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.
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Building & construction end-use industry has the largest share in the global polyaspartic coatings market in 2019.
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.
The use of pure aliphatic polyurea to boost the market during the forecast period.
100% solids polyaspartic coating is the result of the chemical reaction of polyisocyanates and aspartics with no solvent used. 100% solids polyaspartic plays a vital role in determining the properties of the final coated surface. It is used where higher elongation, tensile strength, and abrasion resistance are required. 100% solids polyaspartic is preferred as an anti-corrosive in sewage, effluent treatment, bed liners in automotive, tough surfaces in flooring, and has a life span of 15-20 years. Increase in demand for properties such as better abrasion resistance, superior tensile strength, better film quality, and moisture sensitivity is driving the market for pure polyaspartic coatings.
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 a majority 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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