Polyaspartic coatings revenue is expected to total US$ 335 Mn for 2021, according to Fact.MR. In the long-run, the market is expected to reach US$ 572 Mn by 2031, expanding 1.7x. Demand for water-based coatings will accelerate, with top 5 providers holding 40% of market revenue.
Attributed to its exceptional properties such as durability, flexibility, and high resistance polyaspartic coatings are gaining extensive popularity across diverse end-use industries, starting from construction to power generation worldwide.
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Building & construction is projected to register a slow growth during the forecast period.
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. Polyaspartic coatings in construction are used as topcoats, stone carpets, sealants, and waterproofing. The increasing construction activities and growing product awareness in China are expected to drive the polyaspartic coatings market.
100% solids polyaspartic is projected to be the fastest segment of the polyaspartic market during the forecast period.
100% solids polyaspartic coatings are manufactured without the use of any solvent. The solid content plays a vital role in determining the properties of the final coated surface. They contain low/zero VOCs and are widely used due to their relatively short curing time, long pot life, and excellent chemical & moisture resistance. These systems serve a wide variety of coating or lining applications on substrates such as concrete or metals to protect from corrosion. The main advantages of 100% solids polyaspartic over hybrid polyaspartic are its rapid reactivity, better chemical & mechanical resistance, high resistance to tearing, better abrasion & impact resistance, resistance to water, and the absence of solvents. However, curing time is relatively longer in comparison to hybrid.
Driver: Higher efficiency compared to conventional coating technology
Traditional epoxy coating technology is widely used in various industries due to their low price, ease of application, and favorable results. However, epoxies take long to cure and, when returned to service, fade in direct sunlight, yellow with age, bulge at vulnerable points, and can crack at floor joints. Polyurethanes, on the other hand, are fast curing but are extremely sensitive to moisture.
Polyaspartic coatings are not only fast curing but also overcome most deficiencies of epoxy- and polyurethane-based coating technology. Polyaspartic coatings have more abrasion resistance, are more flexible & UV-stable than epoxies, and are not sensitive to moisture like polyurethanes. Polyaspartic coatings are increasingly replacing two-layer systems of epoxy-based coat and urethane topcoats with one coat systems that provide fast curing and superior performance. This subsequently improves process productivity and increases the demand for polyaspartic coatings
Restraints: Higher cost compared to conventional coatings
Polyaspartic coatings are more expensive than their substitutes such as epoxy and polyurethane coatings, which can act as a restraint. This increased cost can be attributed to the high prices of raw materials, the cost involved in formulating polyaspartic coating systems, and high investments in R&D. Also, the need for skilled workforce during formulation and operation further increases the cost of application. Thus, the high cost acts as a major restraint to the demand for polyaspartic coatings.
Opportunities: Emerging application areas of polyaspartic coatings
The ability of polyaspartic coatings to replace epoxy and polyurethane coatings is a valued trait and leads to the high demand in industrial and commercial applications. Owing to its benefits and features, the applications of polyaspartic coatings are growing rapidly, which generates significant opportunities for the market players.
Challenges: Limited awareness about polyaspartic coatings
Most end users seeking options for floor coating are not aware of the advantages of polyaspartic coatings. They use conventional coatings such as aromatic polyurea, epoxy, and polyurethane coatings, which leads to high curing time and also increases the frequency of coatings. Polyaspartic coatings are fast curing and overcome almost all deficiencies of epoxy- and polyurethane-based coating technology. However, alternative products are priced lower compared to polyaspartic coatings. Therefore, end users prefer to use alternative products to reduce their short-term expenses. Considering all the above factors, creating awareness about polyaspartic coatings is a significant challenge for the market players.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In November 2019, Chromaflo Technologies announced the release of its FLV series of colorants for tinting epoxy, polyurethane, and polyaspartic coatings. The FLV series is based on a sustainable binder that has been shown to improve coating properties such as early hardness and chemical and physical resistance.
- The technological development and commercialization of the FLV Series is a major step forward in supplying a high-performing colorant line for solvent-free epoxy, polyurethane, and polyaspartic coatings.
- In March 2017, Avery Dennison Corporation announced the completion of acquisition of Hanita Coatings, a pressure-sensitive materials manufacturer of specialty films and laminates, from Kibbutz Hanita and Tene Investment Funds.
Key Companies Profiled:
- Abbott Laboratories
- Akzo Nobel NV
- Cipy Polyurethanes Pvt. Ltd.
- Covestro AG
- PPG Industries Inc.
- Rust-Oleum Corporation
- Sika Corporation
- The Sherwin-Williams Company
Key Segments Covered
- End Use Industry
- Power Generation
- Other End Uses
Questionnaire answered in the report include:
- How the industry has grown?
- What is the present and future outlook on the basis of region?
- What are the challenges and opportunities?
- Why the consumption in region?
- In which year segment is expected to overtake segment?