New York, United States , April 16, 2024 (GLOBE NEWSWIRE) -- The Global Polyaspartic Coatings Market Size is to Grow from USD 361.9 Million in 2023 to USD 612.1 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 5.4% during the projected period.
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Polyaspartic coatings are a type of barrier coating widely used in the building and industrial sectors. They are a polyurea coating, which is one type of polyurethane coating. Polyaspartic coatings are renowned for their quick drying time, great durability, chemical resistance, and UV stability. They are commonly used as a protective coating for concrete floors, metal components, and other substrates in applications demanding high performance and rapid turnaround. In addition, polyaspartic coatings dry quickly, but they also address the majority of the disadvantages of polyurethane and epoxy coating methods. Polyasparagine coatings beat epoxies in terms of durability wear, flexibility, and UV resistance, and they are less prone to moisture than polyurethane. Their versatility makes them valuable in the manufacturing, construction, and automotive industries. They are an inexpensive solution that provides long-term protection for a wide range of surfaces, including metal buildings, concrete flooring, and car exteriors, regardless of the environment. However, polyaspartic coatings are more costly than alternatives such as polyurethane and epoxy coatings, which might restrict market growth. The cost increase is due to the high cost of raw materials, the expense of manufacturing polyaspartate coating systems, and the large investment in R&D.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Polyaspartic Coatings Market Size, Share, and COVID-19 Impact Analysis, By Type (Pure Polyurea, Hybrid Polyurea), By Technology (Solvents-Based, Water-Based, Powder-Based), By End-Users (Power Generation, Construction, Transportation, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hybrid polyurea segment is anticipated to grow at the rapid pace in the global polyaspartic coatings market during the forecast period.
Based on the type, the global polyaspartic coatings market is divided into pure polyurea and hybrid polyurea. Among these, the hybrid polyurea segment is anticipated to grow at the rapid pace in the global polyaspartic coatings market during the forecast period. Polyamine, polyol, and isocyanate mix to form hybrid polyurea. It has a variety of qualities, including resistance to extreme friction and adhesion to metal and concrete surfaces. These hybrid polyaspartic coatings are utilized in a variety of applications, including building and construction, transportation, industrial, and power production.
The water-based segment is anticipated to grow at the rapid pace in the global polyaspartic coatings market during the forecast period.
Based on the technology, the global polyaspartic coatings market is divided into solvents-based, water-based, and powder-based. Among these, the water-based segment is anticipated to grow at the rapid pace in the global polyaspartic coatings market during the forecast period. Although solvent-based polyaspartic coatings must comply with strict volatile organic compound (VOC) pollution laws, the water-based approach is widely used around the world. Environmental concerns about the use of solvents in coatings have boosted the adoption of water-based solutions.
The construction segment is expected to hold the greatest share of the global polyaspartic coatings market during the forecast period.
Based on the end-users, the global polyaspartic coatings market is divided into power generation, construction, transportation, and others. Among these, the construction segment is expected to hold the greatest share of the global polyaspartic coatings market during the forecast period. The increasing preference for ecologically friendly and sustainable building products that use less energy and emit less CO2 and VOCs is likely to drive the polyaspartic coatings market. Polyaspartic coatings outperform the alternatives in terms of UV stability and durability.
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Asia Pacific is expected to hold the largest share of the global polyaspartic coatings market over the forecast period.
Asia Pacific is expected to hold the largest share of the global polyaspartic coatings market over the forecast period. In countries like India and Australia, the transportation sector is experiencing notable advancements, with the utilization of polyaspartic coatings to provide protection and increase the longevity of transportation equipment. As an illustration, India's Ministry of Commerce and Industry report forecasts a 5.9% compound annual growth rate (CAGR) for the transportation sector, attributed to the development of highways, railways, airports, and waterways infrastructure. This has the potential to enhance the effectiveness of the polyaspartic coatings sector in Asia-Pacific.
North America is predicted to grow at the fastest pace in the global polyaspartic coatings market during the projected timeframe. Throughout the forecast time frame, the market for polypaspartic coatings is expected to be fueled by expansion in North America's power and automobile sectors. Manufacturers in North America's polyaspartic coatings sector target government tenders to improve their reputations and sustain profitable margins.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global polyaspartic coatings market include Sika Corporation, HP Spartacote, Flexmar Coatings, Akzo Nobel N.V, The Sherwin Williams Company, Covestro AG, Cipy Polyurethanes Pvt. Ltd, Rust-Oleum Corporation, Advacoat Concrete Solutions, ArmorPoxy, Citadel Floor Finishing Systems, Elite Crete Systems, Key Resin Company, Line-X, PPG Industries, Rhino Linings Corporation, and Others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Polyaspartic Coatings Market based on the below-mentioned segments:
Global Polyaspartic Coatings Market, By Type
- Pure Polyurea
- Hybrid Polyurea
Global Polyaspartic Coatings Market, By Technology
- Solvents-Based
- Water-Based
- Powder-Based.
Global Polyaspartic Coatings Market, By End-Users
- Power Generation
- Construction
- Transportation
- Others
Global Polyaspartic Coatings Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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