Polyaspartic Coatings Market worth $388 million by 2025 | Key players PPG Industries, BASF SE, AkzoNobel, Hempel, Carboline.

According to recent market research the "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.

The use of conventional coating systems to coat a small area is usually time-consuming and labor-intensive. The curing time of such systems takes between 8-16 hours and uses 2K technology, which means that only one coat per day can be applied. A polyaspartic coating, on the other hand, can be used to coat a garage floor from start to finish in 5 hours. Hence, polyaspartic coatings might replace conventional coating technologies such as epoxy and polyurethane during the forecast period.

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APAC is the largest polyaspartic coatings market, and this dominance is expected to continue until 2025. China was the key market in the region, accounting for much of the demand for polyaspartic coatings, followed by Australia, Indonesia, and Indonesia in the year 2019. China is also expected to witness the highest growth rate, in terms of consumption, between 2019 and 2025. The implementation of stricter VOC regulations in the China from 2020 onwards will be a key factor for the growth of polyaspartic coatings during the forecast period.

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).

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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:

• In May 2020, Hempel began construction of a new factory in Yantai Chemical Industrial Park, China. The new factory will help meet the increasing demand for more sustainable and innovative coating solutions in the region. The company will invest USD 100 million for the construction of the new factory.
• In August 2020, The Sherwin-Williams Company has launched Environlastic 2500 for structural and steel protection. It is used in bridges, highways, large manufacturing plants, ports, and machinery. It offers a life of 25 years.
• In December 2019, The Sherwin-Williams Company has announced the opening of a new 4,200-square-feet store in Alexandria Bay, New York, US.
• In August 2019, The Sherwin-Williams Company has acquired the business and assets of Dresdner Lackfabrik Novatic (Germany) in Germany, Poland, and the Czech Republic. It is a company that manufactures paints and coatings solutions. This company has polyaspartic coatings in its product portfolio.

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