Aug 30, 2021 (AB Digital via COMTEX) -- Polymer Modified Cementitious Coatings Market size is forecast to reach US$ 10 billion by 2026, after growing at a CAGR of 5.9% during 2021-2026. Globally, 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 coating 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 upsurge the growth of the polymer modified cementitious coatings industry in the forecast period.
Impact of Covid-19
The COVID-19 epidemic has had a substantial impact on the polymer modified cementitious coatings sector, as most construction activities halted in the year 2020. Trade, travel, retail, and industrial operations all were impacted, and owing to the import export trade disruptions the demand for raw materials also halted which globally affected the polymer modified cementitious coatings production. Currently, lockdowns have been lifted in a number of countries, which is further anticipated to likely boost the growth of the market in the forecast period.
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 upsurge 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 2020 and is projected to grow at a CAGR of 5.1% during the forecast period 2021-2026. The expansion of polymer modified cementitious coatings in the residential building market is being fueled by their low cost. The housing sector is being driven by increasing urbanization and migration of people from rural areas to urban areas. Also, in waterproofing roofs and decks structures, polymer modified cementitious coatings are applied to the exteriors of brick, block, or concrete walls, as exterior walls are exposed to extreme weather conditions and may need to be maintained on a regular basis. Thus, with the rising usage of polymer modified cementitious coatings in the residential sector the market is anticipated to rise 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 2020. 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. The Indian government has set a goal of 20 million adaptable houses by 2022, which will have a significant market influence. According to the International Trade Administration, China’s construction industry is predicted to grow by 5% on an annual average in real terms between 2019 and 2023. Also, as per the Japanese government, Japan is stepping up efforts to incorporate innovative building technologies into the construction sector by collaborating with private enterprises. 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. For instance, in September 2020, the government of France announced that it would invest US$ 120 billion as a part of its stimulus plan. The government intends to spend a considerable amount of money on all things digital as part of this support package, including startup funding, infrastructure investment, and digital transformation. Moreover, the rising government initiative in the infrastructure sector would also drive the growth of the market. For instance, according to the India Brand Equity Foundation, In March 2021, the Parliament passed a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India. Also, the Mega Investment Textiles Parks (MITRA) scheme was launched to establish world-class infrastructure in the textile sector and establish seven textile parks over three years. 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 2019, the price of crude oil and crude oil-linked derivatives such as monomers and solvents put pressure on Indian coating manufacturers. Raw material prices increased by nearly double digits. Rutile and TiO2 prices also rose significantly in the same year. 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