DUBLIN--(BUSINESS WIRE)--The "The Global Elastomeric Coatings Market 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The elastomeric coatings market is expected to grow at a CAGR of around 14% during the forecast period of 2019-2024.
The major factors driving the growth of market studied are the growing infrastructure and architectural applications in the Asia-Pacific and Middle East, and increasing renovation & residential construction in North America & Europe.
On the flipside, the higher costs in comparison to conventional coatings, and vulnerable to global petrochemicals price fluctuations are some of the major stumbling blocks in growth of the studied market.
- Acrylic type segment dominated the market in 2018 and is likely to grow during the forecast period, owing to its properties, such as transparency, high color ability, and UV resistance in coating solutions.
- The reduced maintenance costs have increased its popularity which is likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe, where the demand is driven by the robust growth of construction activities in the region.
Major Market Trends
Wall Coatings Segment to Dominate Market Demand
- Wall coating application is expected to dominate the demand for elastomeric coatings. The elastomeric wall coatings are known for their superior water proofing and elongation properties, which makes them ideal to use as wall and roof coatings in the construction sector.
- The global construction industry grew by about 3.5% during 2018. Residential & commercial construction have been increasing significantly across the globe, which is further driving the demand for elastomeric coatings for construction applications.
- Asia-Pacific and North America regions have been witnessing strong growth in the residential construction, which is further likely to increase the demand for elastomeric coatings for residential application during the forecast period.
- Besides, regions like, Asia-Pacific and Middle East & Africa are experiencing huge domestic as well as foreign investments for setting up industrial unit, hospitals, malls, multiplexes, hospitality industry, and IT sector, which is further expected to add noticeably to the demand for elastomeric coatings market.
- Hence, all such favorable trends in the construction industry is expected to drive the growth of elastomeric coatings market during the forecast period.
Asia-Pacific to Dominate the Global Market
- Asia-Pacific region dominated the global market share in 2018. With growing investments into the residential and commercial construction in the countries, such as India, China, Philippines, Vietnam, and Indonesia, the market for elastomeric coatings is expected to increase in the coming years.
- China currently has numerous airport construction projects, such as, which are either in development or planning stage. These include - Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Besides, the government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next ten years.
- In India, the government's investment target of USD 120.5 billion for developing 27 industrial clusters is expected to boost commercial construction in the country.
- In Indonesia, the government planned to invest in construction sector about USD 450 billion by 2021, which is expected to provide a boost to residential construction in the country.
- Hence, all such investments and planned projects in the Asia-Pacific countries is providing boost to construction activities in the region, which are further likely to drive the demand for elastomeric coatings in the region during the forecast period.
The elastomeric coatings market is a fragmented market, where numerous players holds insignificant share of the market to affect the market dynamics individually. Some of the major players in the market include BASF, The Sherwin Williams Company, Axalta Coatings System, PPG Industries, and Asian Paints Limited, amongst others.
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Infrastructure & Architectural Applications in the Asia-Pacific & Middle Eastern Countries
4.1.2 Increasing Renovation & Residential Construction in North America & Europe
4.2.1 Higher Costs in Comparison to Conventional Coatings
4.2.2 Vulnerable to Global Petrochemicals Price Fluctuations
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.1.5 Other Types
5.3.1 Wall Coatings
5.3.2 Roof Coatings
5.3.3 Floor Coatings
5.3.4 Other Applications
5.4.2 North America
5.4.4 South America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AkzoNobel N.V.
6.4.2 Asian Paints Limited
6.4.3 Axalta Coating Systems LLC
6.4.4 BASF SE
6.4.6 Henry Company (American Securities LLC)
6.4.7 Jotun A/S
6.4.8 Kansai Nerolac Paints Limited
6.4.9 Nippon Paints
6.4.10 PPG Industries Inc.
6.4.11 Progressive Paintings LLC
6.4.12 Rodda Paint Co.
6.4.13 Sika AG
6.4.14 The Sherwin Williams Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Reduced Maintenance Costs Have Increased its Popularity
For more information about this report visit https://www.researchandmarkets.com/r/aepyvu