Polymer Modified Cementitious Coatings Market - Forecast(2024 - 2030)
Market Overview
Polymer Modified Cementitious Coatings Market size is forecast to reach US$12.3 billion by 2026, after growing at a CAGR of 5.9% during 2024-2030. The development of polymer-based concrete emerged as an additive that helps to improve cementitious material durability and adhesion to improve concrete strength by reducing porosity at the surface level and is driving the market growth. Also, the rising demand for dual component, thixotropic coatings in residential, and commercial construction to protect the steel and concrete components from corrosion is anticipated to drive the demand for Polymer Modified Cementitious Coatings Market growth.?
Furthermore, the increasing usage of acrylic polymer and styrene butadiene rubber latex for waterproofing roofs and decks, and protection of coastal and highways structures to increase the durability of concrete will act as an opportunity for the growth of the polymer modified cementitious coatings industry during the forecast period.
Market Snapshot:
Report Coverage
The: “Polymer Modified Cementitious Coatings Market Report – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Polymer Modified Cementitious Coatings Market.
By Type: Acrylic Polymer and Styrene Butadiene Rubber Latex. By Flexibility: Flexible and Non-Flexible. By Composition: One Component and Two Component. By Application: Residential, Commercial, Industrial, and Infrastructure. By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherland, Spain, Russia, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa).
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Key Takeaways
Polymer Modified Cementitious Coatings Market Segment Analysis – By Type
Acrylic Polymer is extensively used in the Polymer Modified Cementitious Coatings Market. Acrylic polymer is a clear, robust, and rigid plastic substance. Acrylic polymers come in a variety of hues and finishes owing to which it is frequently used in architecture and construction coatings. Because of their chemical purity, stability, high heat resistance, UV resistance, excellent weathering, low temperature performance, water resistance, and hydrophobicity, acrylic polymers are now widely employed in industry in a variety of applications. Thus, it is anticipated that the rising demand for acrylic polymer in several applications will boost the growth of the market in the upcoming years.
Polymer Modified Cementitious Coatings Market Segment Analysis – By Application
Residential sector held the largest share in the Polymer Modified Cementitious Coatings Market in 2023 and is projected to grow at a CAGR of 5.1% during the forecast period 2024-2030. The expansion of polymer modified cementitious coatings in the residential building market is being fueled by their low cost. Construction spending on buildings is projected to increase just over 6% in 2023, according to the mid-year update of the American Institute of Architect’s AIA Consensus Construction Forecast. The demand for apartments, condos and townhomes is high as single-family homes have become more expensive and less available due to lack of space. As per a report from the U.S. Commerce Department, homebuilding increased in August 2022 as rising rents boosted the construction of multi-family housing to the highest level in more than 36 years. The number of apartments under construction (890,000 residents in 2-plus unit properties) as of September 2022 is at the highest level since the first quarter of 1974, according to the National Association of Home Builders (NAHB). Thus, with the rising usage of polymer modified cementitious coatings in the residential sector the market is anticipated to grow over the forecast period.
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Polymer Modified Cementitious Coatings Market Segment Analysis – Geography
Asia Pacific held the largest share with 39% in the Polymer Modified Cementitious Coatings Market in 2023. Rapid increase in the residential construction activities has raised the demand for polymer modified cementitious coatings in this region. Also, owing to the industrial development and improving economic conditions in the emerging economies such as China, India, Japan, and South Korea have further uplifted the growth of the market. According to GDP data, India is currently one of the world’s fastest growing major economies and is currently in the middle of a housing boom. The demand for housing is steadily increasing in most urban areas and is expected to grow even faster in the years ahead. Across the country there was an urban housing shortage of 19 million housing units last year. According to government estimates this is expected to double by 2030. Thus, it is anticipated that with the rising growth of residential buildings in Asia-pacific region the market for polymer modified cementitious coatings will also upsurge over the forecast period.
Polymer Modified Cementitious Coatings Market Drivers
Rising Infrastructure Activities
Infrastructure sector is a key driver for the rising economy in several regions. Rising government initiatives to support infrastructure development is estimated to drive the growth of the Polymer Modified Cementitious Coatings Market. Also, the increasing usage of acrylic polymer and styrene butadiene rubber latex owing to its alluring properties in the infrastructure sector would further drive the market growth. Almost $1 trillion worth of development projects have commenced or been announced since the unveiling of Saudi Arabia’s Vision 2030 agenda. To deal with the planned influx of tourists, the Kingdom is also spending on major supporting infrastructure, including a new airport in Riyadh at a cost of almost $150 billion and a vast new passenger rail network. Thus, with the growth of several infrastructure activities and rising government initiatives towards infrastructure segment the market is estimated to rise in the projected timeframe.
Polymer Modified Cementitious Coatings Market Challenges
Fluctuating Raw Material Prices
For every branch of the manufacturing industry, raw materials are perhaps the most important factor in production. However, due to the raw material intensive nature in the coating industry, raw materials play a far greater role. Even minor changes in raw material prices have a significant impact on the profitability and operations of coating manufacturers. India, which is entirely reliant on crude oil and derivatives imports, imports nearly 90% of its raw material requirements for the coating industry, which has suffered greatly as a result of rising prices and political uncertainty in the Middle East region. In 2022, the price of crude oil and crude oil-linked derivatives such as monomers and solvents put pressure on coating manufacturers thanks to the Russia-Ukraine war. Thus, due to the fluctuating price of raw materials the market for polymer modified cementitious coatings is anticipated to face hurdles in the forecast period.
Polymer Modified Cementitious Coatings Market Landscape
Major players in the Polymer Modified Cementitious Coatings Market are
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