The Polyurea Coatings Market is estimated to be valued at US$ 1.32 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polyurea coatings are liquid coatings used to protect substrates from corrosion and environmental damage. They are generally applied as two-component systems comprising an isocyanate side and resin side. Polyurea coatings offer advantages such as high corrosion and chemical resistance, flexibility, and quick drying times. They are primarily used in industrial and commercial construction for protection of structures, pipes, tanks, and other infrastructure from weathering and abrasion. The growing construction industry worldwide is expected to drive the demand for polyurea coatings in the coming years.
Market Dynamics:
The primary drivers contributing to the growth of the polyurea coatings market include rapid urbanization and industrialization. The growing construction of infrastructure projects such as roads, bridges, buildings, energy transmission networks etc. is resulting in increased usage of polyurea coatings for protecting them from corrosion, leaks, and weathering. Furthermore, commercial construction projects for warehouses, manufacturing plants, parking structures etc. also incorporate polyurea coatings for waterproofing and extending the life of structures. The unique benefits of polyurea coatings such as fast curing and seamless application also add to their demand. However, fluctuating raw material prices remain a challenge.
Segment Analysis
The Polyurea Coatings Market Size is dominated by the construction segment, which accounts for more than 50% share of the global market. Polyurea coatings are extensively used in the construction industry for waterproofing surfaces such as roofs, foundations, and others. These coatings are highly resistant to weathering and offer excellent corrosion protection, owing to which they are the preferred choice for waterproofing applications in the construction sector.
PEST Analysis
Political: Favorable government regulations regarding the use of environment-friendly coatings will drive the demand for polyurea coatings. Some countries have banned or restricted the use of solvent-based coatings.
Economic: The growing construction industry across the globe is driving the polyurea coatings market. Rise in infrastructure development projects will boost market growth.
Social: Increasing consumer awareness about the advantages of polyurea coatings such as durability, chemical resistance is fueling the market expansion.
Technological: The development of new polyurea grades that offer reduced curing times, higher flexibility and improved viscosity stability will support market growth.
Key Takeaways:
The global polyurea coatings market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing infrastructural development activities worldwide. The market size for 2023 is estimated to reach US$ 1.32 billion.
Regional analysis:
The Asia Pacific region dominates the global polyurea coatings market and is estimated to maintain its lead over the forecast period. This can be attributed to robust economic growth and significant infrastructure development projects underway in countries such as China and India.
Key players operating in the polyurea coatings market are 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.). The key players focus on new product launches and expansion strategies to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it