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 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.
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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:
Drivers
- 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.
Opportunities
- 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.
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.
Type
- Pure Polyurea
- Hybrid Polyurea
System
- Quartz
- Metallic
End User
- Building and Construction
- Transportation
- Industrial
- Power Generation
- Landscape
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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.)
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.
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