Global Polyaspartic Coatings Market: Highlights
· Theglobal polyaspartic coatings market isprojected to grow at a CAGR of more than 6.5% between 2019 and 2027. Risingdemand for protective coatings for transportation structural maintenance toimpede the deterioration process and elongate the service lives ofinfrastructures is fuelling the demand for polyaspartic coatings.
· Polyasparticscoatings are extensively utilized in various commercial, industrial, andresidential structures as they provide greater protection against deviatingclimatic conditions. These coatings play a vital role in protecting industrialfloors at warehouses, factories, automotive shops, and chemical processingunits.
· Significantexpansion of the automotive industry has led to considerable demand for paints& coatings products. Shift in consumer preference toward quality coatingproducts is estimated to drive product innovation in the automotive industry,which in turn is boosting the polyaspartics coatings market. Polyasparticcoatings play a very important role in the automotive industry. They aid in corrosionprotection of commercial vehicles and OEM fascia parts.
· Polyasparticscoatings is a two part resin system which contains polyurea aliphatics. It ismanufactured by mixing resin and a catalyst in order to initiate a curingreaction that leads to hardening of the materials. This imparts high durabilityand hardness to the coating resins. It can be also manufactured by carrying outpolymeric condensation of maleic anhydride and ammonia in the presence of apolar solvent without active hydrogen to give polysuccinimide and hydrolyzingthe resulting polysuccinimide to obtain polyaspartic coatings.
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Global Polyaspartic Coatings Market: SegmentalTrends
· In termsof demand, solvent based is the leading technology segment, however over thecoming years water based technology expected to surpass solvent basedtechnology due to stringent regulations on VOC emission.
· Waterbased technology expected to gain substantial share during the forecast perioddue to rising demand for environmental friendly formulation in paints &coatings industry. The powder-based technology segment held minor share of thepolyaspartic coatings market in 2018 and its demand isexpected to decline during the forecast period, due to high production cost,inability to provide thin finish, and difficulties in changing colour.
· In termsof end-user, construction and transportation was leading segment in 2018. Theconstruction industry is increasingly leaning toward green and sustainableproducts, which consume less fuel and thereby, release low levels of CO2.Demand for BREEAM and LEED-certified buildings is anticipated to propel themarket due to the expanding commercial and residential sectors across theglobe.
· Powergeneration segment accounted for smaller share in the global polyasparticcoatings market in 2018. However, the rise research &development activities and increasing demand for protective coating foroffshore wind turbines are expected to boost the market during the forecastperiod.
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Global Polyaspartic Coatings Market: RegionalHighlights
· In termsof volume, North America accounted for a significant share in polyasparticcoatings market in 2018 followed by Asia Pacific. This trendis expected to continue during the forecast period due to the high penetrationof manufacturing facilities of FMCG, pharmaceutical, food & beverage andoil & gas sectors in the U.S.
· Rapidgrowth in construction industry as well as rising investment in automotiveindustry propelling the demand for polyaspartic coatings in Asia Pacific.China, India, and ASEAN countries are the lucrative market for polyasparticcoatings due to rising population and disposable income in the countries.
· MiddleEast & Africa and Latin America are also witnessing moderate growth duringthe forecast period due to growing commercial and industrial constructionactivities. Countries in GCC and other countries such as Brazil, Mexico, andSouth Africa recently witnessed high investments, particularly related to newconstruction sites and real estate properties. Considering the high untappedpotential in the region, these new proposed projects make Latin America as wellas Middle East & Africa an attractive destination for producers ofpolyaspartic coatings.
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Key Developments in Global Polyaspartic CoatingsMarket
· In March2020, Akzo Nobel N.V. completed the acquisition of the remaining 25% stakein Akzo Nobel Boya Sanayi ve Ticaret A.S., a major producer of powder coatingsin Turkey. The company has now acquired full ownership, having previously heldthe majority share.
· In January2020, BASF SE introduced innovative waterproofing membrane, MasterSeal® 730UVS in Asia, to expand its versatile waterproofing portfolio under its MasterBuilders Solutions brand.
· In December2019, BASF SE launched the next generation of high-performance flooringsystems, MasterTop XTC, for the construction industry.
· In November2019, Akzo Nobel N.V. has completed the acquisition of Frenchaerospace coatings manufacturer Mapaero. The deal will strengthen AkzoNobel’sglobal position in aerospace coatings, notably in the structural and cabincoating sub-segments.
· In October2019, Coatings for Industry, Inc., (CFI) introduced WearCOAT 2015, alow-VOC polyaspartic primer that offers quick cure times and can be applied atlow temperatures. This product is well suited for bakeries, hospitals,restaurants, pharmaceutical and other healthcare facilities, or food servicefacilities that require both safety and fast return-to-service.
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Global Polyaspartic Coatings Market: CompetitionLandscape
· Majorplayers in the polyaspartic coatings market Akzo Nobel N.V, The SherwinWilliams Company, PPG Industries, Covestro AG, Sika Corporation, CipyPolyurethanes Pvt. Ltd, and Rust-Oleum Corporation.
· Governmentenforcement on improving the durability of concrete structures is pushingmanufacturers to develop environment-friendly quality products.
The PolyasparticCoatings Market has been undergoing some remarkablegrowth dynamics, shaped increasingly by digital technologies and environmentalsustainability concerns of product development. Over the decades, the feedstockvariability and the onslaught of cheaper substitutes have squeezed in profitmargins of the chemical and materials sector. On the other hand, the valuechain of several businesses in the Polyaspartic CoatingsMarket has undergone overhaul, increasinglyrendering some aspiring players with greater control over the forces anddemand. The penetration of Industry 4.0 in in the market has stirredgame-changing trends for range of stakeholders in the overall chemicals andmaterials sector. Manufacturing and production environments of businesses inthe Polyaspartic Coatings Marketare keen on formulating and implementing strategic frameworks that will turnthem into digital enterprises.
Companies in the PolyasparticCoatings Market have increasingly shifted gears with wideapplication of digital technology across the continuum, from raw materialsourcing to manufacturing to generation of final output, to warehousing tofinal distribution operations. Among the various affects, the market iswitnessing new growth economics due to thinning of line between specialty andcommodity businesses that are associated with the larger ecosystem. At the sametime, new growth parameters are being vigorously being debated as industrystakeholders put greater emphasis on the circular economy processes.
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