According to the new market research report “Polyaspartic Coatings Market by Type (100% Solids Polyaspartic, Hybrid Polyaspartic), Systems (Quartz, Metallic), End-use Industry (Building & Construction, Transportation, Industrial, Power Generation, Landscape), & Region – Global Forecast to 2025“, The polyaspartic coatings market is estimated at USD 329 million in 2020 and is projected to reach USD 388 million by 2025, at a CAGR of 3.4% between 2020 and 2025. The polyaspartic coatings market is expected to decline by 10.3% in 2020, in terms of value which are majorly affected by the lockdown measures, supply chain disruptions, increasing unemployment and the decreasing public spending. The rapid curing time and better properties of polyaspartic coatings compared to convention coatings are expected to drive the market.
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Polyaspartic coatings are widely used in the building & construction industry. The application areas include bridge construction, commercial architecture, floor & roof coating, caulks, joint fill, parking decks, concrete repair, and structural bonds. These coatings are used as topcoats, stone carpets, sealants, and waterproofing. Polyaspartic coatings are preferred for different types of construction flooring such as commercial, institutional, and residential flooring.
100% solids polyaspartic coating is the result of the chemical reaction of polyisocyanates and aspartics with no solvent used. 100% solids polyaspartic plays a vital role in determining the properties of the final coated surface. It is used where higher elongation, tensile strength, and abrasion resistance are required. 100% solids polyaspartic is preferred as an anti-corrosive in sewage, effluent treatment, bed liners in automotive, tough surfaces in flooring, and has a life span of 15-20 years. Increase in demand for properties such as better abrasion resistance, superior tensile strength, better film quality, and moisture sensitivity is driving the market for pure polyaspartic coatings.
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The polyaspartic coatings market is estimated at USD 329 million in 2020 and is projected to reach USD 388 million by 2025, at a CAGR of 3.4% between 2020 and 2025. The major driving factors for the market are the increased productivity and cost efficiency along with better properties compared to epoxy- and polyurethane-based coating technology act as a major driver for the market. Polyaspartic coatings are widely used for corrosion resistance and construction applications.
The leading players in the polyaspartic coatings market are The Sherwin-Williams Company (US), PPG Industries (US), BASF SE (Germany), AkzoNobel (Netherlands), Hempel (Denmark), Carboline (US), Rust-Oleum (US), Laticrete International (US), SIKA AG (Switzerland), Feiyang Protech (China), Indmar Coatings (US), Satyen Polymers (India), and VIP Coatings (Germany). These players adopted expansions, acquisitions, new product development, and agreements as their key growth strategies between 2017 and 2020, which helped them increase their capacities and cater to the widening customer base.
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The global polyaspartic coatings market will be impacted by the COVID-19 pandemic and is estimated to see a slump of 10.3% in 2020, in terms of value. The intensity of the impact of COVID-19 varies in different countries. The demand for polyaspartic coatings in end-use industries has contracted due to lockdown measures, supply chain disruptions, and increasing unemployment, which leads to lesser public spending. In some countries, the construction sector has been exempted from lockdown; this has reduced the impact of COVID-19 on the demand of polyaspartic coatings in the buildings & construction segment in certain countries.
The companies have initiated the following developments:
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