Elastomeric Coating Market Industry Leaders: BASF SE (Germany), Henry (U.S.), Dow Corning Corporation (U.S.), Progressive Painting Inc. (U.S.), Sherwin Williams (U.S.)

The elastomeric coating market is dominated by regional players, along with the presence of few global players, in the key growth markets. North America is the largest market in the global elastomeric coating industry.

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The major companies operating in the global elastomeric coating market are BASF SE (Germany), Henry (U.S.), Dow Corning Corporation (U.S.), Progressive Painting Inc. (U.S.), Sherwin Williams (U.S.), Clariant Chemicals (Switzerland), PPG Industries (U.S.), Nippon Paints (Japan), Jotun A/S (Norway), Rodda Paints (U.S.), and others.

Investments & expansions and new product launches were the key strategies adopted by the industry players in order to achieve growth in the elastomeric coating market. These strategies accounted for about 47% and 33% share, respectively, of all growth strategies adopted by the market players. Rising demand for elastomeric coating and high growth in the construction industry in developing countries have encouraged companies to adopt these strategies.

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The key players are focusing on entering new markets by launching technologically advanced and innovative elastomeric coating and resins for different technologies systems. The Dow Chemical Company (U.S.), Nippon Paints (Japan), and Rodda Paints (U.S.) are some of the leading market players that adopted this strategy in order to develop their business.

Besides new product launches and investments & expansions, companies adopted the strategies of joint ventures, partnerships, contracts, and agreements and mergers & acquisitions in order to expand their market share and distribution network. These two strategies accounted for a share of about 13% and 7% of the total number of growth strategies adopted by the players in the elastomeric coating market between 2011 and 2016.

In 2014, Dow Construction Chemicals (DCC), a business unit of The Dow Chemical Company, launched a new high performance, 100% acrylic re-dispersible powder, DLP-500. Due to this, Dow entered a new market with dry acrylic powder that is designed specifically for Exterior Insulation Finish Systems (EIFS) and stucco finishes.

Jotun (Norway) opened its regional research and development (R&D) facility in China. The new R&D facility is focused on the creation and development of products for coatings and paint.

Also, in 2012, Jotun (U.S.) opened its regional research and development (R&D) facility in China. The new R&D facility is focused on the creation and development of products for coatings and paint.

In 2014, Sherwin-Williams (U.S.) formed a joint venture to launch Premier Paints Company in Saudi Arabia. This joint venture, between Sherwin-Williams and Red Sea Housing Services Company (Saudi Arabia), launched Premier Paints Company, which will serve customers in the architectural, energy, and construction sectors in the region.

The global market size of elastomeric coating is estimated to be USD 6.70 billion in 2016 and is projected to reach USD 13.58 billion by 2021, registering a CAGR of 15.19% between 2016 and 2021. The market growth of elastomeric coating is attributed to the high performance of coatings available at reasonable rates as well as increased acceptance from various application segments, high growth in its end-use industries, and increasing demand from the developing countries. Elastomeric coating is largely used in the construction industry in wall coatings, roof coatings, floor/horizontal surface coatings, and others.

Asia-Pacific is the fastest-growing market for elastomeric coating, in terms of value and volume. The countries in this region such as China, South Korea, India, Indonesia, Vietnam, and Thailand are witnessing a gradual increase in the use of elastomeric coating for walls and roofs application.

China leads the elastomeric coating market in Asia-Pacific. It is projected to be a potential market owing to the growing economy, rapid advances in technology, and increasing manufacturing and application industries. China is followed by Japan, India, and South Korea, where the demand for elastomeric coating is witnessing a steady growth. This growth is driven by the growing collaboration activities adopted by emerging players for R&D, production, and demand for elastomeric coating in the country.

Acrylic is the fastest-growing type of elastomeric coating. Acrylic coatings are typically water-based, easy-to-handle, moderately priced, and exhibit good performance in a wide variety of applications such as, wall coating, roof coating, and others. Acrylic coatings cure by water evaporation, exhibit a reasonable degree of cohesive strength, and provide good adhesion to most roof surfaces. The rising demand of acrylic in applications such as wall and roof coatings is driving the growth of the acrylic resins market in the developing countries.

The wall coatings segment is projected to be the fastest-growing application of elastomeric coating during the forecast period. Wall coatings offer waterproofing properties, greater elongation, gap filling properties, and others. Thus, it has fueled the growth of elastomeric coating in the wall coatings application in the region.

The companies are constantly strengthening their R&D capabilities to provide cost-effective products. These products are manufactured adhering to the regulations set by various associations and governments. All these developments are expected to lead to a sustainable growth of the elastomeric coating market in the next five years. BASF SE (Germany), Sherwin Williams Company (U.S.), PPG Industries Inc. (U.S.), Nippon Paints (Japan), Jotun A/S (Norway), The Dow Chemical Company (U.S.), Progressive Painting Inc. (U.S.), and Clariant (Switzerland) among others are the active players in the global elastomeric coating market.

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