Polyaspartic Coatings Market Surges Ahead with Unprecedented Growth Prospects
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 major driving factors for the market are the increased productivity and cost efficiency along with better properties compared to epoxy- and polyurethane-based coating technology act as a major driver for the market. Polyaspartic coatings are widely used for corrosion resistance and construction applications.
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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). These players adopted expansions, acquisitions, new product development, and agreements as their key growth strategies between 2017 and 2020, which helped them increase their capacities and cater to the widening customer base.
The global polyaspartic coatings market will be impacted by the COVID-19 pandemic and is estimated to see a slump of 10.3% in 2020, in terms of value. The intensity of the impact of COVID-19 varies in different countries. The demand for polyaspartic coatings in end-use industries has contracted due to lockdown measures, supply chain disruptions, and increasing unemployment, which leads to lesser public spending. In some countries, the construction sector has been exempted from lockdown; this has reduced the impact of COVID-19 on the demand of polyaspartic coatings in the buildings & construction segment in certain countries.
The companies have initiated the following developments:
- In May 2020, Hempel began construction of a new factory in Yantai Chemical Industrial Park, China. The new factory will help meet the increasing demand for more sustainable and innovative coating solutions in the region. The company will invest USD 100 million for the construction of the new factory.
- In August 2020, The Sherwin-Williams Company has launched Environlastic 2500 for structural and steel protection. It is used in bridges, highways, large manufacturing plants, ports, and machinery. It offers a life of 25 years.
- In December 2019, The Sherwin-Williams Company has announced the opening of a new 4,200-square-feet store in Alexandria Bay, New York, US.
- In August 2019, The Sherwin-Williams Company has acquired the business and assets of Dresdner Lackfabrik Novatic (Germany) in Germany, Poland, and the Czech Republic. It is a company that manufactures paints and coatings solutions. This company has polyaspartic coatings in its product portfolio.
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According to market analysis, the Asia-Pacific (APAC) region is expected to dominate and account for the largest share in the polyaspartic coatings market. This indicates that APAC will play a significant role in the production and consumption of polyaspartic coatings, likely due to factors such as increasing industrialization, infrastructure development, and a growing demand for durable and high-performance coatings in the region. The specific reasons behind this trend may include the construction industry boom, increased automotive production, and various other applications benefiting from the advantages of polyaspartic coatings, such as rapid curing and excellent durability.
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