Polyaspartic Coatings Market | Key players: Key players operating in the polyaspartic coatings market include Covestro AG, The The Sherwin-Williams Company, PPG Industries, BASF SE, AkzoNobel, Hempel Group, Rust-Oleum, Laticrete, SIKA AG, Satyen polymers,

According to recent market research "Polyaspartic Coatings Market by Type (Pure Polyurea, Hybrid Polyurea), Systems (Quartz, Metallic), End-use Industry (Building & Construction, Transportation, Industrial, Power Generation, Landscape), Region - Global Forecast to 2023", The polyaspartic coatings market is estimated at USD 358 million in 2018 and is projected to reach USD 521 million by 2023, at a CAGR of 7.8% between 2018 and 2023. The rapid curing time and better properties of polyaspartic coatings compared to convention coatings are expected to drive the market.

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Aspartics react with aliphatic polyisocyanates to form polyaspartics. 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 358 million in 2018 to USD 521 million by 2023, at a CAGR of 7.8% during the forecast period.

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.

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The global market size of polyaspartic coatings is projected to grow from USD 358 million in 2018 to USD 521 million by 2023, at a compound annual growth rate (CAGR) of 7.8% during the forecast period. The major driving factors for the market are the increased productivity and cost efficiency along with better properties compared to epoxy- and polyurethane-based coating technology act as a major driver for the market. Polyaspartic coatings are widely used for corrosion resistance and construction applications.

The leading players in the polyaspartic coatings market are Covestro AG (Germany), The Sherwin-Williams Company (US), PPG Industries (US), BASF SE (Germany), AkzoNobel (Netherlands), Hempel Group (Denmark), Rust-Oleum (US), Laticrete (US), SIKA AG (Switzerland), Satyen Polymers (India), and VIP Coatings (Germany). These players adopted expansions, acquisitions, new product development, and agreements as their key growth strategies between 2015 to 2018, which helped them increase their capacities and cater to the widening customer base.

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The Sherwin-Williams company is engaged in the development, manufacturing, and distribution of paints, coatings, and related products that are used in the fire protection, building & construction, healthcare, marine, oil & gas, power generation, pulp & paper, and rail end-use sectors. The company entered into an agreement with Axalta Coatings (US) in June 2017 in order to sell off some assets of Valspar’s North American Industrial Wood Coatings business to Axalta for USD 420 million. North American Industrial Wood Coatings is one of the leading providers of OEM coatings. This agreement will provide technical service and support as well as increase the focus on innovation in advanced technology.

PPG Industries manufactures and distributes coatings. PPG Coatings is a business unit of PPG Industries which provides paints and coatings for various end-use industries such as construction, marine, aerospace, and oil & gas. PPG introduced the Kwikspar 600 and Kwikspar 600SG polyaspartic coatings range, which is line-corrosion-resistant, direct-to-metal formulated, and fast curing; it can be used in steel buildings and structural components that require protection against corrosion and weathering.

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