Polyaspartic Coatings Market Innovative Strategy by 2027

Global Polyaspartic Coatings Market: Key Highlights

The global demand for polyaspartic Coatings stood nearly US$ 525 Mn in 2018 and is projected to reach over US$ 931 Mn by 2027.  Increased awareness and a recovering construction industry are some of the factors improving the market scenario of polyaspartics globally. Thus, the polyaspartic coatings market expected to exhibit the highest growth rates over other coatings in the coatings market.Polyaspartic coatings are a comparatively new product type of in the paints & coating market, and is gaining momentum across world. The coating is usually occur as a 2-part system, and is derived by mixing resin with a catalyst in order to initiate a curing reaction that leads to hardening of the materials. This imparts high durability and hardness to the polyaspartic coating resins. Reduced drying times, greater film thickness, odourless, low colour values, long pot life and high compatibility with most surfaces makes these coatings superior to their counterparts such as epoxy, polyurethane etc.Easy availability of substitutes such as epoxy, polyurethane etc., volatility in raw material prices and low product awareness among consumer are some of the factors restraining the market.

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Global Polyaspartic Coatings Market: Segmental Trends

In terms of demand, solvent based is the leading technology segment, however over the coming years water based technology expected to surpass solvent based technology due to stringent regulations on VOC emission.Water based technology expected to gain substantial share during the forecast period due to rising demand for environmental friendly formulation in paints & coatings industry. The powder-based technology segment held minor share of the polyaspartic coatings market in 2018 and its demand is expected to decline during the forecast period, due to high production cost, inability to provide thin finish, and difficulties in changing colour.In terms of end-user, construction and transportation was leading segment in 2018. The construction industry is increasingly leaning toward green and sustainable products, which consume less fuel and thereby, release low levels of CO2. Demand for BREEAM and LEED-certified buildings is anticipated to propel the market due to the expanding commercial and residential sectors across the globe.Power generation segment accounted for smaller share in the global polyaspartic coatings market in 2018. However, the rise research & development activities and increasing demand for protective coating for offshore wind turbines are expected to boost the market during the forecast period.

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Global Polyaspartic Coatings Market: Competition Landscape

Major players in the polyaspartic coatings market Akzo Nobel N.V, The Sherwin Williams Company, PPG Industries, Covestro AG, Sika Corporation, Cipy Polyurethanes Pvt. Ltd, and Rust-Oleum Corporation.Government enforcement on improving the durability of concrete structures is pushing manufacturers to develop environment-friendly quality products.

Products in the global polyaspartic coatings market are most commonly used in the building and construction industry. Some of the key applications for the products in the global polyaspartic coatings market in the building industry include bridge construction, roof and floor coating, joint fills, concrete repairs, structural bonds, commercial architecture, caulks, and parking decks. Products in the global polyaspartic coatings market are used in the construction industry for various applications such as stone carpets, waterproofing agents, topcoats, and sealants. Rapid increase in the construction activities as well as increasing product awareness are expected to fuel the demand in the global polyaspartic coatings market in coming years.

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Global Polyaspartic Coatings Market: Regional Highlights

In terms of volume, North America accounted for a significant share in polyaspartic coatings market in 2018 followed by Asia Pacific. This trend is expected to continue during the forecast period due to the high penetration of manufacturing facilities of FMCG, pharmaceutical, food & beverage and oil & gas sectors in the U.S.Rapid growth in construction industry as well as rising investment in automotive industry propelling the demand for polyaspartic coatings in Asia Pacific. China, India, and ASEAN countries are the lucrative market for polyaspartic coatings due to rising population and disposable income in the countries.Middle East & Africa and Latin America are also witnessing moderate growth during the forecast period due to growing commercial and industrial construction activities. Countries in GCC and other countries such as Brazil, Mexico, and South Africa recently witnessed high investments, particularly related to new construction sites and real estate properties. Considering the high untapped potential in the region, these new proposed projects make Latin America as well as Middle East & Africa an attractive destination for producers of polyaspartic coatings.

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