Global Polyaspartic Coatings Market: Highlights
The global polyaspartic coatings market is projected to grow at a CAGR of more than 6.5% between 2019 and 2027. Rising demand for protective coatings for transportation structural maintenance to impede the deterioration process and elongate the service lives of infrastructures is fuelling the demand for polyaspartic coatings.
Polyaspartics coatings are extensively utilized in various commercial, industrial, and residential structures as they provide greater protection against deviating climatic conditions. These coatings play a vital role in protecting industrial floors at warehouses, factories, automotive shops, and chemical processing units.
Significant expansion of the automotive industry has led to considerable demand for paints & coatings products. The shift in consumer preference toward quality coating products is estimated to drive product innovation in the automotive industry, which in turn is boosting the polyaspartics coatings market. Polyaspartic coatings play a very important role in the automotive industry. They aid in corrosion protection of commercial vehicles and OEM fascia parts.
Global Polyaspartic Coatings Market: Segmental Trends
In terms of demand, solvent-based is the leading technology segment, however over the coming year’s water-based technology is expected to surpass solvent-based technology due to stringent regulations on VOC emission.
Water-based technology is expected to gain a substantial share during the forecast period due to the rising demand for environmental-friendly formulations in the paints & coatings industry. The powder-based technology segment held a 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 color.
In terms of end-user, construction and transportation were the leading segments 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.
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 the 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 the construction industry as well as rising investment in the automotive industry propelling the demand for polyaspartic coatings in the Asia Pacific. China, India, and ASEAN countries are the lucrative market for polyaspartic coatings due to the rising population and disposable income in the countries.
The 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 the Middle East & Africa an attractive destination for producers of polyaspartic coatings.
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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.
