The global polyaspartic coatings market size 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.
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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.
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.
The Sherwin-William company acquired Valspar (US). This acquisition will increase the company’s product portfolio and will help it maintain its mark as one of the leaders in the market. It will also accelerate Sherwin-Williams’s growth in regions such as Asia Pacific, Europe, and the Middle East & Africa and will also boost its packaging and coil business segment.
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.
PPG acquired The Crown Group (US), a leader in coating applications. Crown Group is one of the leading manufacturers of component & product finishers and applies coatings to customers’ manufactured parts and assembled products. This acquisition will enhance PPG’s ability to service its OEM customers.
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