The polyaspartic coatings market is estimated at USD 329 million in 2020 and is projected to reach USD 388 million by 2025, at a CAGR of 3.4% between 2020 and 2025. The major driving factors for the market are the increased productivity and cost efficiency along with better properties compared to epoxy- and polyurethane-based coating technology act as a major driver for the market. Polyaspartic coatings are widely used for corrosion resistance and construction applications.
The leading players in the polyaspartic coatings market are The Sherwin-Williams Company (US), PPG Industries (US), BASF SE (Germany), AkzoNobel (Netherlands), Hempel (Denmark), Carboline (US), Rust-Oleum (US), Laticrete International (US), SIKA AG (Switzerland), Feiyang Protech (China), Indmar Coatings (US), Satyen Polymers (India), and VIP Coatings (Germany). These players adopted expansions, acquisitions, new product development, and agreements as their key growth strategies between 2017 and 2020, which helped them increase their capacities and cater to the widening customer base.
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The global polyaspartic coatings market will be impacted by the COVID-19 pandemic and is estimated to see a slump of 10.3% in 2020, in terms of value. The intensity of the impact of COVID-19 varies in different countries. The demand for polyaspartic coatings in end-use industries has contracted due to lockdown measures, supply chain disruptions, and increasing unemployment, which leads to lesser public spending. In some countries, the construction sector has been exempted from lockdown; this has reduced the impact of COVID-19 on the demand of polyaspartic coatings in the buildings & construction segment in certain countries.
The companies have initiated the following developments:
Polyaspartic Coatings Market by Type (100% Solids Polyaspartic, Hybrid Polyaspartic), Systems (Quartz, Metallic), End-use Industry (Building & Construction, Transportation, Industrial, Power Generation, Landscape), & Region - Global Forecast to 2025
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