50% of Polyaspartic Coatings Demand Fuelled by Construction Applications: Fact.MR Study
Published : 14 Sep 2021 Industry: Chemical & Materials
Newly published data by Fact.MR estimates that the global polyaspartic coatings market will register a CAGR of 5.5% from 2021 to 2031, reaching a value of US$ 572 Mn. As of 2021, the industry is poised to generate US$ 335 Mn in revenue terms, with applications abounding across a wide spectrum of end use industries.
From 2016 to 2020, a CAGR of 4% was registered in the global market for polyaspartic coatings. By the end of the aforementioned historical period, sales amounted to US$ 317 Mn. Prospects temporarily dimmed as the COVID-19 pandemic engulfed the global economy in the first half of 2020. Widespread shutdowns of production and manufacturing activities to prevent the spread of the pandemic stalled expansion prospects.
Backed by the latest innovations and evolving demand for improved products, polyaspartic coatings exhibit progressive growth potential in upcoming future. Soaring construction activities along with increased product awareness are boosting the demand for polyaspartic coatings in the global market.
Key Takeaways from the Market Study:
- Global polyaspartic coatings industry to mushroom 1.7x until 2031
- Water-based polyaspartic coatings to reign supreme, surging at a CAGR of 5%
- By end use industry, construction to account for 50% of global polyaspartic coatings demand
- U.S to emerge as an opportunistic market, surging at 7.4% CAGR until 2031
- China to be the most lucrative landscape, accounting for 3 out of 5 polyaspartic coatings sales
“Development of eco-friendly, sustainable and high-solid (low-VOC) coatings have received a lot of attention due to environmental concerns and legislative issues.” comments a Fact.MR analyst.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.
- In November 2019, Chromaflo Technologies announced the release of its FLV series of colorants for tinting epoxy, polyurethane, and polyaspartic coatings. The FLV series is based on a sustainable binder that has been shown to improve coating properties such as early hardness and chemical and physical resistance.
- The technological development and commercialization of the FLV Series is a major step forward in supplying a high-performing colorant line for solvent-free epoxy, polyurethane, and polyaspartic coatings.
- In March 2017, Avery Dennison Corporation announced the completion of acquisition of Hanita Coatings, a pressure-sensitive materials manufacturer of specialty films and laminates, from Kibbutz Hanita and Tene Investment Funds.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Polyaspartic coatings Market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on technology (water, solvent and powder) and end use industry (construction, transportation, power generation and other end uses) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Chemical and Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides
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Sr. Consultant – Chemicals and Materials