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Polyaspartic Coatings Market size is forecast to reach US$421.3 million by 2026, after growing at a CAGR of 3.5% during 2021-2026 due to increasing demand from building & construction, automotive, and other industries. Polyaspartic coatings are based on aliphatic isocyanates which are designed to exhibit rapid curing capabilities and are applied in extremely low temperatures below 00 Centigrade. Polyaspratic coating market will upsurge as it is widely used in building structures due to its various properties such as less drying times, greater film thickness which provides UV protection to underlying coatings, environmentally friendly, low volatile organic compound, and others. Furthermore, the emerging applications of polyaspartic coatings in landscape and transportation industries, as these coatings offer excellent corrosion resistance and dry extremely fast, are anticipated to further propel the polyaspartic coatings market globally. Additionally, polyaspartic coating offers great protection against corrosion for construction and agricultural equipment, commercial vehicles, wind power stations, and other machinery subject to weather conditions which is estimated to increase the demand for polyaspartic coatings.
Polyaspartic Coatings Market Segment Analysis – By End-Use Industry
Building & construction segment dominated the polyaspartic coatings market in 2020 and is growing at a CAGR of 3.7% during 2021-2026 due to polyaspartic coatings used for decorative coatings and provide UV protection. Polyaspratic coatings are sustainable coating products that consume less energy and emits less volatile organic compound. These coatings are based on aliphatic isocyanates that help to maintain stain & scratch-resistant finish and cure within some time, hence; they can be applied for new flooring and get back again. Thus, increasing the building and construction sector is estimated to grow the demand for polyaspartic coatings. According to the US Census Bureau, building permits in the United States increased 0.3 percent to an adjusted annual rate of 1.76 million in April 2021 from 1.75 million in March 2021. Furthermore, according to the Canadian Mortgage and Housing Corporation (CMHC), Canadian housing starts rose 21.6% in March as compared with February 2021. Hence, the rapid building development is estimated to boost the consumption of polyaspartic coatings.
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Polyaspartic Coatings Market Segment Analysis – By Geography
Asia Pacific dominated the polyaspartic coatings market in 2020 with 30%, due to the growing consumption of polyaspartic coatings in the building & construction, transportation, industrial, and power generation sectors in Asian countries. In China, the consumption of polyaspartic coatings in various sectors such as building & construction, transportation, power generation, and others is rapidly increasing. National Development and Reform Commission and the Ministry of Transport, aimed to improve the rapid transit net, basic traffic net, and urban transit net, establish an integrated transportation network, and better leverage the fundamental role of combination advantage and network efficiency. Thus, the transportation projects were completed between 2016-2018. A total of 303 projects covering railways, highways, waterways, airports, and urban rail transit, with 131 projects in 2016, 92 projects in 2017, and 80 projects in 2018. Apart from this, according to the National Development and Reform Commission (NDRC), 14 construction investment projects were approved worth CNY177.8 billion (US$25.2 billion), following approvals of CNY68.9 billion (US$10.1 billion) in August 2020. Hence, such factors are expected to grow the market size.
Polyaspartic Coatings Market Drivers
Increasing Consumption Polyaspartic Coatings over Conventional Coatings
Epoxy and polyurethane coatings used to be a popular choice for environments needing an abrasion-resistant concrete coating. But polyaspartic coatings offer excellent properties better than epoxies. Polyaspartics proved to be almost three times more abrasion-resistant and durable than epoxies. Polaspartic coatings are also more scratch-resistant, more flexible, won’t yellow if exposed to sunlight, consists of a less volatile organic compound, and have much higher build properties. They cure faster for a greater reduction in downtime and improves productivity during coatings. Thus, increasing consumption of polyaspratic coatings is estimated to grow the demand the market size.
Increasing Demand from Building and Construction Sector
Polyspratic coatings are used in floor and roof coatings as it offers excellent chemical resistance, better abrasion & impact resistance, resistance to water, and other properties. Thus, increasing building activities are estimated to grow the consumption of polyaspratic coatings. According to the US Census Bureau, building permits in the United States increased 0.3 percent to an adjusted annual rate of 1.76 million in April 2021 from 1.75 million in March 2021. Furthermore, according to the National Development and Reform Commission (NDRC), 14 construction investment projects were approved worth CNY177.8 billion (US$25.2 billion), following approvals of CNY68.9 billion (US$10.1 billion) in August 2020. On the other hand, according to the National Bureau of Statistics, China’s real estate market investment jumped from 15.7% in 2019 to 38.3% in January-February 2021. Additionally, according to the US Census Bureau, new housing unit construction was 11,471 thousand units in 2019 in the United States, which reached 3,642 units in 2020. Hence, the increasing building and construction sector is estimated to grow the market size.
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Polyaspartic Coatings Market Challenges
Easy Availability of Substitutes at Low Cost
Epoxy coatings are extremely well to properly prepared concrete and can sometimes be used as a resurfacing agent for old or worn concrete. Polyaspartic coatings are not suitable in situations where a breathable concrete sealer is specified. These applications include exterior stamped concrete or driveways. Polyaspartics are high-performance polymer coatings designed for protection. They will not breathe and can exhibit moisture challenges over time if not used properly. These are aliphatic isocyanates based coatings and isocyanates which are hazardous chemicals. The formulations of polyaspartic coatings are more costly than epoxy and polyurethane coatings. Whereas epoxy coatings and polyurethane coatings formulation cost less compared to polyaspratic coatings which may create a challenge for the market growth.
Polyaspartic Coatings Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the polyaspartic coatings market. Major players in the Polyaspartic Coatings Market include:
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A. Argentina Architectural Coatings Market
B. Decorative Coating Market
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