Elastomeric Coating Industry Size, Share, Demand & Growth by 2034
The global business is projected to witness a growth rate of 7.2% over the forecast period of 2024 and 2034. Future Market Insights (FMI) has estimated the industry of elastomeric coatings sales to witness a year-over-year growth of 5.7% in 2023 reaching a value of aboutUSD 7874.8 million by the end of 2024.
Rising demand for eco-friendly and advanced coatings coupled with growing building and construction activities makes elastomeric coatings a popular and innovative choice in the market. Through constant research & development, elastomeric coatings are finding applications in different areas. Further, the superior property of the product — water resistance — efficiently protects against the intrusion of moisture into the walls, in the construction industry. The growing construction industry is expected to catalyze the growth of the elastomeric coatings market.
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Key Takeaways of Elastomeric Coatings Market Study
By type, silicone is expected to be the most popular choice of elastomeric coatings, owing to the increasing consumption of silicone-based elastomeric coatings for roof protection against bad weather, standing water, and sun damage.
In terms of application, the building and construction industry is expected to be a prominent consumer of elastomeric coatings. This is driven by the increasing construction of commercial, domestic, and industrial buildings across geographies. Furthermore, it is expected that the application of elastomeric coatings on roofs will be prominent throughout the forecast period.
The elastomeric coatings market is anticipated to grow at a decent rate in developing economies, especially in China, India, ASEAN countries, etc., as favorable market conditions and a large consumer base are fueling the demand for elastomeric coatings.
Advanced coating technologies have gained tremendous attraction for waterproofing purposes in several industries such as building & construction, automotive & transportation, chemicals, oil & gas, energy & power, etc. Therefore, the shifting trend towards the adoption of advanced coating technologies is expected to drive the growth of the elastomeric coatings market.