The global Polyurea Coating Market size is expected to value at USD 1.48 billion by 2024. The market is subject to witness a substantial growth due to their numerous benefits over traditional coating such as epoxy, fiberglass, and paints. Some of important properties of polyurea coating include lower setting time, resistance to adverse atmospheric conditions and high mechanical strength.
In addition, polyurea coating offer additional advantages such as high standards of corrosion protection, waterproofing, and chemical & structural enhancement. These factors are expected to drive the growth of polyurea coating industry over the forecast period. Globally, the polyurea coating market is predicted to grow at CAGR of 12% in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
Furthermore, polyurea coating tends to exhibit advanced set of characteristics in spray applications such as higher mechanical, thermal, and chemical resistance, short curing and setting time. Higher durability associated with polyurea coating in comparison with its substitutes is anticipated to foster market growth over the next seven years. The raw materials required to manufacture polyurea coating include aromatic isocyanate-based and aliphatic isocyanate-based. Polyurea coating is used along with technologies such as spraying, pouring and hand mixing.
Increasing demand for intumescent coating from building & construction industry owing to its numerous benefits such as higher durability and attractive appearances of the surfaces, thus driving the growth of polyurea coatings industry in the recent years. Additionally, polyurea coating also provides protection against harsh weather and external environmental factors such as ultra-violet radiation, high temperatures, acid rain, and pollution particles. These factors are predicted to boost market demand for polyurea coating during the forecast period.
The recent technological advancement and development of novel products has led to addition of superior properties such as protection from moisture, corrosion resistance, bacteria and heat resistance, thus escalating market progress, in the recent years. Growing need for environmental-friendly and water resistance solutions coupled with stringent laws and regulation by regional governments across the globe are expected to boost the market growth of polyurea coating over the forecast period. Moreover, recent joint ventures, mergers and partnerships among number of major manufactures and vendors along with local industry players are anticipated to amplify market value in the upcoming years.
The polyurea coating market is broadly categorized into three major segments based on the application type such as building & construction, transportation, and industrial. The building & construction sector is considered as one of the fastest growing segment in the polyurea coating industry with substantial revenue generation in the last few years. Growing popularity of polyurea coating in the building & construction segment is attributed to the increasing application in waterproofing duet to their high humidity resistance. The industrial segment has also witnessed substantial growth owing to the rapid industrialization in the Asia Pacific region.
The polyurea coatings market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in building & construction sector, increase in the number of research & development activities, and existence of well-established industrial infrastructure in the region. Asia-Pacific region is predicted to hold major market share in the polyurea coating with massive growth in forecast period. Countries such as India, China, Malaysia and Singapore are leading the Asia-Pacific market with strong economic growth in the region, rapid industrialization and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the polyurea coating industry are PPG Industries, Inc., The Sherwin-Williams Company, Nukote Coating Systems, Inc., Versaflex Inc., Specialty Products Inc., Armorthane Inc., Wasser Co., Rhino Linings Co., Kukdo Chemical Co., Ltd., Lonza Group AG, Albemarle Co., Huntsman Co., BASF SE, and Covestro, Inc.
Global Polyurea coating Raw Material Outlook (Volume, Thousand Liters; Revenue, USD Million, 2013 - 2024)
• Aromatic Isocyanate-Based
• Aliphatic Isocyanate-Based
Global Polyurea coating Product Outlook (Volume, Thousand Liters; Revenue, USD Million, 2013 - 2024)
• Pure Polyurea
• Hybrid Polyurea
Global Polyurea coating Technology Outlook (Volume, Thousand Liters; Revenue, USD Million, 2013 - 2024)
• Hand Mixing
Global Polyurea coating Application Outlook (Volume, Thousand Liters; Revenue, USD Million, 2013 - 2024)
• Building & Construction
Global Polyurea coating Regional Outlook (Volume, Thousand Liters; Revenue, USD Million, 2013 - 2024)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Research Support Specialist, USA