Polyurea Coatings Market: Building & construction industry is projected to drive the growth of the Polyurea Industry over the forecast period 2021-2028 :

Market Scenario


Polyurea coatings are applied to increase the durability of substrates from external conditions. Polyurea coatings offer various advantages such fast setting rate, more thickness of coatings, high weather resistance over conventional coatings, and eco-friendly. Furthermore, it exhibits excellent abrasion resistance, chemical resistance, moisture resistance, high strength, and corrosion resistance over conventional coatings. Growing popularity of eco-friendly products among developed countries is expected to drive the global polyurea market over the forecast period. Additionally, a wide range of applications in end-use industry such as building & construction, automotive, industrial, and chemical is expected to drive the global polyurea market over the forecast period 2022-2028


Market Segmentation


The global polyurea coatings market is segmented by type, raw material, technique, end-use industry, and region.


On the basis of the type, the global polyurea coatings market is bifurcated into pure polyurea coatings and hybrid polyurea coatings. The hybrid polyurea coatings are projected to hold the largest share of the market due to its low cost, excellent moisture & abrasion resistance, and superior compatibility with metal & concrete structures for applications in building & construction, industrial, automotive, and chemical industry.


On the basis of the raw material, the global polyurea coatings market is segmented into aromatic isocyanate and aliphatic isocyanate. The aromatic isocyanate-based polyurea coating is accounted for the largest share of the raw material used category due to the low cost of the product.


On the basis of the technique, the global polyurea coatings market is segmented into spraying, pouring, and hand mixing. The spraying technique accounted to have the largest market share in 2017 due to advantages over other techniques such as uniform coating thickness, less application time and increase performance efficiency and is expected to continue dominating the market during the forecast period 2022-2028. Pouring technique accounted to be the second most widely used technique after spraying technique in 2017 and is expected to show significant demand during the forecast period. Moreover, hand mixing technique is adopted in areas requiring special skills such as decorative floorings, anti-static floorings, and industrial floorings, and its market is expected to show moderate growth during the forecast period.


On the basis of the end-user industry, the global polyurea coatings market is segmented into building & construction, automotive, industrial, chemical, and others. The building & construction segment dominated the global market in 2017. Furthermore, it is expected to continue leading the market over the forecast period due to a broad range of applications in waterproofing buildings, waterproof roofing, car parking, decks, containment liners, bridges, dams, and offshores among others on account of high weather resistance, moisture resistance, corrosion resistance, and abrasion resistance properties.


 


Regional Analysis


The global polyurea coatings market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. 


North America is expected to be the largest market for polyurea coatings across the globe followed by Europe, which is further trailed by the Asia Pacific.  However, Asia Pacific is expected to be a fastest growing market for polyurea coatings owing to the huge growth potential of emerging economies.


The Middle East & Africa is expected to witness a steady demand for polyurea coatings over the forecast period.


 Latin America is expected to exhibit a significant demand for polyurea coatings in the coming years.


Competitive Analysis Some of the key players in the global polyurea coatings market are VersaFlex Incorporated and The Polyurea People (U.S.), The Sherwin-Williams Company (U.S.), PPG Industries, Inc. (U.S.), Rhino Linings Corporation. (U.S.), KUDKO CHEMICAL CO. LTD. (South Korea), Huntsman International LLC. (U.S.), Armorthane (U.S.), Rust-Oleum (U.S.), SPI Performance Coatings (U.K), and Lse Building Preservation Ltd (U.K.).  


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