Polyaspartic Coatings Market Is Expected To Reach USD 718.2 Million By 2028.
Market Overview: The global market size for polyaspartic coatings was USD 421.5 million in 2020 and is projected to reach USD 718.2 million by 2028, with a compound annual growth rate (CAGR) of 6.80% during the forecast period.
Revenue Growth Factors: The substantial growth of the global polyaspartic coatings market is primarily driven by increased demand from the construction industry. This demand is attributed to the unique properties of polyaspartic coatings, such as resistance to extreme temperatures and strong adhesion for lightweight materials. These characteristics make polyaspartic coatings outperform other coatings, such as polyurethanes and epoxy, which may fade or turn yellow when exposed to prolonged sunlight.
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Market Dynamics: Drivers: The growth of the polyaspartic coatings market is propelled by various factors, including increased film thickness, low color values, rapid drying, lack of odor, extended pot-life, and excellent compatibility with a diverse range of surfaces. These attributes make polyaspartic coatings particularly advantageous for applications such as concrete floors and various industries like automotive, bridges, automotive repair, wind turbines, and oil and gas pipelines. Polyaspartic coatings address several limitations associated with traditional polyurethane and epoxy coatings, offering advanced fast-curing technology.
Restraints: One significant obstacle to the global polyaspartic coatings market is the limited awareness among end users regarding the benefits of polyaspartic coatings. Additionally, the continued adoption of conventional and more cost-effective coatings, such as epoxy, polyurethane coatings, and aromatic polyuria, presents challenges to the market's expansion.
Market Insights: Type Outlook:
- Hybrid polyurea accounted for a significant revenue share in the global polyaspartic coatings market, mainly due to its high abrasion resistance and excellent adhesion to metal and concrete structures. This makes it an ideal solution for various industries, including building and construction, transportation, industrial units, and power generation. The pure polyurea segment is expected to experience higher revenue growth during the forecast period.
Technology Outlook:
- The water-borne technology segment dominated the global market in 2020, driven by the increasing demand for environmentally friendly paint and coating options. The solvent-based segment is anticipated to maintain a moderately steady revenue growth rate.
Application Outlook:
- The building and construction segment held a major revenue share in 2020 and is projected to have the highest CAGR during the forecast period. The transportation and infrastructure segments followed as the second and third-largest revenue contributors in 2020, respectively.
Region Outlook:
- The Asia Pacific emerged as a significant revenue contributor in 2020, driven by rapid growth in end-use industries such as construction, automotive, manufacturing units, transportation, and power generation. The Japanese construction sector, in particular, is experiencing substantial growth with ongoing projects such as upgrading highway networks, Maglev railway, and the latest Rail link to Haneda Airport in Tokyo.
Key Companies: Companies profiled in the market report include Akzonobel, The Sherwin-Williams Company, Covestro AG, SIKA AG, BASF SE, PPG Industries, Carboline, Hempel, Flexmar Coatings, Inc., Chromaflo Technologies Corporation, Neogard, and Polyval Coatings Inc. Major players are strategically expanding their manufacturing units and product portfolios to remain competitive in the market.
Recent Developments:
- In August 2020, Sherwin-Williams Company launched Environlastic 2500, a single-coat direct-to-metal polyaspartic primer with fast-dry technology, offering long-term protection for steel and structures.
- In August 2019, Sherwin-Williams Company acquired Dresdner Lackfabrik Novatic (Germany), a paints and coatings solutions company, enhancing its product portfolio with polyaspartic coatings.
Segments Covered in the Report: The report provides historical data, forecasts, and revenue growth analysis at global, regional, and country levels, covering various segments such as type, technology, application, and region.
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