Elastomeric Coatings Market 2016 Share, Trend and Forecast Elastomeric Coatings Market - Global Industry Anal | Page 2

industry in developing regions such as Asia Pacific and Latin America is another
demand driving factor of the global elastomeric coatings market. Acrylic,
polyurethane, and vinyl polymers are the key elastomeric coatings consumed for
coating applications in automotive plastic components. Excellent thermal
resistance, uniform surface distribution, and improved finishing are the chief
characteristics of these coatings, due to which they are expected to be further
utilized in the automotive sector during the forecast period.
Fluctuation in prices of raw materials, especially coating resins, is likely to stifle the
market for elastomeric coatings in the years ahead. However, rising structural
flexibility requirements for electrical wire coatings are projected to provide
significant growth opportunities to the global elastomeric coatings market by the
end of 2024.
In terms of volume, Asia Pacific is expected to constitute the largest share of the
global elastomeric coatings market by the end of 2024. China, India, and ASEAN
countries are likely to witness high demand for elastomeric coatings during this
period. Dense population and broad consumer base coupled with growing building &
construction and automotive end-user markets are the key driving factors for
elastomeric coatings demand. Demand for elastomeric coatings in North America
and Europe is anticipated to witness a stabilized growth rate during the forecast
period, due to stringent government regulations over VOC emissions from coatings
and saturated end-user markets. Middle East & Africa is anticipated to witness firm
growth in the elastomeric coatings market due to consumption of elastomeric
coatings due to a flourishing building & construction market especially in GCC
countries. Latin America is likely to witness the fastest growth in terms of demand,
due to rising consumption of elastomeric coatings in the regional automotive sector,
by the end of 2024.
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BASF SE, The Dow Chemical Company, The Sherwin-Williams Company, PPG
Industries, Inc., The Valspar Corporation, Clariant AG, BEHR Process Corporation,
Jotun A/S, and Dulux Australia are some of the elastomeric coatings manufacturers
currently operating in the global market.
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