The global top 10 high growth paints & coatings market considered are elastomeric, polyurea, UV, insulation, ceramic, automotive, medical, silicone, fluoropolymer, and epoxy coating market. The global paints & coatings market is growing owing to the increasing demand from the building & construction industry.
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High demand for waterborne coatings has also been driving the architectural coatings market for the past few years. Additionally, growing manufacturing activities in automotive, chemical, and other commercial industries in Asia-Pacific have been influencing the market for the past few years. However, the health and environmental concerns regarding the release of VOC content to the environment are hampering the growth of the solvent borne coatings technology.
The top three growing paints & coatings market are elastomeric, polyurea, and UV coatings. The global market size for elastomeric coating is estimated to be USD 6.79 billion in 2016 and is projected to witness a CAGR of 15.19% to reach USD 13.68 billion by 2021. 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. Increase in demand for elastomeric coatings across various applications of construction industries is driving the global elastomeric coatings market.
The market will also be driven by a strong rebound in building construction across the world, particularly in North America, Europe, and Japan, which will fuel increased demand for architectural paints. Under elastomeric coatings, various resin types are considered such as acrylic, polyurethane, silicone, butyl, and others. The acrylic elastomeric coatings segment dominated the global elastomeric coating market with a market size of USD 3.36 billion in 2015, which is projected to reach USD 8.21 billion by 2021, at a CAGR of 16.32% during the forecast period.
The global market size for polyurea coatings is estimated to be USD 5.34 billion in 2016 and is projected to witness a CAGR of 10.57% to reach USD 8.93 billion by 2021. The ongoing developments in coatings technology have enhanced the application performance of polyurea coatings with improved properties such as fast curing (even at low temperature), chemical resistance, insensitivity to moistness, and other improved physical & mechanical properties.
Escalating requirement for improving performance, durability, and ease-of-use of products are the key factors contributing to the growth of polyurea coatings market. This is attributed to the increased consumption of consumer goods and technological & infrastructural developments.
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The global market size for UV coatings is estimated to be USD 5.34 billion in 2016 and is projected to witness a CAGR of 10.57% to reach USD 8.39 billion by 2021. The UV curable coatings market is witnessing high growth which is expected to continue in the near future. It is majorly driven by the highly growing manufacturing industry in Asia-Pacific and intense efforts at country level to promote environment-friendly products. Presently, Asia-Pacific and Europe are the major consumers of UV curable coatings.
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