Albany, NY -- (SBWIRE) -- 10/24/2018 -- The global market for polyaspartic coatings is anticipated to exhibit a modest growth in the forthcoming years, as reported by Transparency Market Research (TMR). The vendor landscape of the global polyaspartic coatings market currently features consolidation, being led by a few players. The market is characterized by vigorous competition amongst the vendors in the market. This has led to industry participants upgrading their product portfolios in order to deliver unique products to the consumers. With several innovations being researched on and introduced in the industry for different coatings, the polyaspartic coatings market is swiftly gaining traction among both consumers and vendors. Companies are competing to gain solid customer foothold by adopting strategies such as increasing product capacities, product innovation, and mergers and acquisition.
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According to analysts at TMR, the global polyaspartic coatings market was evaluated to be at a market value of US$463.5 mn in 2016. Over the forecast period of 2016 to 2025, the global market is anticipated to rise at a steady 6.6% CAGR, and is estimated to reach a value of US$819.0 mn by 2025-end.
In terms of technology, the water-based segment is likely soar in the upcoming years, giving tough competition to solvent based technology. In terms of volume, the region of North America held a substantial market share in 2016, and this trend is expected to continue over the coming years, supported by demand from the U.S.
Eco-Friendly Properties of Product to Fuel Growth
With a high hardness factor and durability, the polyaspartic coatings are now being increasingly preferred over traditional coating types such as polyurethanes and epoxy. At the same time polyaspartic coatings curtail drying time, are odor-free, have a long pot life, and are easily miscible with solvents and compatible with a large number of surfaces. This makes polyaspartic coatings the prime choice over alternative coatings available in the market. Polyaspartic coatings are resistant to corrosion and thus can endure extreme climate changes, and these features are expected to augment demand for the product in the coming years, fuelling market growth.
Additionally, polyaspartic coatings emit low VOC as compared to other coatings. These coatings also need lower maintenance unlike epoxy or polyurethane coatings, and do not get discolored with time. This is leading to an increased demand for the product in BREEAM and LEED-certified structures. With the soaring popularity of green buildings and eco-friendly construction, the use of polyaspartic coatings is likely to magnify.
Burgeoning Construction Industry to Offer Lucrative Opportunity
With the construction industry across the globe witnessing a phase of revival, polyaspartic coatings are expected to face increased demand in the forthcoming years. With the surge in number of residential, commercial and public spaces, along with better fund allocation towards these activities, the global polyaspartic coatings market is expected to witness rich growth opportunities. In construction of structures, polyaspartic coatings are extensively used in coating the steel and concrete components to safeguard them from environmental volatility.
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Developing regions are increasingly in need of low cost commercial housing options as well as infrastructure such as bridges, flyovers, highways, airways and urban rail. Countries such as India, China and Japan are seen allocating larger funds towards infrastructure development, and this could be a potentially key factor that could promote the growth of the polyaspartic coatings market in the coming years.
This review is based on TMR's report titled, "Polyaspartic Coatings Market (Technology - Water, Solvent, and Powder; End-user - Construction (Residential, Commercial and Industrial), Transportation (Automotive and Rail Car), and Power Generation) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025