The market for polyaspartic coatings market is expected to grow at a CAGR of more than 7.5% during the forecast period. Major factors driving the market studied are rapidly increasing demand from the building and construction industry.
- Increasing demand for bio-based products is expected to act like an opportunity for the market.
- Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.
Key Market Trends
Marine Segment to Dominate the Market
- The market studied is quite extensive, and is widely used in marine applications. Polyaspartic coatings offer extremely fast dry time and excellent corrosion resistance. These advantages make polyaspartic coatings one of the most attractive solutions in marine applications.
- High film builds, which are applied in marine applications with a thickness of about 150-300 microns, when applied using polyaspartic coatings, allow the application of only fewer coating layers.
- As this coating process is more efficient, the total productivity is increased, which in turn translates into lower overall painting costs and faster return-to-service.
- Some of the other advantages of polyaspartic coatings in marine applications include superior weather, UV, chemical, scratch and stain resistance, long-term color and gloss retention, the high film builds without blistering, and most importantly low volatile organic compound (VOC) content.
- Owing to the increase in demand for new ship orders, the production of ships is expected to rapidly increase, resulting in the growing usage of polyaspartic coatings during the forecast period.
China to Dominate the Asia-Pacific Region
- China is recognized for its architectural boom, globally, owing to the demand for low-cost housing and commercial housing, in recent years. China is currently producing more than half of the Asia-Pacific coatings and is home to more than 10,000 paint companies, among which local producers occupy more than half of the domestic paint market share.
- China has the world’s largest construction industry. However, the growth rate of the industry has become increasingly modest, as the Chinese government is looking to shift toward a services-led economy.
- expressways. China’s transport ministry and the National Development and Reform Commission (NDRC) has announced their plans to invest USD 72 billion to construct transportation projects, including railways, highways, waterways, airports, and urban rail.
- The Chinese shipbuilding industry has integrated military and commercial efforts. Shipyards, that once built only warships, have shifted their expertize and facilities to the construction of freighters and other vessels for commercial purposes, while continuing to build and modernize ships, in response to requirements from the People’s Liberation Army (PLA) Navy and Army.
- Hence, with the rapidly growing building and construction, infrastructure, and marine (shipbuilding) industries, the market for polyaspartic coatings in China is expected to rapidly increase over the forecast period.
The polyaspartic coatings market is a semi consolidated market. Some of the major key players include AkzoNobel NV, BASF SE, PPG Industries Inc., Sika AG, and Covestro AG, amongst others.
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