Elastomeric Coatings Market Size, Share, Growth Analysis, By Type(Acrylic, Polyurethane, Epoxy, Silicone), By Application(Building & Construction, Industrial, Automotive & Transportation, and Others), By Region - Industry Forecast 2024-2031

Q: What is the market size of Elastomeric Coatings Market?

Global elastomeric coatings market size was valued at USD 6.81 billion in 2022 and is poised to grow from USD 7.33 billion in 2023 to USD 13.17 billion by 2031, growing at a CAGR of 7.6% in the forecast period (2024-2031).

Report ID: SQMIG15E2469 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 67 | Figures: 66

Elastomeric Coatings Market Dynamics

Drivers

High Investments in Infrastructure Development

To boost economic growth and accommodate the rapidly expanding population base, governments across the world are investing aggressively in infrastructure development, which in turn is slated to bolster elastomeric coatings demand. High use of elastomeric coatings in different construction applications boosts market growth.

Restraints

Raw Material Availability and Costs

Raw materials required to manufacture elastomeric coatings are subject to global trade market volatility and this is a key constraint for market growth. Supply chain disruptions and trade bans could impact the availability and costs of raw materials, which in turn could slow down elastomeric coatings market development.

Elastomeric Coatings Market Report Snapshots

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FAQs

elastomeric coatings market size was valued at USD 6.81 billion in 2022 and is poised to grow from USD 7.33 billion in 2023 to USD 13.17 billion by 2031, growing at a CAGR of 7.6% in the forecast period (2024-2031).

Elastomeric coating manufacturers should focus on incorporating sustainability in their manufacturing process and products to comply with changing regulations worldwide. Elastomeric coating suppliers should focus on maximizing their sales in developing economies if they want to bolster market share. Collaborations and partnerships could also be key strategies for companies who are looking to fast-track their product development and launch cycles. Companies can also capitalize on the surging demand for advanced coatings around the world to improve their sales and revenue generation potential going forward. Market players can also improve the properties of elastomeric coatings to improve their scope of application across several industry verticals. 'Huntsman Corporation', 'DowDuPont Inc.', 'Versaflex Inc.', 'Nukote Coating Systems', 'PPG Industries Inc.', 'Sherwin-Williams Company', 'Pidilite Industries Ltd.', 'BASF SE', 'Marvel Industrial Coatings LLC', 'Rhino Linings Corporation', 'Covestro AG'

To boost economic growth and accommodate the rapidly expanding population base, governments across the world are investing aggressively in infrastructure development, which in turn is slated to bolster elastomeric coatings demand. High use of elastomeric coatings in different construction applications boosts market growth.

Rapidly Increasing Automotive Production: Rising disposable income has pushed the sales of vehicles around the world and this has catalyzed demand for automotive production. Increasing use of elastomeric coatings in different automotive component manufacturing processes will open new avenues of opportunities for elastomeric coatings suppliers in the long run.

The Asia Pacific region accounts for a dominant share of the elastomeric coating demand outlook. This can be attributed to the presence of robust infrastructure development activity and growing automotive production in this region. Rapid urbanization and industrialization have resulted in increased construction activity, which boosts elastomeric coating demand. China, India, Indonesia, and Japan are some of the lucrative markets for elastomeric coating manufacturers in the Asia Pacific region going forward.

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Elastomeric Coatings Market Size, Share, Growth Analysis, By Type(Acrylic, Polyurethane, Epoxy, Silicone), By Application(Building & Construction, Industrial, Automotive & Transportation, and Others), By Region - Industry Forecast 2024-2031

Elastomeric Coatings Market Dynamics

Elastomeric Coatings Market Report Snapshots

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