The global paints & coatings market size is projected to reach USD 190.51 Billion by 2021, at a CAGR of 5.07% from 2016 to 2021. The growth of building & construction and automotive & transportation industries is driving the demand for paints & coatings globally. The paints & coatings market comprises several types of liquid and powder-based varnishes and paints. Paints & coatings serve two primary functions, namely, protection and decoration. Most of them are consumed in buildings & construction to protect and decorate various surfaces. They increase surface resistance from weathering and rust, thereby, increasing the durability of structures. Stringent government regulations for low toxicity are expected to be the winning imperatives for the players in the water-based elastomeric coating market.
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Elastomeric coatings is the fastest-growing type of the top 10 paints & coatings market.
Elastomeric coating is a premium quality exterior elastomeric waterproofing coating which is used in residential, architectural, commercial, and light industrial applications on a variety of vertical masonry surfaces. The increasing employment rate and the improving economy are expected to drive the construction sector globally, eventually driving the elastomeric coating market. Government regulations such as EPA, REACH, and others to improve public infrastructure, coupled with the increase in manufacture of coatings, are driving the market for elastomeric coatings.
Wall coatings is the largest and fastest growing segment of elastomeric coating market
Elastomeric coatings are preferred for exterior concrete/masonry wall applications due to their excellent waterproofing properties. Elastomeric coatings contain comparatively higher volume of solids (45-60%) than conventional paints, and are applied in films that typically attain a dry film thickness.
Elastomeric coating was initially designed as a waterproofing solution for stucco, which is a relatively rough surface that tends to crack. They are also well-suited for tilt-up or poured-in-place concrete and masonry wall surfaces. These coatings can tolerate some substrate movement; and their stretchiness (150%-400% or greater elongation without breaking throughout their service life) allows them to fill or bridge even moving hairline cracks.
Strong presence of manufacturers of paints & coatings for cool roofing is driving the top ten paints & coatings market in North America
Cool roofing is a major concern across the country. The U.S. Department of Energy (DOE) has mandated cool roofing for all its buildings and facilities. The North American government is setting similar goals, offering tax incentives and utility rebates to the manufacturers. A growing number of non-governmental organizations (NGOs) from the International Green Construction Code (IGCC) to Cool Roof Rating Council (CRRC) and the U.S. Green Building Council’s LEED program are also promoting and encouraging green building practices, including cool roofing, thereby driving the elastomeric coating market.
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