Elastomeric Coatings Market Size, Share, Opportunities, And Trends By Application (Wall Coatings, Floor Coatings, Roof Coatings, Others), By Type (Butyl, Silicone, Acrylic, Polyurethane, Others), By Source (Solvent-based, Water-based), And By Geography - Forecasts From 2023 To 2028

Surface and roofing membranes that apply liquids with elongation and elastic qualities are collectively referred to as elastomeric coatings. Elastomeric coatings are frequently used to seal gaps, fissures, and other microscopic spaces so that outside air cannot enter to cause corrosion on different surfaces such as walls, floors, roofs, and steel reinforcement bars. In addition, elastomeric coatings can alter the structural appearance of these surfaces. Butyl, silicone, acrylic, and polyurethane are some of the most commonly used elastomeric coatings. Acrylic elastomeric coatings offer good insulation and minimize energy costs for high-sloped roofs whereas Butyl elastomeric coating is frequently employed for flat and low-slope roofs because it resists water pressure and acts as a good vapor barrier. Polyurethane elastomeric coatings are used on EPDM rubber roofs as they don’t require specific chemical rinses and have efficient waterproofing and leak-sealing capabilities. The rising demand for coatings in the building and construction sector to prevent the residential, commercial, and industrial buildings from weathering cracks and moisture penetration is expected to substantially grow the elastomeric coatings market over the forecast period. However, the fluctuations in the price of raw materials used to manufacture elastomer coatings could limit the growth of the elastomer coatings market over the forecast period.

Market Drivers

Increasing consumption of electricity for cooling purposes

The International Energy Agency estimated that approximately 20% of the total electricity used in building establishments all over the world is accounted for by the use of electric fans and air conditioning systems and that approximately 66.7% of households worldwide shall possess air conditioning systems by 2050. However, the rising demand for air conditioners is straining the electricity systems of major nations around the world enormously, and rising the global pollution level is releasing an increasing number of harmful emissions and radiation. The ill environmental effect of excessive electricity usage for AC purposes is driving the demand for roofing solutions such as elastomeric coatings with cooling and UV radiation resistance properties. The application of elastomeric cool roof coating utilizes materials and light colors with an efficient reflective ability to reduce the temperature of the building. A study conducted by Nouryon Company established that the application of its cool roof coating product enabled customers to save their electricity consumption level by 40% by reducing the roof temperature by 15°C. Therefore, the integration of elastomer coating with cooling technology is anticipated to increase their consumption in residential buildings resulting in the growth of the elastomer coating market over the forecast period.

The growing consumption of vehicles provides an opportunity for the expansion of the elastomeric coatings market.

In the automotive industry, elastomeric coatings are employed over the plastic components and flexible equipment used in vehicles such as elastomeric bumpers. The coating applications on automotive plastic components generally employ thermoplastic elastomers like polyurethane, acrylic, and ethylene-propylene rubber. Certain companies in the elastomer coating manufacturing business provide customized elastomer coatings to be applied in automobiles. For instance, Stahl Holdings B.V., a Netherlands-based company produces a wide range of elastomer coatings including the RelcaSil elastomer coatings product range that employs hybrid silicone urethane coating technology to serve the needs of automotive manufacturers. In addition, Momentive, a company specializing in the production of specialty silicones and solutions manufactures SPUR+ 3030 prepolymer and CoatOSil DRI elastomer coatings for the automotive sector. The expansion of the automotive industry in different nations generates an increase in the demand for elastomeric coatings to cover certain components of vehicles. The International Trade Administration reported that international automotive companies in the US manufactured approximately 5 million units of vehicles in 2020.

Key Developments

In March 2023, a Holcim Building Envelope brand, Gaco announced the launch of a new elastomeric coating manufactured from acrylics, GacoFlex A48 for roofing applications with efficient tensile strength, strong adhesive power, and eco-friendly properties that assist contractors to finish building projects using less amount of coating materials.

In May 2020, Nouryon, an international specialty chemical manufacturing company announced the introduction of a new elastomeric coating solution for roofs to lower temperatures by combining the thermoplastic properties of the Expancel product and the performance enhancement ability of its Levasil colloidal silica product. Further, the company will be collaborating with CoadTech for distributing this product across the US. 

In January 2020, Mallard Creek Polymers declared the commercial launch of its new acrylic emulsion polymer, Rovene 6120 to be applied as an elastomeric coating on roofs as a result of its investment in research and development activities to generate innovative polymer technology and products with water-resistance abilities. 

Asia Pacific holds a noteworthy portion of the elastomeric coatings market and is expected to grow in the forecast period.

The abundance of paint and coatings manufacturing companies and the expansion of the building and construction sector in the region are two significant factors promoting the use of elastomeric coatings in the Asia Pacific region. The rising governmental regulations to lower harmful air pollutants and VOC emissions are resulting in the evolution of coating technology in the region fueled by the rise in demand for coatings containing unhazardous and odorless chemicals. The simultaneous development in coating technology and the rise in industrial and residential buildings in major Asian economies are stimulating the growth of the elastomeric coatings market for wall coatings and roof coatings with effective cooling properties in these buildings. For instance, the rising electricity consumption in domestic households in India reached an average of 15.1 kWh/day in summer as per the Energy Informatics Academy Conference conducted in 2022 which demonstrates the need for coating solutions with energy efficiency properties to lower electricity consumption across the industrial and residential buildings in the country. Hence, the growing demand for energy efficiency will result in the development of the elastomeric coatings market in the region.

Key Market Segments:

• By Application
• • Wall Coatings
  • Floor Coatings
  • Roof Coatings
  • Others
• By Type

• • Butyl
  • Silicone
  • Acrylic
  • Polyurethane
  • Others
• By Source

• • Solvent-based
  • Water-based
• By Geography

• North America

• • USA
  • Canada
  • Mexico

• South America

• • Brazil
  • Argentina
  • Others

• Europe

• • United Kingdom
  • Germany
  • France
  • Italy
  • Spain
  • Others

• Middle East and Africa

• • Saudi Arabia
  • UAE
  • Others

• Asia Pacific

• • China
  • Japan
  • India
  • South Korea
  • Taiwan
  • Others

1.    INTRODUCTION

1.1.  Market Overview

1.2.  Market Definition

1.3.  Scope of the Study

1.4.  Market Segmentation

1.5.  Currency

1.6.  Assumptions

1.7.  Base, and Forecast Years Timeline

2.    RESEARCH METHODOLOGY 

2.1.  Research Data

2.2.  Assumptions

3.    EXECUTIVE SUMMARY

3.1.  Research Highlights

4.    MARKET DYNAMICS

4.1.  Market Drivers

4.2.  Market Restraints

4.3.  Porter’s Five Force Analysis

4.3.1.    Bargaining Power of Suppliers

4.3.2.    Bargaining Power of Buyers

4.3.3.    Threat of New Entrants

4.3.4.    Threat of Substitutes

4.3.5.    Competitive Rivalry in the Industry

4.4.  Industry Value Chain Analysis

5.    ELASTOMERIC COATINGS MARKET ANALYSIS, BY APPLICATION

5.1.  Introduction

5.2.  Wall Coatings

5.3.  Floor Coatings

5.4.  Roof Coatings

5.5.  Others

6.    ELASTOMERIC COATINGS MARKET ANALYSIS, BY TYPE

6.1.  Introduction

6.2.  Butyl

6.3.  Silicone

6.4.  Acrylic

6.5.  Polyurethane

6.6.  Others

7.    ELASTOMERIC COATINGS MARKET ANALYSIS, BY SOURCE

7.1.  Introduction

7.2.  Solvent-based

7.3.  Water-based

8.    ELASTOMERIC COATINGS MARKET, BY GEOGRAPHY

8.1.  Introduction

8.2.  North America

8.2.1.    USA

8.2.2.    Canada

8.2.3.    Mexico

8.3.  South America

8.3.1.    Brazil

8.3.2.    Argentina

8.3.3.    Others

8.4.  Europe

8.4.1.    Germany

8.4.2.    France

8.4.3.    United Kingdom

8.4.4.    Spain

8.4.5.    Others

8.5.  Middle East And Africa

8.5.1.    Saudi Arabia

8.5.2.    UAE

8.5.3.    Israel

8.5.4.    Others

8.6.  Asia Pacific

8.6.1.    China

8.6.2.    Japan

8.6.3.    India

8.6.4.    South Korea

8.6.5.    Indonesia

8.6.6.    Thailand

8.6.7.    Taiwan

8.6.8.    Others

9.    COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1.  Major Players and Strategy Analysis

9.2.  Emerging Players and Market Lucrativeness

9.3.  Mergers, Acquisitions, Agreements, and Collaborations

9.4.  Vendor Competitiveness Matrix

10. COMPANY PROFILES

10.1. Clariant

10.2. Asian Paints Limited

10.3. The DOW Chemical Company

10.4. Rodda Paints

10.5. Progressive Paintings Inc.

10.6. PPG Industries Inc.

10.7. The Sherwin Williams Company

10.8. Stahl Holding Inc.

10.9. Tower Sealants

10.10. VersaFlex

Clariant

Asian Paints Limited

The DOW Chemical Company

Rodda Paints

Progressive Paintings Inc.

PPG Industries Inc.

The Sherwin Williams Company

Stahl Holding Inc.

Tower Sealants

VersaFlex