The global polyaspartic coatings market displays a highly consolidated vendor landscape, reveals Transparency Market Research (TMR) in a new report. The presence of a small number of players makes for cut-throat competition among these players. In this scenario, to consolidate their position, top players in the polyaspartic coatings market are expanding their product portfolio, finds the report. Development of novel coatings with extended features is what top players in this market are looking up to. To attain such goals, these players are engaging in increasing production capacity, R&D, and mergers and acquisitions.
Key companies operating in the global polyaspartic coatings market include Sika Corporation, The Sherwin Williams Company, Rust- Oleum Corporation, Akzo Nobel N.V., PPG Industries, and Covestro AG.
According to the TMR report, the global polyaspartic coatings market is likely to expand at a healthy 6.6% CAGR for the 2016 – 2025 forecast period. At this rate, the market’s valuation of US$463.5 mn in 2016 is likely to be worth US$819.0 mn by 2025-end.
By technology, the water-based segment is likely to emerge lucrative over the forecast period. Water-based technology segment is likely to give tough competition to solvent-based segment. Geography-wise, North America is likely to hold the share of the overall market over the forecast period vis-à-vis volume. Expanding construction of green buildings in the region is stoking demand for eco-friendly chemicals at various stages of construction.
Eco-friendly virtues of Product boosts demand
Expanding application of polyaspartic coatings over traditional coatings is the foremost factor driving the polyaspartic coatings market. With a high hardness and durability quotient, polyaspartic coatings are increasingly replacing traditional coatings such as epoxy and polyurethanes.
In addition, polyaspartic coatings require less drying time, are odor free, easily miscible with solvents, have a long shelf life, and are suitable for large number of surfaces.
Furthermore, to the credit f polyaspartic coatings, these coatings are resistant to corrosion. This makes them suitable to use for extreme climatic conditions. These factors are collectively leading to an increased uptake of polyaspartic coatings.
Polyaspartic coatings are favorable for the environment too. Polyaspartic coatings emit low VoCs as compared to other coatings. Lower maintenance unlike polyurethane and epoxy coatings, and free of discoloration, polyaspartic coatings are increasingly being preferred. In particular, for such virtues, polyaspartic coatings are witnessing substantial demand for BREEAM and LEED-certified structures.
With substantial efforts for green buildings and eco-friendly construction, the demand for polyaspartic coatings is likely to escalate.
Government subsidized Low Cost Housing boosts Market in Developing Regions
Post the last economic slump, the construction sector is witnessing notable growth. Construction of residential, commercial, and industrial undertakings especially in emerging economies is at an all-time high. However, environmental protection mandates necessitate use of eco-friendly chemicals at various stages of construction. This serves to boost the demand for polyaspartic coatings.
Also, in construction undertakings, polyaspartic coatings are extensively used to coat steel and concrete components to protect from environmental volatility.
At present, the demand for low cost housing in developing regions in at an all-time high. Government subsidized housing projects are gaining traction among low income families in developing regions. Despite being subsidized, these housing projects use sustainable eco-friendly materials at various stages of construction. This is boosting the demand for polyaspartic coatings for such projects.
Also, infrastructural development in these regions, which include bridges, flyovers, airways, highways, and rail network is serving to boost the demand for an array of chemicals. This includes polyaspartic coatings as well.