About the Report
Durability, flexibility, and high resistance make polyaspartic coatings widely popular across diverse end-use industries, starting from construction to power generation. While the COVID-19 pandemic took a toll on market players earlier in 2020, the industry has started recovering steadily attracting more stakeholders across the world. According to the report, North America and Europe will hold a major share of the global industry revenue, while Asia Pacific will be the new hotspot for manufacturers, being the fastest-growing economy Furthermore, rise in adoption of water-based polyaspartic coatings will favor suppliers in increasing their sales footprint through 2031.
A new market study on polyaspartic coatings by Fact.MR offers a holistic overview of the global market trends, growth scope, and other crucial factors, while analyzing the effects of COVID-19 on shifting demand-supply patterns for the forecast period of 2021 to 2031.
Historical Vs. Future Outlook on Polyaspartic Coatings
Polyaspartic coatings, being scratch-, impact-, chemical-, and UV ray-resistant, have gained fast traction in the past years. However, the outbreak of COVID-19 affected the revenue of manufacturers and stakeholders negatively due to decline in key end-use industry activities such as construction & transportation. However, recovery has been witnessed since the last quarter of 2020, aiding in the progress of manufacturers.
With rise in demand for polyaspartic coatings in power generation, suppliers are projected to come across new opportunities over the coming years. Additionally, wide requirement for water-based polyaspartic coatings and steady recovery of transportation and construction industries are expected to fuel the sales of polyaspartic coatings even further. According to Fact.MR, the global polyaspartic coatings market is forecast to expand at around 5.5% CAGR through 2031.
Why is Requirement for Polyaspartic Coatings Rising from the Construction Sector?
Being an integral part of construction flooring, interior and exterior infrastructure, architectural sector, and others, owing to their abrasion- and chemical-resistant properties, recovery of the construction industry is predicted to create new growth scope for the manufacturers of polyaspartic coatings.
According to a report titled “Industries at a Glance: Construction: NAICS 23”, published by the United States Bureau of Labor Statistics, the construction sector comprises establishments primarily engaged in the construction of buildings or engineering projects and has high potential. As per the report, the number of employees in the construction sector grew to 7,401 in thousands in January 2021 from 7,353 in November 2020 in the United States alone. This implies a rise in opportunities for polyaspartic coating manufacturers around the world.
What are the Key Challenges Faced by Polyaspartic Coating Suppliers?
Not only does the manufacturing of polyaspartic coatings require costly raw materials, set-up, and more time as compared to conventional coatings, but these coatings have several drawbacks, which make it challenging for end-use industries, such as-
- Two to three times more expensive to purchase and apply
- Doesn’t stand up well to battery acids
- High moisture vapor emission rate must be avoided while applying
Also, manufacturing infrastructure and processes for aspartic coatings got affected during long lockdowns earlier in 2020, and the negative impact lasted throughout the year, making the challenges even tougher for polyaspartic coating manufacturers.
However, recovery of this industry is ongoing, and key players are emphasizing on launching more cost-effective products in order to overcome various restraints over the coming years.
What’s Fuelling Demand for Polyaspartic Coatings in the United States?
The United States has been leading the world’s largest polyaspartic coatings industry - North America - and is predicted to sustain its position throughout the forecast period. Increase in demand for water-based polyaspartic coatings and fast recovery of construction and transportation industries are fuelling sales in the country.
As stated in a report titled “Construction Data”, published by the Associated General Contractors (AGC) of America, the construction industry plays a vital role in the U.S. economy, while having more than 680,000 employers with over 7 million employees. As per data revealed in the report, the U.S. construction industry comprises over 7 million employees and creates nearly US$ 1.3 trillion worth of structures every year. No doubt that the construction industry, being one of the largest customers for manufacturing, mining, and a variety of services, is expected to bolster the sales of polyaspartic coatings in the U.S. over the coming years.
Why are Stakeholders Eyeing Germany for Polyaspartic Coatings?
Germany is dominating in the world’s second-largest market for polyaspartic coatings - Europe, and is projected to exhibit impressive growth during the forecast period. Backed by highly advanced power generation, transport, and construction industries, Germany is the center of attraction for polyaspartic coating manufacturers.
According to a report titled “Germany-Mobility & Transport”, published by the European Commission (EC), the German transportation sector is gaining momentum after getting over the impact of the COVID-19 pandemic. As per the report, DB Netze manages infrastructure network in Germany, which has a part belonging to the Core Network Corridors, including over 8,300 km. Such factors represent new opportunities in Germany worth exploring by polyaspartic coating suppliers.
Why is China Racing Ahead in the Polyaspartic Coatings Market?
China is the epicenter of the world’s fastest-growing polyaspartic coatings industry - Asia Pacific - and is forecast to maintain its lead through 2031. Advanced transport and construction sectors coupled with growing inclination towards water-based polyaspartic coatings is boosting sales in China.
According to a report titled “China- Design and Construction Services Sector”, published by the International Trade Administration in 2021, China is the world’s largest construction market, with the industry forecast to grow at an annual average of 5.2% in real terms from 2021 to 2029. Also, China recently launched the “New Infrastructure” campaign in order to offset the economic impact of the COVID-19 pandemic and boost sustainable growth. This explains why suppliers and manufacturers are eyeing China to increase their sales and profit margins.
What Makes India a Lucrative Market for Polyaspartic Coating Manufacturers?
India has emerged highly lucrative in Asia Pacific for polyaspartic coatings, and anticipated to remain so in the near future. Backed by highly developed manufacturing hubs, and advanced construction & power generation sectors, India is a hotspot for polyaspartic coating providers.
As stated in a report titled “Power Sector in India: Market Size, Industry Analysis, Govt Initiatives”, published by the India Brand Equity Foundation (IBEF) on 28th February, 2021, India ranked sixth in the list of countries to make significant investments in clean energy by allotting US$ 90 billion from 2010-2019. As per the report, power consumption in India is estimated to reach 1,894.7 TWh in 2022. Such surging sectors will pave new paths for polyaspartic coating manufacturers in India.
Which Technology is Mostly Preferred for Polyaspartic Coatings?
Presently, water-based polyaspartic coatings have the highest demand in terms of technology, and are anticipated to lead over the forecast period. This type of coating has a lot of advantages, such as-
- Excellent adhesion properties
- Highly efficient in reducing air emissions
- Low toxicity
- Low flammability and more reliable
- Cost-effective as compared to solvent-borne coatings
- Don’t require extra additives, thinners, or hardeners
Other key segments in this category propelling market growth are solvent-based and powder polyaspartic coatings.
Which are the Key End-use Sectors for Polyaspartic Coatings?
Currently, construction and transportation industries are key segments in terms of end users, and are expected to spur the growth of suppliers and manufacturers over the coming years. Polyaspartic coatings have wide application in these sectors, for-
- Architectural finishing
- Interior and exterior construction
- Transportation infrastructure
Power generation is another key end-use industry adding to the sales of polyaspartic coatings.
The global polyaspartic coatings market is gradually getting tougher in terms of competition. In order to survive in this cut-throat competition, key market players are focusing on quality and quantity of products.
- PPG Industries, Inc. launched its new 600 SG PPG Coatings in 2017 and PPG Comprehensive Line of Floor Coatings in 2020.
- The Sherwin-Williams Company launched its new General Polymers® 4850 Polyaspartic Floor Coatings, GP4850 Coatings, and others, during the last 5 years.
Some of the key players manufacturing polyaspartic coatings are-
- Akzo Nobel NV
- Cipy Polyurethanes Pvt. Ltd.
- Covestro AG
- PPG Industries, Inc.
- Rust-Oleum Corporation
- Sika Corporation
- The Sherwin-Williams Company
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report
Historical Data Available for
USD Million for Value
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Customization & Pricing
Segmentation by Category
- Power Generation
- Other End Uses
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia
Key Questions Answered in Report
- Which are the top companies manufacturing polyaspartic coatings?
Some of the top companies providing polyaspartic coatings are Akzo Nobel NV, Covestro AG, and PPG Industries, Inc.
- Which are some of the lucrative markets for polyaspartic coatings?
The United States, Germany, China, Japan, South Korea, the United Kingdom, and a few others are lucrative markets for polyaspartic coatings, and are expected to dominate throughout the forecast period.
- Which technology accounts for high sales of polyaspartic coatings?
Presently, water-based polyaspartic coatings are the most sought-after in terms of technology, and are expected to keep leading over the forecast period of 2021 to 2031.
- Which are the key end-use industries for polyaspartic coatings?
Presently, key end-use industries for polyaspartic coatings are construction and transportation, which are expected to fuel sales over the coming years.
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Polyaspartic Coatings Market - Scope of Report
A recent study by Fact.MR on the polyaspartic coatings market offers a 10-year forecast from 2021 to 2031. The study analyzes crucial trends that are currently determining market growth. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders and emerging players associated with polyaspartic coatings. The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period.
A detailed assessment of the value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the polyaspartic coatings market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including demand, product development, revenue generation, and sales of polyaspartic coatings across regions.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account sales during the forecast period. Price point comparison by region with global average price is also considered in the study.
Fact.MR’s research study assesses the global polyaspartic coatings market in terms of end-use industry, technology, and region. This report presents extensive market dynamics and trends associated with different segments of the market, and their influence on the growth prospects of the market.
Key Questions Answered in Report
- Which are the most lucrative markets for polyaspartic coatings?
- Which factors will impact the demand for polyaspartic coatings?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the global polyaspartic coatings market?
- What are the winning strategies of stakeholders in the polyaspartic coatings landscape?
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the market during the forecast period.
Country-specific valuation on demand for polyaspartic coatings has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the polyaspartic coatings market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
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