The global polyurea coatings market is anticipated to create an absolute dollar opportunity over the forecast period from 2023 to 2033 by registering a robust CAGR of 9.3%. The global market is expected to register a valuation of US$ 902.9 million in 2023, culminating in a market valuation of US$ 2,204.6 million in 2033. According to the Future Market Insights historical analysis, the global polyurea coatings market registered a healthy CAGR of 7.6%. Furthermore, in 2022, the value of the global market reached around US$ 823.9 million.
Polyurea is known as a synthetic polymer, commonly derived from the reaction between a diamine and a di-isocyanate. The usage of polyurea-based coatings is common across a variety of industries such as automotive & transportation, and building & construction. Over the upcoming years, sales of hybrid polyurea products should dominate the market. This is due to the fact that hybrid polyurea offers several advantages over pure variants including effective adhesion to metallic and concentrate surfaces. Abrasion resistance and affordability. Moreover, pure polyurea sales are likely to continue for applications where temperature and moisture resistance are necessary.
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Developing economies are anticipated to have a significant contribution to market expansion. Across these economies, there is a propelling need for protecting equipment, machine parts, and infrastructural investments. Car parking lots, offshore structures, bridges, rooftop coatings, and containment liners are examples of applications where polyurea coatings play important roles. Over recent years, industrial activities are on the rise, resulting in the surge of the global economy. This should work in favor of polyurea coatings companies and provide lucrative opportunities in the future.
Report Highlights
The surging population and increasing building and construction activities combined together with strong industrial expansion are anticipated to drive significant growth in the market. Furthermore, crucial developing countries have showcased excellent economic development potential, owing predominantly to increased urbanization and strong demand from the automobile and food and beverage industries. During the next decade, the leading end-use sectors will account for more than 70% of absolute growth.
According to a regional perspective, the East Asian region is anticipated to account for a significant share throughout the evaluation period from 2023 to 2033. Over recent years, environmental regulations have become more stringent in regions such as North America and Europe. Also, countries such as China are adopting such regulations pertaining to VOC emissions, owing to which, there is rising demand for eco-friendly polyuria coatings.
The application of polyurea coatings on damp surfaces is likely to result in poor surface adherence. As a result, the surface requires appropriate drying time before applying a polyurea coating. In addition to that, the cost of applying polyurea coatings is significantly greater due to the expense of spraying equipment. Handling such machinery necessitates the use of professional laborers and technicians. The challenges listed above may impede the acceleration of the market for polyurea coatings.
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Recent Developments
Widespread environmental consciousness has resulted in a revolution across the coating industry. Water-borne, high-solid, and powder coatings are gaining popularity in a variety of sectors. Coating technology advancements have also resulted in the creation of spray, injection, and roto-cast application equipment that enhances the performance of polyurea coatings.
Polyurea coatings have emerged as a successful and cost-effective solution for a variety of applications in a wide range of end-use industries, while also meeting environmental requirements. Polyurea coatings are extremely reactive and cure fast.
Competitive Landscape
The global market for polyurea coatings is expected to be fiercely competitive throughout the assessment period, owing to the presence of regional and international players. In the recent past, players have been firmly focused on launching new products. Prominent acquisitions have also facilitated the expansion of prominent names.
In April 2019, SPI, a manufacturer of polyurethane foams and polyurea customers based in the United States Washington, announced that it had merged with VersaFlex.
Top Key Players in the Global Market
- BASF SE
- Huntsman Corporation
- Teknos Groups
- DuPont de Nemours, Inc.
- Versaflex Incorporated
- Sherwin Williams Company
- Pidilite Industries Ltd.
- Covestro AG
- PPG Industry Inc.
- Rhino Linings Corporation
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Key Segmentation
By Type:
- Pure Polyurea
- Hybrid Polyurea
By Isocynate Type:
- Aromatic
- Aliphatic
By Application:
- Building & Construction
- Industrial
- Automotive & Transportation
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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