Global Polyaspartic Coatings Market: Snapshot
The global market for polyaspartic coatings is witnessing growth on the back of recovery of the construction sector globally. The escalating number of skyscrapers and modern residential units that employ high-quality coatings to protect core components is fuelling the demand for polyaspartic coatings.
Polyaspartic coatings display features of high durability and hardness that make them preferable over commonly used coatings such as epoxy and polyurethanes. Reduced drying times, greater film thickness, long pot life, odorless, low color values, and high compatibility with most surfaces also make them preferable for concrete floor applications. Polyaspartic coatings also offer prevention against corrosion that makes them suitable for harsh environment applications.
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According to a report by Transparency Market Research, the global polyaspartic coatings was pegged at US$463.5 mn in 2016. Expanding at a CAGR of 6.6% for the 2016-2025 forecast period, the market is anticipated to be worth US$819.0 mn by 2025.The report studies the global polyaspartic coatings market based on a few parameters, viz. technology, end user, and geography.
In terms of technology, the market is segregated into water based, solvent based, and powder based. Solvent based technology currently displays leading demand in the market. However, water based technology is anticipated to surpass solvent based technology due to stringent regulations on VOC emissions. The rising demand for water based paint and coating formulations due to environmental concerns is expected to bode well for solvent based technology in the upcoming years.
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On the other hand, powder-based technology segment held minuscule share of the polyaspartic coatings market in 2016, and its demand is anticipated to dip during the forecast period. This is because of high production cost, difficulties of changing color, and inability to provide a thin finish.
In terms of end user, the global polyaspartic coatings market could be segmented into construction, power generation, transportation, and others. Residential, industrial, and commercial are the sub-segments within construction segment, whereas automotive, railcar, and others are the sub-segments within transportation. At present, the construction sector displays a surging demand for green and sustainable products that do not discharge toxic substances in the environment. Demand for BREEAM and LEED-certified buildings is anticipated to be on the rise, which in turn, will propel demand for polyaspartic coatings.