Global Polyurea Coating Market Overview
The key driver impacting the polyurea coating market is the growing building and construction sector with rising investment in the infrastructural development. Polyurea coatings have various application scope in the construction sector such as in roofing, membranes, containment liners, decks, car parking, bridges, and offshore. Thus, the growing building and construction sector is estimated to increase demand for polyurea coatings in the forecast period. For instance, As per World Economic Forum, the construction industry is expected to grow significantly in the coming years, to estimated revenues of $15 trillion by 2025. Residential housing accounts for 38% of the global construction volume. Moreover, the rising utilization of containment solutions in mining and construction sectors on account of focus towards environmental protection is estimated to be a significant factor that positively impacts market growth. Whereas with regards to volume, the market was calculated XX Thousand Liters in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global polyurea coating market size was valued at around USD 900 million in 2020 and is estimated to grow at a CAGR of about 10.5% during the forecast period of 2021 to 2027.
The growth in the paints and coatings industry with the rapidly growing automotive sector is estimated to augment polyurea coating demand in the forecast period. For instance, As per World’s paint and coating solution, In 2019, the global paints and coatings market sales volume is $172.8 billion, which was approximately $93.09 billion in 2009. It is due to the growing construction expenditure and automotive industry, and rising urban population. As per Crescendo Worldwide Organization, globally automobile production in 2019 was estimated as 92 MN Vehicles, and it is likely to grow by a CAGR of 20.78% by 2028. International Organization of Motor vehicle manufacturers (OICA), in 2019, increased sales of passenger cars by about 5% and reached 69.5 million units. Similarly, the commercial vehicles segment showed a constant rise as the sales came to 24 million units in 2019. However, the high toxicity associated with the raw materials may hamper the global polyurea coating market in the long run. Also, high cost compared to other coating technologies negatively impact market growth. The current industry trends, such as emerging applications and increased technological advancements in coatings, are estimated to offer market players several market opportunities.
The polyurea coating market is vast, with many local and global players. The key leaders follow different strategies to augment their market position, such as contracts, mergers, extending product portfolio, acquisitions, expansions, and product innovations to enhance their market share at the global level. The known players included in the report are PPG Industries, Inc., The Sherwin-Williams Company, Nukote Coating Systems, VersaFlex Incorporated, Armorthane Inc., Wasser Corporation, Rhino Linings Corporation, Kukdo Chemical Co., Ltd., Voelkel Industrial Products GmBH, and Teknos.
In this research report, the polyurea coating market is segmented into raw material, type, technology, application, and region.
Analysis by Raw Material:
By raw material, the report is categorized into aromatic, aliphatic. Hybrid Polyurea is estimated to show considerable growth in the forecast period. It is due to the growing demand from several ends user industries such as transportation, building & construction, marine, and industrial. Moreover, its outstanding physical properties with high-performance features and abrasion and corrosion resistance for coating applications across end-user industries contribute to the high demand for aromatic isocyanate-based polyurea coatings during the forecast period.
Analysis by Type:
By Type, the report is categorized into pure, and hybrid. Hybrid Polyurea is estimated to show considerable growth in the forecast period. It is due to the high utilization of these coatings for application in parking, decks, tanks, and water treatment. The pure polyurea segment is predicted to expand footing over the coming years due to its superior properties, rising utilization in construction activities, and the automotive sector. Also, they are more cost-effective than hybrid coatings contributing to the high demand for pure polyurea coating in the forecast period.
Analysis by Technology:
By technology, the report is categorized as spraying and pouring. Spraying is likely to have a vast growth in the forecast period. It is due to its low labor requirement, high level of efficiency, and technological progression in the equipment. Also, growing efforts by key towards the development of lightweight and portable equipment for spraying is positively impacting the market demand.
Analysis by Applications:
By applications, the report is categorized into building & construction, transportation. Building & construction is estimated to show considerable growth in the forecast period. It is due to the extensive usage of polyurea coatings for residential and commercial applications owing to high humidity resistance. Moreover, the rapidly growing construction sector globally drives the demand from the building construction segment in the forecast period.
Analysis by Region:
In the regional outlook of the global polyurea coating market, the North America region dominates with the highest market share in 2020. The increasing concern concerning environmental protection in the manufacturing and construction industries, majorly in Mexico, Canada, and the U.S., drives the North America region. Moreover, the growing construction sector and the strong presence of extraction & production (E&P) sites in Canada with copious accessibility of minerals such as gold and silver contribute to the high growth of the polyurea coating market across North America.
Market Segmentation covered in the Report:
By Raw Material
- Aromatic Isocyanate
- Aliphatic Isocyanate
- Pure polyurea
- Hybrid polyurea
- Building & construction
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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