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%.
Polyurea Coating can be manufactured by reacting an isocyanate with a resin blend that forms a rubber-like substance that is used for coating the substrate. This coating is applied to improve the performance efficiency of the substrate. Polyurea is compatible with various substrates like concrete, wood, metals, and others in a wide range of temperature and humidity. Moreover, it is eco-friendly and contains zero volatile organic compounds (VOC).
Moreover, these coatings provide various benefits compared to conventional coatings like high coating thickness, fast curing, extreme weather resistance, and high humidity and low temperatures. Polyurea coatings are having superior properties like high durability, corrosion resistance, abrasion resistance, chemical resistance, waterproofing, decoration, and structural enhancements.
Due to the COVID-19 outbreak, most of the industries are negatively impacted due to the worldwide lockdowns, supply chain disruptions, and strict social distancing measures. Most of the manufacturing industries are facing the challenges like lack of raw materials, shortage of workers, and supply chain disruption which leads to halt the production. These factors result in a slowdown of the building & construction sector and hence the polyurea coatings market is also negatively impacted. Nearly 65% of the companies in the construction ecosystem are drastically affected by the delaying of construction activities. Due to the lack of production, the decline in the construction industry may decline in the demand and sales of the global market. Further, rapidly due to its various benefits, the market has increased the demand and regains its profits.
Rising demand from the construction industry and the adoption of regulations in VOC emissions are the major driving factors of the polyurea market. The increasing popularity of eco-friendly products is propelling the market growth. Growing demand from the transportation, building & construction, industrial & chemical industries is predicted to boost the polyurea coating market growth. These coatings have numerous applications in the building & construction industry like sewage pits, floor coverings, pedestrian footpaths, bridges, truck linings, and many more.
Availability of alternatives as epoxies are costs low compared to polyurea coatings is restraining the market growth. Moreover, it can last three to five times longer than the conventional coatings that make it cost-effective.
The advanced technologies in polyurea coatings result in the availability of microbial agents that prevents the product from degrading which is an opportunity to accelerate the market growth.
Existing coating technologies and raw materials are the challenges of the global market.
The global polyurea coatings market has been divided into segments based on type, raw material, technique, end-use industry, and region.
Based on Type
The global polyurea coatings market based on type is divided into pure polyurea coatings and hybrid polyurea coatings. Among them, pure polyurea coatings are dominating the maximum growth for their wide usage due to their beneficial properties like fast curing time, long pot life, moisture resistance, and outstanding chemical resistance. The coatings market is mainly dependent on the growth of their end-use industries. The major applications of pure polyurea coatings are roof coat, floor coat, and bonded area.
Based on Raw Material
The global polyurea coatings market by raw material is classified into aromatic isocyanate and aliphatic isocyanate. The aromatic isocyanate is holding the largest market share for its excellent physical properties with high-performance features coupled with abrasion and corrosion resistance for coating applications. This segment is highly dependent on the growth of its end-user industries in the transportation, marine, building & construction, industrial, and others.
Based on Technique
The polyurea coatings technique is trifurcated into spraying, pouring, and hand mixing. Out of these techniques, spraying is holding the highest share for its benefits like quick applying and accurately onto the surface. Infrastural growth in the countries along with an increase in applications, including floor coatings, roof coatings, bed linings, secondary containment, and wastewater treatments are driving the market in this segment.
Based on End-Use Industry
By end-use industry, the polyurea coatings are fragmented into the following types as building & construction, automotive, industrial, chemical, and others. Among them, the building & construction segment is holding the largest share for its wide usage in crack-bridging, waterproofing, improving tensile & compressive strength, providing corrosion, chemical, and water resistance.
Based on Region
Region-wise, the polyurea coatings market is divided into five main geographies such as Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among them, North America is dominating the largest market share due to increasing renovation and repairing activities.
Geographically, the polyurea coatings market is segregated into the following regions like Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. Out of these regions, North America is predicted to hold the maximum polyurea coatings market share and is expected to continue its dominance in the review period due to rising renovation and repairing activities in this region.
Due to the high demand from the established automotive industry, Europe is projected to hold the second-largest market share. Further, the growth in the North American and European region is contributed by the stringent regulations against the use of products that have a high VOC content. Asia-Pacific is predicted to be the fastest-growing region due to increasing investments in emerging economies and rapid industrialization & urbanization. The largest automobile industry in China is increasing the demand for polyurea coatings in this region. The Middle East & Africa is expected to hold a steady growth from their building and construction industry. Due to its evolving construction industry in emerging nations like Brazil, Mexico, Chile, and Venezuela, Latin America is anticipated to hold significant demand for the global market. The Indian Brand Equity Foundation (IBEF) report states that by 2030, the Indian real estate industry reaches to USD 1 trillion and may contribute nearly 13% to the country’s GDP by 2025.
The prominent key players in the polyurea coatings market outlook are the following:
This global polyurea coatings market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the coatings market drivers, restraints, challenges, and opportunities. The polyurea coatings market forecast segments are classified into type, raw material, technique, end-use industry, and region.
The polyurea coatings market trends have been classified globally based on the type, raw material, technique, end-use industry, and region.
Pure polyurea coatings and hybrid polyurea coatings.
By Raw Material
Aromatic isocyanate and aliphatic isocyanate.
Spraying, pouring, and hand mixing.
By End-user Industry
Building & construction, chemical, industrial, automotive, and others.
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the polyurea coatings market.
|Market Size||2030 : Significant value|
|CAGR||Substantial Value( 2022- 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Raw material, Technique, and End-use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.)|
|Key Market Opportunities||Rising popularity of environment-friendly products|
|Key Market Drivers||High demand from the building & construction, transportation, industrial, and chemical industry|
Frequently Asked Questions (FAQ) :
It is the type of coating applied to the substrate in various applications to improve performance efficiency.
The lack of VOC products in polyurea coatings is the key driving factor.
Easy availability of alternatives like epoxies at low cost.
North America is the leading regional market for polyurea coatings.
Polyurea People, Sherwin-Williams, and PPG Industries.