The global polyaspartic coatings market is in the recovery phase with the construction and transportation sectors gaining momentum again after initial shocks due to the COVID-19 pandemic. While manufacturers are gaining momentum again, high demand for water-based polyaspartic coatings is significantly surging from key end-use industries such as power generation, construction, and transportation.
The latest report on the polyaspartic coatings market published by an ESOMAR-certified market research and consulting firm provides a thorough analysis of the post-pandemic market, demand-supply patterns, and key factors around the globe during the forecast period of 2021 to 2031. According to the report, the focus of stakeholders will be North America, Asia Pacific, and Europe, with the U.S. China, Japan, India, and the United Kingdom in the limelight. Overall, the market outlook will remain positive and progressive, expanding at a healthy CAGR of 5.5% over the next ten years.
Key Takeaways from Market Study
- High demand for water-based coatings to fuel sales of manufacturers
- Requirement from construction and transportation sectors to drive growth of suppliers
- The United States to lead in the world’s largest polyaspartic coatings market – North America
- Germany to exhibit hegemony in the world’s second-largest polyaspartic coatings industry – Europe
- China to emerge dominant in the world’s fastest-growing polyaspartic coatings market – Asia Pacific
- Canada, the United Kingdom, Japan, South Korea, and India are few other countries to emerge lucrative market during the forecast period
“Despite suffering a setback during the outbreak of COVID-19, demand for polyaspartic coatings is rising fast. This is creating promising opportunities for stakeholders in this field, with requirements from construction, transportation, and power generation sectors poised rise,” says an analyst.
Demand for Polyaspartic Coatings Rising from Construction Industry
Polyaspartic coatings are extensively used in floor & roof coatings, concrete repair, interior & exterior architecture, and others in the construction industry. While the construction industry got battered by the COVID-19 pandemic, it’s getting back on track with an increase in the number of residential, commercial, and industrial projects.
According to a report published by the Government of the United Kingdom, the global construction industry holds considerable growth opportunities. There is also an expected growth of 70% through 2025. As stated in a report published by Invest India, Indian real estate attracted US$ 5 billion institutional investments in 2020. Additionally, the construction industry in the country contributes 9% of the Gross Domestic Product (GDP).
Who is winning in this space?
The global polyaspartic coatings market is a highly competitive environment for its players. In order to leverage upcoming opportunities, key market players are launching new products more frequently.
- Akzo Nobel NV launched its new range of products such as Intercure® 3240SG, Intercure® 99, and others, in 2015.
- Sika Corporation launched its new Sikafloor®, Silkafloor 165 FS, and others, during the last 5 years.
These insights are based on a report on Polyaspartic Coatings Market by Fact.MR.