TAGS: Architectural Coatings
The polyaspartic coatings market is estimated at USD 358 million in 2018 and is projected to reach USD 521 million by 2023, at a CAGR of 7.8% between 2018 and 2023. The rapid curing time and better properties of polyaspartic coatings compared to convention coatings are expected to drive the market.
Growth at a CAGR of 7.8% between 2018 & 2023
Building & Construction End-use Industry
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. These coatings are used as topcoats, stone carpets, sealants, and waterproofing. Polyaspartic coatings are preferred for different types of construction flooring such as commercial, institutional, and residential flooring.
The use of conventional coating systems to coat a small area is usually time-consuming and labor-intensive. The curing time of such systems takes between 8-16 hours and uses 2K technology, which means that only one coat per day can be applied. A polyaspartic coating, on the other hand, can be used to coat a garage floor from start to finish in 5 hours. Hence, polyaspartic coatings might replace conventional coating technologies such as epoxy and polyurethane during the forecast period.
Pure Aliphatic Polyurea to Boost the Market
Pure polyurea coating is the result of the chemical reaction of isocyanates and amine terminated resins. Pure polyurea plays a vital role in determining the properties of the final coated surface. It is used where higher elongation, tensile strength, and abrasion resistance are required.
Pure polyurea is preferred as an anti-corrosive in sewage, effluent treatment, bed liners in automotive, tough surfaces in flooring, and has a life span of 15-20 years. Increase in demand for properties such as better abrasion resistance, superior tensile strength, better film quality, and moisture sensitivity is driving the market for pure polyaspartic coatings.
APAC to Account for the Largest Share
APAC is the largest polyaspartic coatings market, and this dominance is expected to continue until 2023. China was the key market in the region, accounting for a majority of the demand for polyaspartic coatings, followed by Australia, Malaysia, and Indonesia in the year 2017. China is also expected to witness the highest growth rate, in terms of consumption, between 2018 and 2023.
The leading players in the polyaspartic coatings market are Covestro AG (Germany), The The Sherwin-Williams Company (US), PPG Industries (US), BASF SE (Germany), AkzoNobel (Netherlands), Hempel Group (Denmark), Rust-Oleum (US), Laticrete (US), SIKA AG (Switzerland), Satyen polymers (India), and VIP Coatings (Germany).
Source: M&M