Market Overview
Surging investments in the development of infrastructure and significant boom in the paints coatings industry globally are set to accelerate the polyurea coatings market during the review period. Rising consumer awareness regarding the extensive use of high-quality waterproofing coating in residential buildings is further estimated to augment the market growth in the next few years.
Competitive Dashboard
The top players operating in the polyurea coatings market include The Sherwin-Williams Company (U.S.), VersaFlex Incorporated and The Polyurea People (U.S.), Rhino Linings Corporation. (U.S.), PPG Industries, Inc. (U.S.), Huntsman International LLC. (U.S.), KUDKO CHEMICAL CO. LTD. (South Korea), Rust-Oleum (U.S.), Armorthane (U.S.), Lse Building Preservation Ltd (U.K.), and SPI Performance Coatings (U.K).
The market has witnessed a tectonic surge over the past few years due to rising use of containment solutions in construction and mining owing to the increased focus on environmental protection. Increased use of waterproofing membranes in the construction sector is further influencing the usage of polyurea as a raw material in the manufacturing of finished products. Polyurea is also highly used due to its high aesthetic value. Such factors trigger the demand from the market across the globe.
During the forecast period 2021-2028, the polyurea coatings market size is anticipated to be valued at USD 2360.17 million with a significant CAGR of 13.20%.
On the contrary, the proliferation of polyaspartic and polyurethane coatings due to attributes such as low wear tear will pose a credible threat to the entire polyurea coatings market. Also, predominant consumption of epoxy-based coatings due to its low price will deter the market growth in the foreseeable future.
Global Polyurea Coatings Market: Segmental Analysis
The global polyurea coatings market has been segmented on the basis of raw material, type, technique, end use industry.
By type, the market is segmented into hybrid polyurea coatings and pure polyurea coatings. Of these, the hybrid polyurea coatings segment will acquire the largest share owing to its low cost, superior compatibility with concrete and metal structures, and excellent abrasion and moisture resistance in industrial, building construction, chemical, and automotive industries.
By raw materials, the market is segregated into aliphatic isocyanate and aromatic isocyanate. Of these, the aromatic isocyanate-based polyurea coating commands the largest share owing to the low cost of the product.
Considering the technique segment, the market is classified into pouring, spraying, and hand mixing. Among these, the spraying technique held the largest share in 2017 owing to several benefits over other techniques like less application time, uniform coating thickness, and increase performance efficiency.
The end use industry of the polyurea coatings market Share automotive, building construction, chemical, industrial, and others. Among these, the building construction segment dominated the global market in 2017 and is estimated to continue leading the market owing to broad range of applications in waterproof roofing, waterproofing buildings, decks, car parking, bridges, containment liners, and offshores due to properties like moisture resistance, high weather resistance, abrasion resistance, and corrosion resistance properties.
Regional Frontiers
Geographically, the polyurea coatings market spans across North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa.
Considering the global scenario, North America will acquire the lion’s share due to the increasing repairing and renovation activities in the region. Owing to looming infrastructure renovation projects in the U.S., the market is likely to gain a major boost in the long run.
Europe acquires the second position in the global market, mainly due to increased demand for polyurea coatings from the established players of the automotive industry. Strict mandates imposed against the use of products with high VOC content has further encouraged the market growth in the region.
The Asia Pacific will expand at the fastest rate owing to rising investments, especially in the emerging nations. Also, rapid urbanization and industrialization in the region have influenced the market growth to a large extent. The presence of huge automobile industry in China is further adding fuel to the demand from the market. The building and construction industry in the APAC is experiencing a major expansion, which is likely to brighten prospects for the market.
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