Global Polyaspartic Resin Market, By Type (Pure Polyurea, Hybrid Polyurea), System (Quartz, Metallic), End User (Building and Construction, Transportation, Industrial, Power Generation, Landscape) – Industry Trends and Forecast to 2029.
Polyaspartic Resin Market Analysis and Size
Over the last few years, there has been immense growth in the resins business. The rising demand for green and sustainable building goods has also boosted the potential for environmentally friendly coatings. Growing demand for paints and coatings is being driven by new construction and rehabilitation of existing structures, accelerating the growth of opportunities for market participants in polyaspartic resins.
Global polyaspartic resin market was valued at USD 661.35 million in 2021 and is expected to reach USD 1224.11 million by 2029, registering a CAGR of 8.00% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Polyaspartic Resin Market Scope and Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Million, Volumes in Units, Pricing in USD
Type (Pure Polyurea, Hybrid Polyurea), System (Quartz, Metallic), End User (Building and Construction, Transportation, Industrial, Power Generation, Landscape)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
Market Players Covered
AkzoNobel N.V. (Netherlands), PPG Industries Inc., (U.S.), Arkema (France), Hexion (U.S.), Huntsman International LLC (U.S.), Cardolite Corporation (U.S.), BASF SE(Germany), Cardolite Corporation (U.S.), Kukdo Chemical Co., Ltd., (South Korea), Dupont (U.S.), DAIKIN (Japan), Bostik (France), H.B. Fuller Company (U.S.), Sika AG (Switzerland), Freudenberg SE (Germany), Aditya Birla Group Chemicals (India), Mitsubishi Chemical Corporation (Japan), DOW (U.S.), SOLVAY (Belgium), Air Products, Inc., (U.S.) and Momentive (U.S.)
Polyaspartic resins are generated from the original chemical reaction product of a polyol and an isocyanate component through stepped polymerization. They are comparable to and related to polyurea resins, and technically they are also a type of elastomeric resin.
Polyaspartic Resin Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Increased Benefits of Polyaspartic Resin
The isocyanates and polyaspartic resins work well together to produce a stronger, more durable surface therefore, their demand has largely increased. Outside coatings made of polyaspartic resins are weatherproof, contain no volatile organic compounds (VOCs), and require fewer coats for better performance. The resins may be applied using standard equipment despite having a high solid content thanks to the rapid dry time that gives end users a lot of freedom. Other benefits include the ability to regulate the cure rate when added to aliphatic coatings, freedom to design the reactivity to allow for batch mixing and application, and the freedom to alter the reaction time to increase pot life. The high degree of customizability offered by polyaspartic resins gives them an edge in the market.
- High Usage of Polyaspartic Resin
Polyaspartic resins are widely used in the fabrication of architecture and building. The building uses polyaspartic resins as waterproofing, sealants, granite carpets, and coatings. The most popular coating material is polyaspartic resin, which works well on metals and plastics and provides a very flexible covering. They are used to efficiently prevent corrosion, weather and water damage, and wear and tear on steel beams and various types of pipes. They are utilized as coatings in automobiles, external walls, and floors, including concrete, because they are also made to be saline water resistant.
Furthermore, the strong demand for polyaspartic resins in industrial and commercial applications is a result of its prized ability to replace epoxy and polyurethane coatings. The use of polyaspartic resins is expanding quickly due to its advantages and features, which presents considerable prospects for industry participants.
- Burgeoning Demand for Environmentally Friendly Products and Growing Innovation
Furthermore, accelerating occurrence of environmentally friendly and bio-based floors and encouraging enforcement of polyaspartic resins which further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing innovation and the rising demand for improved products will further expand the future growth of the polyaspartic resin market.
- High Costs
However, the cost of polyaspartic resins is higher than that of comparable alternatives, which can be a constraint. The high cost of raw materials, the high cost of creating polyaspartic resin systems, and significant research and development expenditures may be the cause of this elevated cost. In addition, the requirement for professional manpower during formulation and operation raises application costs even further. So, their high price is a key factor limiting the demand for polyaspartic resins.
- Low Awareness
The majority of end customers looking for floor coating solutions are unaware of the benefits of polyaspartic resins. They apply conventional coatings, such as aromatic polyurea, epoxy, and polyurethane coatings, which increases the frequency of coatings and results in a lengthy curing process. Fast-curing polyaspartic resins make up for practically all of the shortcomings of epoxy- and polyurethane-based coating technology.
This polyaspartic resin market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the polyaspartic resin market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Polyaspartic Resin Market
The recent outbreak of coronavirus had a negative impact on the polyaspartic resin market. The COVID-19 epidemic had an impact on many corporate operations, but the construction and transportation sectors were particularly hard hit. This is because companies in these sectors have either stopped operations to protect their workforces or are functioning in very restricted circumstances. Basic infrastructure is being forced to forgo several other essentials due to COVID-19 overload throughout the world, which has significantly impacted the demand for polyaspartic resins. However, it is predicted that the market for polyaspartic resins would show signs of healthy expansion once an effective vaccine is released.
Global Polyaspartic Resin Market Scope
The polyaspartic resin market is segmented on the basis of type, system and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Pure Polyurea
- Hybrid Polyurea
- Building and Construction
- Power Generation
Polyaspartic Resin Market Regional Analysis/Insights
The polyaspartic resin market is analysed and market size insights and trends are provided by country, type, system and end user as referenced above.
The countries covered in the polyaspartic resin market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the increasing consumption of polyaspartic resins across the region's building and construction, industrial, transportation and power generation sectors.
North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the growing product awareness and expansion of the building and construction industry in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Polyaspartic Resin Market Share Analysis
The polyaspartic resin market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to polyaspartic resin market.
Some of the major players operating in the polyaspartic resin market are
- AkzoNobel N.V. (Netherlands)
- PPG Industries Inc., (U.S.)
- Arkema (France)
- Hexion (U.S.)
- Huntsman International LLC (U.S.)
- Cardolite Corporation (U.S.)
- BASF SE (Germany)
- Cardolite Corporation (U.S.)
- Kukdo Chemical Co., Ltd., (South Korea)
- Dupont (U.S.)
- DAIKIN (Japan)
- Bostik (France)
- H.B. Fuller Company (U.S.)
- Sika AG (Switzerland)
- Freudenberg SE (Germany)
- Aditya Birla Group Chemicals (India)
- Mitsubishi Chemical Corporation (Japan)
- DOW (U.S.)
- SOLVAY (Belgium)
- Air Products, Inc., (U.S.)
- Momentive (U.S.)
Research Methodology: Global Polyaspartic Resin Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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