Polyaspartic Coatings Market Expected to Reach $515.1 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Polyaspartic Coatings Market," The polyaspartic coatings market was valued at $347.6 million in 2021, and is estimated to reach $515.1 million by 2031, growing at a CAGR of 4% from 2022 to 2031.

Polyaspartic coating is a protective layer of aliphatic polyurea that is generally applied on concrete floor surfaces or metals. It can be either 100% solid or hybrid type. It was first developed as a coating for steel bridges. Now, it finds application in a wide range of end-use industries including building & construction, industrial manufacturing, power generation, transportation, and others.

The rise in population coupled with rapid urbanization has surged the growth of the building & construction sector in both developed and developing economies, where polyaspartic coatings are widely used for flooring, wall finishing, and roofing applications. This is expected to boost the demand for polyaspartic coating in the growing building & construction sector. In addition, strong economic growth has surged the establishments of industries where polyaspartic coating is used as a protective coating for washers, driers, steel pipes, fittings, structural inserts and industrial equipment. This is projected to propel the global polyaspartic coatings market growth. However, high costs of polyaspartic coatings as compared to other coatings such as epoxy and polyurethanes may attract customers toward using the substitutes of polyaspartic coatings; thus, hampering the market growth.

On the contrary, an increase in awareness for eco-friendly products has surged the popularity of high sold polyaspartic coatings owing to its minimal or no volatile organic compounds (VOCs) levels. Furthermore, high solid polyaspartic coating requires less drying and is easy to apply. These factors make high solid polyaspartic coatings highly preferred for coating applications in various end use sectors. This is anticipated to increase sales of polyaspartic coating in several end-use sectors; Owing to these factors, the polyaspartic coatings market size is expected witness lucrative growth during the forecast period.

The polyaspartic coatings market analysis is done on the basis of type, end-use industry, and region. By type, the market is segregated into 100% solids and hybrid. The 100% solids segment dominated the global market in terms of revenue in 2021, with 68.96% of the total share. This is attributed to fact that 100% solids type polyaspartic coatings are widely used as a seal coat on floors. The 100% solids type polyaspartic coatings has fast drying and curing capability that makes it best-suited for use as flooring topcoat in hospitals, malls, schools, and other building & construction sites. Furthermore, it is tough and durable as compared to other sold polyaspartic or polyurethane coatings.

By end-use industry, the market is divided into building and construction, transportation, power generation, industrial, and others. The industrial segment dominated the global market in terms of revenue in 2021, with 34.58% of the total share. This is attributed to the fact that polyaspartic coatings are widely employed as coating on driers, washers, and other industrial equipment owing to its durability and easy of application. Metal cans and containers use polyaspartic coating for corrosion protection applications in steel pipes, fittings, and structural inserts used in various industrial sectors such as chemical manufacturing, oil & gas, and others. This is the key polyaspartic coatings market trend. Furthermore, fusion-bonded polyaspartic coatings are used for corrosion protection applications in water treatment plants, oil refining, and other industrial sectors.

Region-wise, the polyaspartic coating market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific polyaspartic coating market size is projected to grow at the highest CAGR during the forecast period, and accounted for a major polyaspartic coating market share in 2021, owing to the rise in building & construction, transportation, chemical manufacturing, and other sectors that have enhanced the performance of the polyaspartic coatings in the Asia-Pacific region. In addition, China's consumer electronics sector is increasing rapidly which in turn has enhanced the performance of the polyaspartic coatings industry in the region.

The polyaspartic coatings market share is majorly held by key players operating in the global polyaspartic coating market include, Akzo Nobel N.V., BASF SE, Covestro A.G., CTM Coatings, Indmar Coatings Corporation, LATICRETE International, Inc, PPG Industries, Inc., ResinWerks, Rust-Oleum, and The Sherwin-Williams Company.

COVID-19 impact analysis

The polyaspartic coating market was negatively impacted due to the wake of the COVID-19 pandemic. However, the increasing awareness for using eco-friendly products among citizens of both developed and developing economies may surge the popularity of polyaspartic coatings with minimal or no VOC emissions in various end use sectors including transportation, building & construction, industrial, aerospace, and others. Furthermore, the building & construction and transportation activities are projected to get back on track and start functioning with full capacity post COVID-19 period which in turn may enhance the performance of the polyaspartic coating market during the forecast period.

Key findings of the study

• By type, the 100% solids segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.2% from 2022 to 2031.
• By end-use industry, the industrial segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.5% from 2022 to 2031.
• By region, Asia-Pacific garnered the highest share of 45.5% in 2021, in terms of revenue, growing at a CAGR of 4.5%.