The market crossed US$ 994 million mark in 2022 and is expected to hit US$ 2052 million by 2030, recording a CAGR of 9.5% during the forecast period.
Expansion of building and construction industry.
The building and construction segment is dominating the polyurea coatings market. Advancements in infrastructure development of the building and construction industry is anticipated to surge the growth of the market. Polyurea coatings are mostly used for waterproofing and corrosion protection. Increasing usage of waterproofing membranes in the construction sector to provide superior seal protection is fueling to rise in demand for polyurea as a feedstock for manufacturing coatings. The high aesthetic value is also the key factor in employment of these coatings. Polyurea coatings are also used as bridge coatings to protect against corrosion and to provide waterproofing. The expansion of building and construction industry, as well as increased infrastructure development, particularly in emerging economies, are expected to drive the growth of the polyurea coatings market.
Within the report, the market is segmented into raw material, type, technology, application, and geography. By raw material, the market is further bifurcated into aromatic and aliphatic. On the basis of type, the market is bifurcated into pure polyurea, and hybrid polyurea. By technology, the market is categorized into spraying, pouring, and hand mixing. Based on application, the market is further segmented into building and construction, transportation, industrial application, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
High preference of polyurea coatings as compared to other substitute products.
Polyurea coating is expected to substitute the existing coating technologies, such as epoxy and polyurethane due to consistent development in polyurea coating technology. The growing awareness in emerging countries related to the benefits and performance features of polyurea coatings is contributing to market growth. The important benefits of the product include longer pot life, less curing time, moisture insensitive, flexibility, and no volatile organic compounds content. Increasing awareness regarding the benefits of polyurea coatings across the globe and information provided by the polyurea development association (PDA) on product for usage across different industrial sectors has created lucrative opportunities for polyurea coating market.
Advancements in coating technologies and emerging applications.
Polyurea coatings has wide range of application and can be used in every application where coatings are required. The polyurea coating technology came into existence almost three decades ago. It has transformed the coatings industry. The unique chemical and physical properties, along with their performance in different application surfaces, such as concrete and metal, have changed the way these coatings were used in various end-use industries.
Recent strategic developments in polyurea coating market
The polyurea coating market has undergone several significant developments, and a few of these have been mentioned below:
The polyurea coating market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. PPG Industries Inc., Sherwin-Williams Company, Huntsman International LLC, BASF SE, and Teknos Group are among the prominent players operating in the market.
Target audience for the report:
Scope of the report:
In this report, the market has been segmented on the basis of:
Companies profiled
- PPG Industries Inc.
- Sherwin-Williams Company
- Huntsman International LLC
- BASF SE
- Teknos Group