Polyaspartic Coatings Market Size is projected to reach USD 718.2 Million by 2028, growing at A CAGR of 6.80%

Market Overview: The global market size for polyaspartic coatings was USD 421.5 million in 2020 and is projected to reach USD 718.2 million by 2028, with a compound annual growth rate (CAGR) of 6.80% during the forecast period.

Revenue Growth Factors: The substantial growth of the global polyaspartic coatings market is primarily driven by increased demand from the construction industry. This demand is attributed to the unique properties of polyaspartic coatings, such as resistance to extreme temperatures and strong adhesion for lightweight materials. These characteristics make polyaspartic coatings outperform other coatings, such as polyurethanes and epoxy, which may fade or turn yellow when exposed to prolonged sunlight.

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Market Dynamics: Drivers: Factors propelling the growth of the polyaspartic coatings market include greater film thickness, low color values, quick drying time, odorlessness, long pot-life, and excellent compatibility with a wide range of surfaces. These features make polyaspartic coatings particularly favorable for concrete floor applications and various industries such as automobile, bridges, automotive repair, wind turbines, and pipelines in the oil and gas sector. Polyaspartic coatings address many drawbacks associated with traditional polyurethane and epoxy coatings, offering fast-curing technology.

Restraints: A major hindrance to the global polyaspartic coatings market is the lack of awareness among end users regarding the advantages of polyaspartic coatings. Additionally, the adoption of conventional and lower-priced coatings, including epoxy, polyurethane coatings, and aromatic polyuria, poses challenges to the market's growth.

Market Insights: Type Perspective:

Hybrid polyurea held a substantial share of revenue in the global polyaspartic coatings market, primarily attributed to its notable abrasion resistance and strong adhesion to metal and concrete structures. These qualities make it a preferred solution across various industries, including building and construction, transportation, industrial units, and power generation. The pure polyurea segment is anticipated to witness a higher growth in revenue during the forecast period.

Technology Perspective:

In 2020, water-borne technology dominated the global market, fueled by the increasing demand for environmentally friendly paint and coating alternatives. The solvent-based segment is expected to maintain a moderately stable growth rate in revenue.

Application Perspective:

The building and construction segment secured a significant revenue share in 2020 and is poised to exhibit the highest Compound Annual Growth Rate (CAGR) throughout the forecast period. The transportation and infrastructure segments followed as the second and third-largest contributors to revenue in 2020, respectively.

Region Perspective:

The Asia Pacific emerged as a noteworthy revenue contributor in 2020, driven by rapid growth in end-use industries such as construction, automotive, manufacturing units, transportation, and power generation. The Japanese construction sector, in particular, is experiencing substantial growth, marked by ongoing projects like the upgrading of highway networks, the Maglev railway, and the latest Rail link to Haneda Airport in Tokyo.

Key Companies: Companies profiled in the market report include Akzonobel, The Sherwin-Williams Company, Covestro AG, SIKA AG, BASF SE, PPG Industries, Carboline, Hempel, Flexmar Coatings, Inc., Chromaflo Technologies Corporation, Neogard, and Polyval Coatings Inc. Major players are strategically expanding their manufacturing units and product portfolios to remain competitive in the market.

Recent Developments:

• In August 2020, Sherwin-Williams Company launched Environlastic 2500, a single-coat direct-to-metal polyaspartic primer with fast-dry technology, offering long-term protection for steel and structures.
• In August 2019, Sherwin-Williams Company acquired Dresdner Lackfabrik Novatic (Germany), a paints and coatings solutions company, enhancing its product portfolio with polyaspartic coatings.

Segments Covered in the Report: The report provides historical data, forecasts, and revenue growth analysis at global, regional, and country levels, covering various segments such as type, technology, application, and region.

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