metal adhesion . Owing to the exclusive utility of elastomeric coatings , the building & construction industry is estimated to boost the demand for elastomeric coatings by the end of 2024 . Recent expansion of the automotive 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 .
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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 enduser 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 .
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 .