Polyaspartic Coatings Market Size will Observe Substantial Growth by 2025
Transparency Market Research in one of its latest reports reveals the global polyaspartic coatings market to be largely consolidated led by a handful of players. The intense competition in the market has compelled players to introduce differentiator products. Mergers and acquisitions and strategic alliances are also key growth strategies adopted by companies in this market.
Prominent participants in the polyaspartic coatings market include Akzo Nobel N.V., PPG Industries, Sika Corporation, The Sherwin Williams Company, Covestro AG, Cipy Polyurethanes Pvt. Ltd., and Rust-Oleum Corporation.
As per estimations of a TMR report, the global polyaspartic coatings market will clock a CAGR of 6.6% between 2016 and 2025, for the demand in the market to be worth US$819.0 mn by the end of 2025. The market was valued at US$463.5 mn in 2016.
Based on technology, solvent based is currently the leading segment. However, water based technology is likely to emerge as a key segment in the upcoming years. Construction and transportation are the leading end-use segments of polyaspartic coatings market. Vis-à-vis volume, North America held a significant share in the polyaspartic coatings market in 2016. Driven by the growth in the U.S., the region is anticipated to retain its dominant position over the forecast period.
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Attributes of Corrosion Prevention Make Polyaspartic Coatings Preferable for Harsh Environments
Despite being a new product in the paints & coating market, the demand for polyaspartic coatings is gaining momentum, says a TMR analyst. Polyaspartic coatings display features of high durability and hardness that make them preferable over other coatings such as epoxy and polyurethane. Polyaspartic coatings occur as a 2-part system, and are derived by mixing resin with a catalyst in order to initiate a curing reaction that leads to hardening of the materials. Reduced drying times, odorless, long pot life, greater film thickness, low color values, and high compatibility with most surfaces are some other features of polyaspartic coatings that make them preferable over other coatings for concrete floor applications. Polyaspartic coatings based flooring safeguards against corrosion for bridges and other harsh environments. Commercial kitchens, retail, shop floors, garage floor, and industrial and manufacturing facilities are some other key application areas of polyaspartic coatings.
Protection of Core Components Boosts Adoption in Construction Sector
The recovery of the world’s construction industry is also fuelling demand for polyaspartic coatings globally. Today, the escalating number of high-rise buildings and modern residential units that employ high-quality products is having a positive impact on ancillary industries. Polyaspartic coatings offer excellent durability with color and gloss retention that make them preferred over other coatings. Polyaspartic coatings are primarily used for the protection of steel and concrete in construction undertakings.
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Polyaspartic coatings are also manufactured by carrying out polymeric condensation of ammonia and maleic anhydride in the presence of a polar solvent sans active hydrogen to produce polysuccinimide. The hydrolyzing of polysuccinimide results in polyaspartic coatings. Polyaspartic coatings several attractive properties such as UV stability and high abrasion resistance. They can be applied in multiple layers which make them different from commonly used coatings such as polyurethanes and epoxy.
The review presented here is based on the findings of a TMR report, titled “Polyaspartic Coatings Market (Technology - Water, Solvent, and Powder; End-user - Construction (Residential, Commercial and Industrial), Transportation (Automotive and Rail Car), and Power Generation) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025.”