Unveiling Innovation and Potential: Trends and Scope in the Polyaspartic Coatings Market Industry

Polyaspartic coatings are aliphatic polyuria coatings which is formed by the reaction of an aliphatic polyisocyanate with an aliphatic diamine – polyaspartic ester. Polyaspartic coatings are used in bridges, flooring, OEM coatings, automotive repair, wind turbines, and pipelines in the oil & gas industry, among others. Increased productivity and cost efficiency, quick & safe installation of the product, customizable options, and better properties than epoxy- and polyurethane-based coating technology act as a major driver of the market.  MarketsandMarkets projects that the global polyaspartic coatings market will grow from USD 329 million in 2020 to USD 388 million by 2025, at a CAGR of 3.4% during the forecast period.

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The polyaspartic coatings market is expected to slow down due to the impact of COVID-19 pandemic in 2020 and the polyaspartic coatings market is anticipated to decline by 10.3% in 2020, in terms of value. The polyaspartic coatings market in the end-use industries such as building & construction, transportation, industrial, power generation and landscape were affected due to lockdown measures, supply chain disruptions, and increasing unemployment, which leads to lesser public spending. In some countries, the construction sector was exempted from the lockdown which has helped to mitigate the impact of COVID-19 on the building & construction segment to a small extent.

Due to the superior properties of polyaspartic coatings, they have the potential to replace epoxy- and polyurethane-based coating technology. Polyaspartic coatings have three times more abrasion resistance, are more flexible and UV stable than epoxies, and are not sensitive to moisture like polyurethanes and hence have an advantage in high film build properties. These coatings are used in various the building & construction, transportation, power generation and industrial sectors.

100% solids polyaspartic is projected to be the fastest-growing type segment. It is a subset of aliphatic polyurea. The main advantages of 100% solids polyaspartic over hybrid polyaspartic are its rapid reactivity, better chemical & mechanical resistance, high resistance to tearing, better abrasion & impact resistance, resistance to water and that is made of 100% solids (no solvents present). 100% solids polyaspartic is used where higher elongation, tensile strength, and abrasion resistance are required. 100% solids polyaspartic is used as an anti-corrosive in sewage, effluent treatment, bed liners in automotive, and on tough flooring. It has a life span of 15-20 years.

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Building & construction is the projected to be the fastest-growing end-use industry of polyaspartic coatings. The application areas include bridge construction, commercial architecture, floor & roof coating, caulks, joint fill, parking decks, concrete repair, and structural bonds. Polyaspartic coatings are used as topcoats, in stone carpets, sealants, and waterproofing. The growing offshore wind energy sector is anticipated to provide new revenue streams for the polyaspartic coatings manufactures. The offshore wind energy is growing so strong that the sector poised positive growth even during the COVID-19 pandemic and has attracted investments in several leading offshore wind energy markets.

APAC is projected to be the fastest-growing polyaspartic coatings market. There is an increase in the consumption of polyaspartic coatings in the building & construction, transportation, industrial, and power generation sectors in APAC due to industrialization and growth in the building & construction sector of the region. Growing innovation and development and rising demand for improved products are driving the use of polyaspartic coatings. APAC is a price-competitive market and conventional coatings that are available are much cheaper and easily available in the region. Polyaspartic coating manufacturers have a presence majorly in Europe and North America. Therefore, increasing their presence in the region and creating awareness about polyaspartic coatings could create a significant opportunity for players in these regions.

Currently, epoxy- and polyurethane-based coating technology are used for flooring and other corrosion resistance applications. The stringent VOC regulations are playing an important role in replacing the conventional coatings with the polyaspartic coatings. End users in Europe and North America have already started replacing these with polyaspartic coating technology. However, the growth of end-use industries in growing economies in APAC is much higher than in Europe and North America. Hence, manufacturers have an opportunity to establish their presence and create awareness of polyaspartic coatings.