The global polyaspartic coatings market was valued at USD 352.14 million in 2018 and is expected to reach USD 640.76 million in 2026, growing at a CAGR of 7.14% during the forecast period.
European Construction Industry Federation (FIEC) quoted that construction activity in the whole EU grew by 2.2%, during the period of 2015 - 2016, as it reached a revenue turnover of more than USD 1.3 billion. Additionally, construction activities in all 19 EURO CONSTRUCT countries showcased positive growth by posting a rise of 3.23% in 2017. This growth is primarily attributed to the growing demand for construction in these countries.
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Polyaspartic coatings are primarily used in building & construction sector where it is applied as concrete floor coatings. These coatings possess advantages such as rapid curing, highly heat resistant, light, chemical & oil stains, and strong adhesion. Regular coatings made of epoxy are likely to fade in direct sunlight. These drawbacks are overcome in polyaspartic coatings which led to widespread adoption of these coatings. This is expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, volatile prices of raw materials and the risk of future availability are expected to hamper the growth of the global polyaspartic coatings market during the forecast period. Moreover, issues with production-related waste disposal are the prime challenges in the global polyaspartic coatings market throughout the forecast period.
Based on the product, pure polyurea of polyaspartic coatings accounted for approximately 54% of the share whereas hybrid polyurea accounted highest CAGR of around 9% in the global polyaspartic coatings market in 2018.
Based on the system, the quartz segment accounts of the largest share in the market and is expected to grow at a CAGR of around 10% during the forecast period.
Based on the end-use industry, the building & construction segment accounts of the largest share in the market and held for more than 30% of the total market in 2018 owing to rising rate of infrastructure development across developing countries such as India, China, and Indonesia.
Asia-Pacific accounted for nearly 36% share of the global polyaspartic coatings market in 2018
In April 2017, the Sherwin-Williams company made an announcement regarding its agreement with Axalta Coatings (US). According to this agreement the company would sell some assets of Valspar’s North American Industrial Wood Coatings business to Axalta for USD 420 million.
In July 2017, PPG launched a range of line-corrosion-resistant, direct-to-metal formulated and fast curing coating, the Kwikspar 600 and Kwikspar 600SG.
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