Polyaspartic Coatings Market Estimated to Expand at a Robust CAGR over 2027

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. 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.

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Global Polyaspartic Coatings Market: Segmental Trends

In terms of demand, solvent based is the leading technology segment, however over the coming years water based technology expected to surpass solvent based technology due to stringent regulations on VOC emission.
Water based technology expected to gain substantial share during the forecast period due to rising demand for environmental friendly formulation in paints & coatings industry. The powder-based technology segment held 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 colour.
In terms of end-user, construction and transportation was leading segment 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.

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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 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 construction industry as well as rising investment in automotive industry propelling the demand for polyaspartic coatings in Asia Pacific. China, India, and ASEAN countries are the lucrative market for polyaspartic coatings due to rising population and disposable income in the countries.
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 Middle East & Africa an attractive destination for producers of polyaspartic coatings.

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Key Developments in Global Polyaspartic Coatings Market

In March 2020, Akzo Nobel N.V. completed the acquisition of the remaining 25% stake in Akzo Nobel Boya Sanayi ve Ticaret A.S., a major producer of powder coatings in Turkey. The company has now acquired full ownership, having previously held the majority share.
In January 2020, BASF SE introduced innovative waterproofing membrane, MasterSeal® 730 UVS in Asia, to expand its versatile waterproofing portfolio under its Master Builders Solutions brand.

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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.

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