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Thursday, September 29, 2022

Polyaspartic coating market to reach US$931 million valuation by 2027: TMR study

  • The growing demand for high performance and eco-friendly coatings in the construction industry offers massive revenue gains to the players in the polyaspartic coatings market.

ALBANY NY, March 07, 2022 (GLOBE NEWSWIRE) — Polyaspartic coatings have begun to take precedence over epoxy and urethane coating systems. Polyaspartic technology has developed rapidly in recent years to overcome the limitations of conventional coating systems. Various end-use industries are increasingly adopting products in the polyaspartic coatings market for their many benefits such as faster cure times, versatility in protecting surfaces in both interior and exterior applications, and high gloss and color retention.

Most prominently, manufacturers of polyaspartic coatings are seeing a steady demand in protecting surfaces against harsh environmental conditions. Thus, the polyaspartic coatings market is witnessing revenue gains from growth in the building and construction and automotive industries. Players in the market have leveraged the opportunities to meet the emerging demand for durable and eco-friendly coating systems. The global valuation is projected to reach US$931 million by 2027.

Widespread adoption of water-based polyaspartic coatings is expected during the forecast period. The low-VOC content, superior adhesion, and rapid curing time of products have made them increasingly suitable for use as household paints and heavy-duty protective coatings in a variety of industrial applications.

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Key Findings of Polyaspartic Coatings Market Study

  • Water-based coatings to gain popularity due to their low-VOC content: Continuing advances in polyaspartic technology have enabled paint and coating manufacturers to develop formulations with low volatile organic compound (VOC) content and odors. Water-based products have gained remarkable traction in recent years, and the polyaspartic coatings market is expected to see substantial demand in this segment in the coming years. They contain significantly less solvents, making them more environmentally friendly when applied and during the curing process. As a result, adoption has increased in the marine, automotive and power generation industries, boosting the polyaspartic coatings market.
  • Demand for high-performance protective coating systems drives adoption in various industries: Manufacturers of polyaspartic coatings are seeing widespread demand for protective applications, particularly in the automotive, transportation and construction industries. Infrastructure surfaces in the building and construction industry are typically exposed to harsh environmental conditions. This has fueled the demand for better waterproofing products, and hence boosted the prospects for polyaspartic coatings, notes a TMR study on the polyaspartic coatings market. The increasing implementation of green building norms in various countries has driven the popularity of polyaspartic coating systems. Furthermore, the high performance characteristics of polyaspartic coatings are attracting automotive refinish customers.

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Polyaspartic Coatings Market: Key Drivers

  • The growing demand for green and sustainable construction products has led to the prospect of eco-friendly coatings. Increase in refurbishment of existing buildings and new constructions is driving demand for paints and coatings, thereby accelerating the expansion of opportunities for players in the polyaspartic coatings market.
  • The increase in the number of offshore wind farms in different parts of the world has made surface corrosion protection essential for the long life of the infrastructure. This has opened up new avenues for manufacturers of high-performance coatings, particularly in Europe. The region has seen an increase in the demand for offshore wind turbine equipment.

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Polyaspartic Coatings Market: Regional Growth Dynamics

  • North America held the major share of the global polyaspartic coatings market in 2018, driven by broad uptake of products across various end-use industries in the region. A key trend driving revenue generation is the continued demand for improved waterproofing products for residential and commercial building applications.
  • The Asia Pacific Polyaspartic Coatings market is expected to witness substantial revenue inflows during the forecast period. The growth of the regional market is likely to be driven by widespread demand in the automotive and construction industries. Emerging economies are expected to grow rapidly. Notably, China, India, Thailand and Vietnam are some of the potentially lucrative markets in Asia Pacific.

Polyaspartic Coating Market: Major Players

Some of the major industry players in the polyaspartic coatings market are Rust-Oleum Corporation, Sipee Polyurethane Pvt Ltd. Ltd., Sika Corporation, Covestro AG, PPG Industries, Sherwin Williams Company, and Akzo Nobel NV

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