Investments & Expansions and New Product Launches Were the Key Strategies Adopted by the Industry Players in Order to Achieve Growth in the Elastomeric Coating Market
The elastomeric coating market is dominated by regional players, along with the presence of few global players, in the key growth markets. North America is the largest market in the global elastomeric coating industry.
The major companies operating in the global elastomeric coating market are BASF SE (Germany), Henry (U.S.), Dow Corning Corporation (U.S.), Progressive Painting Inc. (U.S.), Sherwin Williams (U.S.), Clariant Chemicals (Switzerland), PPG Industries (U.S.), Nippon Paints (Japan), Jotun A/S (Norway), Rodda Paints (U.S.), and others.
Investments & expansions and new product launches were the key strategies adopted by the industry players in order to achieve growth in the elastomeric coating market. These strategies accounted for about 47% and 33% share, respectively, of all growth strategies adopted by the market players. Rising demand for elastomeric coating and high growth in the construction industry in developing countries have encouraged companies to adopt these strategies.
The key players are focusing on entering new markets by launching technologically advanced and innovative elastomeric coating and resins for different technologies systems. The Dow Chemical Company (U.S.), Nippon Paints (Japan), and Rodda Paints (U.S.) are some of the leading market players that adopted this strategy in order to develop their business.
Besides new product launches and investments & expansions, companies adopted the strategies of joint ventures, partnerships, contracts, and agreements and mergers & acquisitions in order to expand their market share and distribution network. These two strategies accounted for a share of about 13% and 7% of the total number of growth strategies adopted by the players in the elastomeric coating market between 2011 and 2016.
In 2014, Dow Construction Chemicals (DCC), a business unit of The Dow Chemical Company, launched a new high performance, 100% acrylic re-dispersible powder, DLP-500. Due to this, Dow entered a new market with dry acrylic powder that is designed specifically for Exterior Insulation Finish Systems (EIFS) and stucco finishes.
Jotun (Norway) opened its regional research and development (R&D) facility in China. The new R&D facility is focused on the creation and development of products for coatings and paint.
Also, in 2012, Jotun (U.S.) opened its regional research and development (R&D) facility in China. The new R&D facility is focused on the creation and development of products for coatings and paint.
In 2014, Sherwin-Williams (U.S.) formed a joint venture to launch Premier Paints Company in Saudi Arabia. This joint venture, between Sherwin-Williams and Red Sea Housing Services Company (Saudi Arabia), launched Premier Paints Company, which will serve customers in the architectural, energy, and construction sectors in the region.
Related Reports:
Elastomeric Coating Market by Type (Acrylic, Polyurethane, Silicone, and Butyl), Technology (Waterborne and Solventborne), Application (Wall Coatings, Floor/ Horizontal Surface Coatings, and Roof Coatings) - Global Forecast to 2021
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