Elastomeric Coatings Market: Key Players and Competitive Strategies

The elastomeric coatings market is growing at a high rate and is expected to be worth $56.6 billion by 2032, at a CAGR of 16.9% for the period between 2022 and 2032. Rising demand for elastomeric coatings with improved flexibility, durability, and protection against the elements, crack bridging, and similar related protective properties across various sectors such as construction, automotive, and infrastructure has led to the adoption of these coatings in recent times.

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Key Market Drivers

The expanding construction industry, especially in emerging economies such as China and India, has emerged as the biggest growth driver for the elastomeric coatings market. Many large-scale construction projects that are underway, including the expansion of airports and development of industrial clusters in India, are proving to be mighty demand drivers for these coatings, especially for roofing and wall applications. The government's ambitious urbanization projects have increased this requirement in China.

Automotive industry demand: The automotive industry also generates much demand for elastomeric coatings. Because electric vehicles are increasingly manufactured and the environment continues to be increasingly aggressive on VOLs, more elastomeric coatings are being applied on vehicle surfaces to protect them against corrosion and enhance their aesthetics.

Acrylic-Based Coatings: The market is led by acrylic-based elastomeric coatings, which are expected to grow at a strong CAGR of 19.8% from 2022 to 2032. This is because these coatings have features that offer resistance to heat, color retention, and easy application and are suitable for construction applications such as exterior walls and roofs​.

Key Companies Covered

• BASF SE
• Sherwin Williams Company
• PPG Industries
• Teknos Group
• Huntsman Corporation
• The DOW Chemical Company
• Axalta Coating Systems LLC
• The Valspar Corporation
• Kansai Nerolac Paints Limited
• Progressive Paintings LLC
• Nippon Paints
• Rodda Paints

Regional Insights

Asia-Pacific will be the most promising region, as investment in residential and commercial infrastructure is likely to remain buoyant. Demand in China, India, and South Korea will particularly drive this, given the enormous construction activity underway in these nations.

North America, led by the United States, is another significant market, where infrastructure development programs and a high demand for automotive coatings contribute greatly to the market expansion. As such, the U.S. market is forecasted to reach $21.1 billion by 2032, driven by infrastructure projects mainly consisting of upgrades to highways​.

Barriers and Restraints

Nevertheless, the market of elastomeric coatings is challenged by the rising oil price, which is in part a result of geopolitical factors such as the Russia-Ukraine conflict. It has resulted in an increase in the price of raw materials used for elastomeric coatings, making it less affordable, thus limiting further growth in the market mainly in developing regions.

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Competitive Landscape

Leaders in the market are BASF SE, Sherwin-Williams, and PPG Industries. A few of the latest mergers and acquisitions made by PPG with Versa Flex exhibit how aggressive companies are to gain better market shares and improve their product value.

Some of the latest updates from key Elastomeric Coating companies are as follows :

PPG acquired Versa Flex from DalFort Capital Partners in February 2021. Versa Flex offered polyurethane, epoxy, and polyurethane coatings for industrial flooring, transportation infrastructure, and water and wastewater infrastructure.

In May 2021, PPG announced that it had completed its acquisition of Worwag, one of the significant manufacturers of coatings applied in industrial as well as automotive industries. The company specializes in producing environmentally friendly powder, liquid, and film coatings.

BASF's coatings division will purchase in January 2019 the vehicle paint detackification business of Polymer Ventures, Inc., and all the stock of Galaxy Chemical Corporation.

Bottom line, the growth path remains pretty strong for the elastomeric coatings market, considering the booming demand of this particular market from the construction industry, along with the automotive industry, while it is experiencing significant strength in Asia-Pacific and North America. The outlook is quite bright given the advancements in the durability and environmental performance of acrylic and silicone coatings.

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