emerging economies is expected to boost the application of elastomeric coatings during the forecast period. The developing countries such as India, China, Indonesia, Russia, and Brazil are expected to drive the demand for elastomeric coatings. The availability of land, cheap labor, and lenient government regulations have made many vendors of elastomeric coatings shift their manufacturing centers to these regions.
“Higher disposable incomes and changing lifestyles in these economies have led to a higher growth in the construction market, as consumers are remodeling their homes and buildings according to the energy-efficient building norms. Therefore, the market for elastomeric coatings in the construction industry will grow during the forecast period,” says Hitesh.
Growth in building and construction industry
The output of the building and construction industry is anticipated to grow by more than 80% to USD 15.5 trillion globally in 2030. Countries such as India, China, and the US are expected to account for more than 50% of the global market.
In 2015, the growth in the building and construction was mainly driven by worldwide construction, increasing purchasing power parity, and continued urbanization. The increase in demand from end users such as residential, non-residential, and infrastructure industry is expected to drive the demand for elastomeric coatings during the forecast period.
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