Albany NY, United States, May 05, 2022 (GLOBE NEWSWIRE) -- Polyaspartic coatings have started gaining preference over epoxy and urethane coating systems. The polyaspartic technology has evolved rapidly in the recent years to overcome the limitations of conventional coating systems. Various end-use industries are increasingly adopting products in the polyaspartic coatings market for multiple benefits such as faster curing times, versatility in protection of surfaces in both internal and external applications, and high gloss and color retention.
Most prominently, manufacturers of polyaspartic coatings are witnessing steady demand in the protection of surfaces against harsh environmental conditions. Thus, the polyaspartic coating market is witnessing revenue gains from the rise in uptake in building & construction and automotive industries. Players in the market have reaped the opportunities to meet the emerging demand for sustainable and environment-friendly coating systems. The global valuation is projected to reach US$ 931 Mn by 2027.
Water-based polyaspartic coatings are expected to gather widespread adoption during the forecast period. Low-VOC content, better adhesion, and rapid curing times of the products have made them increasingly suitable for use as household paints and heavy-duty protective coating in various industrial applications.
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Key Findings of Polyaspartic Coatings Market Study
- Water-based Coatings to Gain Popularity Due to Low-VOC Content: Continuous advancements in the polyaspartic technology have enabled paints and coating manufacturers to develop formulations with low volatile organic compound (VOC) content and odor. Water-based products have gathered remarkable traction in recent years, and the polyaspartic coating market is expected to witness substantial demand in the segment in upcoming years. They contain considerably less solvents, which makes them environment-friendly while applying and during the curing process. As a result, the adoption has risen in marine, automotive and power generation industries, thereby propelling the polyaspartic coating market.
- Demand for High-performing Protective Coating Systems Propels Adoption in Various Industries: Manufacturers of polyaspartic coatings are witnessing extensive demand for protective applications notably in automotive, transport, and construction industries. The surfaces of the infrastructure in the building & construction industry are typically exposed to harsh environmental conditions. This has fueled the demand for superior waterproofing products, and hence has bolstered the prospects of polyaspartic coatings, notes a TMR study on the polyaspartic coatings market. The growing implementation of green building norms in various countries has propelled the popularity of polyaspartic coating system. Furthermore, high performance characteristics of polyaspartic coatings are attracting automotive refinish customers.
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Polyaspartic Coating Market: Key Drivers
- Growing demand for green and sustainable building products has bolstered the prospect of environment-friendly coatings. Rise in renovation of existing buildings and new constructions are driving the demand for paints and coatings, thereby imparting momentum to the expansion of avenues for players in the polyaspartic coatings market.
- Rise in number of offshore wind farms in various parts of the world has made surface corrosion protection essential for long life of the infrastructure. This has opened up new avenues for manufacturers of high-performance coatings, particularly in Europe. The region has witnessed rise in demand for offshore wind turbines equipment.
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Polyaspartic Coating Market: Regional Growth Dynamics
- North America held the dominant share of the global polyaspartic coating market in 2018, underpinned by the widespread uptake of the products in various end-use industries in the region. A key trend fueling revenue generation is the constant demand for superior waterproofing products for residential and commercial building applications.
- Asia Pacific polyaspartic coating market is anticipated to witness substantial revenue streams during the forecast period. The growth of the regional market is likely to come from widespread demand in automotive and construction industries. The uptake is expected to rise rapidly in emerging economies. Particularly, China, India, Thailand, and Vietnam are some of the potentially lucrative markets in Asia Pacific.
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Polyaspartic Coating Market: Key Players
Some of the key industry players in the polyaspartic coating market are Rust-Oleum Corporation, Cipy Polyurethanes Pvt. Ltd., Sika Corporation, Covestro AG, PPG Industries, The Sherwin Williams Company, and Akzo Nobel N.V.
Global Polyaspartic coatings Market: Segmentation
Technology
- Water
- Solvent
- Powder
End user
1. Construction
- Residential
- Commercial
- Industrial
2. Transportation
- Automotive
- Rail car
3. Power generation
Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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