Polyaspartic Coatings Market
Polyaspartic Coatings Market Analysis By Technology (Water-based, Solvents-based, Powder-based), By End-use Industry (Construction, Transportation, Power Generation, Others) & By Region - Global Market Insights 2023 to 2033
Analysis of Polyaspartic Coatings Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Polyaspartic Coatings Market Growth Outlook (2023 to 2033)
The global polyaspartic coatings market is set to reach a valuation of US$ 372.9 million and grow at 5.5% CAGR between 2023 and 2033 to register a market value of US$ 636.9 million in 2033.
Polyaspartic coatings are used for OEM coatings, flooring, bridges, wind turbines, pipelines in the oil & gas industry, and automotive repair, among others, due to their exceptional fast curing, durability, flexibility, and other properties.
Polyaspartic Coatings Market Size (2022A)
US$ 353.4 Million
Estimated Market Value (2023E)
US$ 372.9 Million
Forecasted Market Value (2033F)
US$ 636.9 Million
Global Market Growth Rate (2023–2033)
China Market Share (2023)
USA Market Growth Rate (2023–2033)
Key Companies Profiled
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Historic and Future Pathway Analysis for the Polyaspartic Coatings Market
Polyaspartics are produced when aspartic and aliphatic polyisocyanates react. The ability to use these polyaspartic esters in a variety of end-use applications by simple manipulation sets polyaspartic technology apart from conventional polyurethanes.
While coating systems such as polyurethane and epoxy take longer to cure, polyaspartic coatings cure rapidly. Polyaspartic coatings can dry in a few hours or less and are intended to have rapid curing capabilities. Additionally, it is simple to formulate these coatings for use in below-freezing conditions.
- Short Term (2023–2026): Consumer preference for polyaspartic coatings over other traditional coatings, due to the remarkable properties of polyaspartic coatings, fuels the polyaspartic coatings market growth during the forecast period.
- Medium Term (2026–2029): Escalating the construction sector coupled with growing demand for commercial space on the back of increasing government incentives for startups is likely to drive the polyaspartic coatings market.
- Long Term (2029–2033): Government regulations regarding the use of volatile organic compounds (VOCs) coupled with the adoption of ground-breaking strategies are anticipated to drive the polyaspartic coatings market.
On the back of the aforementioned facts, the market is anticipated to grow at a CAGR of 5.5% during the forecast period from 2023–2033, According to the Fact.MR, a market research and competitive intelligence provider.
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Market Dynamics Overview
“Reliable Alternative Over Polyurethane-Based & Epoxy Coating Technologies”
Traditional epoxy coatings have a wide range of applications in various end-use industries due to their ease of use, favorable results, and low cost, among others. However, epoxy coatings require a long time to cure, and at the time they are put back into service, they fade away in the presence of direct sunlight, turn yellow as they age, and crack at floor joints. Polyurethanes, on the other hand, harden quickly but are very sensitive to moisture.
Polyaspartic coatings not only cure quickly but also overcome most of the shortcomings of polyurethane-based and epoxy coating technology. Polyasparagine coatings have better wear resistance, are more flexible and UV resistant than epoxies, and are not moisture sensitive like polyurethanes.
Polyasparagine coatings are rapidly replacing two-layer epoxy-based coatings and urethane coatings with single-layer systems that offer fast cure and superior performance. This then boosts the productivity of the process and supplements the demand for polyaspartic coatings.
“High Cost to Hamper Polyaspartic Coatings Market Growth”
Polyaspartic coatings have a high cost as compared to their substitutes, such as polyurethane and epoxy coatings, which can act as a major factor restraining the market growth. The increase in costs is due to the high cost of raw materials, the cost of designing poly aspartate coating systems, and the large investment in R&D.
Also, the need for skilled labor during manufacture and use further increases application costs. Thus, high costs significantly limit the demand for polyaspartic coatings.
What are the Factors Driving Polyaspartic Coatings Demand Across the USA?
The growing construction sector across the USA is likely to offer immense growth opportunities to the polyaspartic coatings market in near future.
- For instance, the total value of construction in the USA raised to USD 1.8 trillion in 2022 from USD 1.6 trillion in 2021. Among these, total residential construction stood at USD 793.7 billion in 2021 and raised to USD 899.1 billion in 2022, a 13.3% change.
The construction industry requires proper flooring, especially in commercial areas where footfall is high and polyaspartic coatings are durable and require less time to dry. Hence, with the surging construction industry across the USA, polyaspartic coatings witness immense growth opportunities.
Why is the India Polyaspartic Coatings Market Expected to Be Highly Lucrative?
Polyaspartic coatings are widely used for railcar exteriors due to their properties such as temperature resistance, durability, fast curing, and others. Hence, with the growing investments in railways, the polyaspartic coatings market is likely to witness high growth opportunities during the projection period.
- For instance, the Indian railway network is regarded as the backbone and lifeblood of the Indian economy. With over 22,593 operating trains of which 13,452 are passenger trains and 9,141 freight, India has the fourth-largest railway network, carrying 24 million passengers and 203.88 million tonnes of freight on a regular basis.
- In FY22, there were 3.5 billion passengers traveling via trains 2.3 billion up from that in FY21 i.e., 1.3 billion. Railway freight traffic totaled 1,400 MT in FY 2021–22.
- Since August 2020, 450 Kisan Rail services have been provided by the Indian Railways, which has been successful in moving more than 0.2 MT of agricultural products and perishables to RailTel, a PSU under the Railway Ministry.
- Under the 2023-2024 union budget, the Indian railway received about US$ 36.2 billion for the financial year 2023-24 compared to US$ 17.5 billion in the previous fiscal year, an increase of US$ 18.7 billion.
Hence, the thriving railway industry across the country is likely to create immense growth opportunities for the polyaspartic coatings market during the assessment period.
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Which Technology is Gaining Traction?
The water-based technology is extensively used worldwide due to strict volatile organic compound (VOC) emission rules for solvent-based polyaspartic coatings.
Environmental concerns regarding the use of solvents in coatings also intensify the demand for water-based technology. In addition, a prospering shipbuilding industry across the military and commercial sectors is ensuring escalated growth for water-based polyaspartic coatings.
Why Construction Sector is a Prime Consumer of Polyaspartic Coatings?
The flourishing construction industry supplements the growth of the polyaspartic coatings market.
- For instance, the global size of the construction industry was US$ 8.2 trillion in 2022, and it is anticipated that it will grow at a CAGR of 7.3% to reach a valuation of US$ 17.0 trillion by 2029.
- The significant contribution in the growth of the global construction industry is majorly by four countries, including China, the US, India, and Indonesia, which collectively account for about 58.3% share of the total global construction industry.
Growing government investment in the development of large-scale infrastructure projects is likely to drive the global construction sector. With the growing construction sector, the demand for paints and coatings increases, to increase the durability of the structure, flooring purpose, and more.
In light of this, polyaspartic coatings are gaining traction as they are widely used for flooring, as polyaspartic coatings are stain resistant, fast curing, durable, and decorative. Hence, the growing construction industry drives the polyaspartic coatings market.
Eminent Players Key Stratagems
Manufacturers operating in the polyaspartic coatings market focus on winning government tenders to enhance brand image and gain high-profit margins in the long run. Market players also invest in research and development to offer reliable and more durable products which can meet stringent guidelines and consumer demands.
Fact.MR has provided detailed information about the price points of key manufacturers of polyaspartic coatings positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Polyaspartic Coatings Industry Research
By End-Use Industry:
- Power Generation
- North America
- Latin America
- East Asia
- South Asia & Oceania
- FAQs -
The global polyaspartic coatings market is valued at US$ 353.4 million in 2022.
The polyaspartic coatings market is estimated to grow at 5.5% CAGR between 2023–2033.
Abbott Laboratories, Akzo Nobel NV, Cipy Polyurethanes Pvt. Ltd., Covestro AG, PPG Industries Inc., and The Sherwin-Williams Company are top players operating in the polyaspartic coatings market.
India, China, and the USA are prominent economies to hold a major share of the polyaspartic coatings market.
North America, Latin America, Europe, East Asia, South Asia & Oceania, the Middle East, and Africa are the regions considered in the polyaspartic coatings market.