Polyaspartic Coatings Market By Type (100% Solids, Hybrid), By End-use Industry (Building and Construction, Transportation, Power Generation, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global polyaspartic coating market was valued at $347.6 million in 2021, and is projected to reach $515.1 million by 2031, growing at a CAGR of 4.0% from 2022 to 2031.
Polyaspartic coating is a protective coating made from aliphatic polyurea. It can be either 100% solid or hybrid-based on the nature of curing. It possesses excellent significant properties such as corrosion resistance, flexibility, and superior adhesion allows that make it best-suited for use in a wide range of end-use industries such as building & construction, transportation, industrial manufacturing, power generation, and others.
The increase in global power needs has surged the establishment of power plants in both developed and developing economies where polyaspartic coatings are widely used for coating floors and machinery. Furthermore, governments of several countries are engaged in expansion of power plant capacities where polyaspartic coatings are used for coating a wide range of machinery for corrosion protection purposes. For instance, according to a report published by Adani Power, the Adani Group is setting up thermal power plant of 1600 megawatt (MW) capacity in Godda, Jharkhand. This factor may propel the growth of the polyaspartic coating market during the forecast period. In addition to this, increase in demand for consumer goods has surged the establishments of chemical manufacturing units in both developed and developing economies where polyaspartic coating are widely employed as protective coating in various industrial equipment. This may positively drive the growth of the polyaspartic coating market during the forecast period. Moreover, the chemical manufacturing sector is witnessing a huge foreign direct investment (FDI) inflow attributed to attractive government policies and increasing demand from end user industries such as food processing, personal care, oil & gas, and others. For instance, according to a report published by India Brands Equity Foundation, the total FDI inflow in the Indian chemical sector reached $18.69 billion from April 2000 to June 2021. This is anticipated to increase the sales of polyaspartic coating; thus boosting the market growth.
However, shortages of raw materials have led to increase in the price of polyaspartic resin over the past few years. Furthermore, the price of materials that are used for packaging of polyaspartic coating has increased, which in turn has led manufacturers, wholesalers and store owners to pass on the price increase to the final end-users. These factors may hamper the growth of the polyaspartic coating market during the forecast period.
On the contrary, increasing awareness for eco-friendly products has surged the popularity of high sold polyaspartic coating owing to its minimal or no volatile organic compounds (VOCs) levels. Furthermore, high solid polyaspartic coating requires less drying and is easy to apply. These factors make high solid polyaspartic coatings highly preferred for coating applications in various end use sectors. This is anticipated to increase sales of polyaspartic coating in several end-use sectors; thus creating lucrative opportunities for the market.
The polyaspartic coating market is segmented on the basis of type, end-use industry, and region. On the basis of type, it is divided into 100% solids and hybrid. On the basis of end-use industry, the market is classified into building and construction, transportation, power generation, industrial, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global polyaspartic coating market profiles leading players that include Akzo Nobel N.V., BASF SE, Covestro A.G., CTM Coatings, Indmar Coatings Corporation, LATICRETE International, Inc, PPG Industries, Inc., ResinWerks, Rust-Oleum, and The Sherwin-Williams Company. The global polyaspartic coating market report provides in-depth competitive analysis as well as profiles of these major players.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the polyaspartic coatings market analysis from 2021 to 2031 to identify the prevailing polyaspartic coatings market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the polyaspartic coatings market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global polyaspartic coatings market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By End-use Industry
Building and Construction
Transportation
Power Generation
Industrial
Others
By Type
100% Solids
Hybrid
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
PPG Industries
The Sherwin-Williams Company
BASF SE
AkzoNobel
SIKA AG
Rust-Oleum Corporation
Covestro AG
LATICRETE International Inc.
Resinwerks
IndMar Coatings Corporation
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