Polyaspartic Coatings Market By Type (Pure Solids Polyaspartic, Hybrid Polyaspartic); By System (Quartz, Metallic); By End-Use Industry (Building & Construction, Transportation, Industrial, Power Generation, Landscape); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2023-2032

Polyaspartic Coatings Market Overview

Global polyaspartic coatings market witnessed a market value of USD 377.5 million in 2022 and is estimated to reach USD 640.3 million in 2032, registering a compound annual growth rate (CAGR) of 5.6% between 2023 and 2032. Polyaspartic coatings are a class of binders that offer high productivity along with reduced volatile organic compound (VOC) emissions. Aspartic react with aliphatic polyisocyanate to form polyaspartic. While coating systems such as epoxy and polyurethane take longer to cure, polyaspartic coatings cure more quickly and are gaining huge momentum across the world.

Polyaspartic coatings offer various properties such as good weatherability, flexibility, durability, chemical resistance, high surface compatibility and low color values, long pot life, odorless and are used for bridges, flooring, OEM coatings, automotive repair, corrosion protection, wind turbines, and pipelines in the oil & gas industry, construction, transportation industry among others. It is applied as a protective steel coating for callous environment applications and is equipped with rapid curing capabilities that leads to hardening of the materials and which provides high durability and hardness to the polyaspartic coating resins.

The global polyaspartic coatings market is anticipated to grow at a significant CAGR in the upcoming years.

Polyaspartic Coatings Market Drivers

The growth of this market is attributed towards major relying factors which include; the global rising demand for commercial vehicles and construction equipment, rising research activities in field of high performance environmental friendly protective coatings for marine, automotive, and power generation industries, increasing demand for coatings with good weatherability, fast curing, high productivity, and cost-effective solution in various end-use industries, rising demand for pure polyurea coatings owing to its long pot life and short curing and the increasing demand for bio-based products.

Additionally, the ability of polyaspartic coatings to be applied in low-temperature applications with easy formulations and to replace epoxy and polyurethane coatings leads to their high demand in industrial and commercial applications. As a result, the applications of polyaspartic coatings are growing rapidly, which generates significant opportunities for the market players.

Moreover, the emerging applications of polyaspartic coatings in the marine industry, as these coatings provide excellent corrosion resistance and dry extremely fast, particularly in the emerging economies are anticipated to further propel the polyaspartic coatings market globally. Furthermore, increased awareness, a recovering construction industry and growing demand for polyaspartic coatings in various applications such as oil & gas export, energy pipeline, and others, among some factors are further boosting demand for polyaspartic coatings and resulting in market growth.

However, higher cost of polyaspartic coatings as compared to conventional coatings, easy availability of substitutes such as epoxy, polyurethane, limited awareness about the product, volatility in raw material prices, the need for skilled workforce during formulation and operations are factors that contribute to the impediment of the growth of this market.

More importantly, this market is severely affected by the lockdowns, supply chain disruptions, the increasing unemployment, and the decreasing public spending due to the current COVID-19 outbreak. This has halted the growth of the market temporarily.

Polyaspartic Coatings Market Segmentation

By Type

• Pure Solids Polyaspartic
• Hybrid Polyaspartic

By System

• Quartz
• Metallic

By End-Use Industry

• Building & Construction
• Transportation
• Industrial
• Power Generation
• Landscape

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Polyaspartic Coatings Market Regional Insight

The APAC region is the largest and the fastest growing regional market for polyaspartic coatings and is further expected to maintain its dominance. This is due to the increasing demand and consumption of polyaspartic coatings in the building & construction industry, the technological advancements witnessed in polyaspartic coatings, increasing development programs regarding quality products and foreign direct investment (FDI), growing innovation, the increasing awareness for hybrid polyaspartic coatings and the presence of local manufacturers in the regional economies.

The North American region is the second largest regional market and is expected to witness growth at a significant rate in the forthcoming years owing to the stringent building regulations, focus on reducing VOC emissions, rising investments from manufacturers in the region, higher emphasis on green building, energy saving, and superior waterproofing products due to the varying climatic conditions in the region.

The European region is projected to witness steady growth and is to hold a substantial share in the polyaspartic market in the next few years. This can be well attributed to the rapidly expanding wind energy market and to the growing construction and automotive industries in the region along with other factors that contribute to the growth of this market.

Polyaspartic Coatings Market Key Players

• The Sherwin-Williams Company
• BASF SE
• Covestro AG
• Hempel Group
• PPG Industries Inc.
• AkzoNobel
• Carboline
• Feiyang Protech
• Indmar Coatings
• Satyen Polymers
• VIP Coatings
• Rust-Oleum
• Laticrete International
• SIKA AG
• Other Players

RECENT DEVELOPMENTS:

• In August 2020, AkzoNobel, a global paints and coatings leader announced the promotion of Tami Swearingin to the position of Global Segment Director of Aerospace Coatings.
• In August 2020, Sherwin-Williams Protective & Marine introduced rapid curing technology to significantly reduce the application time and labour costs for structural steel protection.With comparable colour and gloss retention to a polyurethane topcoat, the Sherwin-Williams Envirolastic 2500 system was said to be applicable as a single or multi-coat system, resulting in faster shop throughput when compared to a traditional two-pack coating system.

Timeline Considered for Analysis:

- 2022: Base Year

- 2023 to 2032: Forecast Period

Research Scope and Deliverables

Overview & Executive Summary

Market Drivers, Trends, Challenges and Opportunities

Market Size and Forecast Projections

Macroeconomic Indicators of Various Countries Impacting the Growth of the Market

Extensive Coverage of Industry Players including Recent Product Launches and Market Activities

Porter’s Five Force Analysis

Market Segmentation Analysis:

Industry report analyzes the global polyaspartic coatings market by the following segments:

• Type
• System
• End-Use Industry

Customization: We also offers customization’s in the industry report as per the company’s specific needs.

Key Questions Answered in the Global Polyaspartic Coatings Industry Report

• What is the overall market size in 2022 ? What will be the market growth during the forecast period i.e. 2023-2032?
• Which region would have high demand for product in the upcoming years?
• What are the factors driving the growth of the market?
• Which sub-market will make the most significant contribution to the market?
• What are the market opportunities for existing and entry-level players?
• What are various long-term and short-term strategies adopted by the market players?