Polyurea Coatings Market Size to Reach $1,173.44 Mn by 2028 | The Insight Partners
Polyurea Coatings Market Size is expected to grow at a CAGR of 9.5% from 2022 to 2028
Pune, India, Nov. 09, 2023 (GLOBE NEWSWIRE) — According to our new research study on “Polyurea Coatings Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Raw Material, Type, Technology, Application, and Geography,” the polyurea coatings market size is expected to grow from US$ 681.10 million in 2022 to US$ 1,173.44 million by 2028; it is estimated to record a CAGR of 9.5% from 2022 to 2028. The projected growth of the market is attributed to the rising construction industry across the world and the surging use of polyurea coatings in various end-use industries.
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Polyurea Coatings Market: Competition Landscape
BASF SE; PPG Industries, Inc; Sika AG; Fosroc, Inc; The Sherwin – Williams Company; VIP Coatings International Gmbh; Nukote Coating Systems International; Huntsman International LLC; Rhino Linings Corporation; and Teknos Group are among the key players operating in the global polyurea coatings market. Players operating in the market focus on providing high-quality products to fulfill customer demand. They are also adopting strategies such as research and development investments, new product launches, and expanding production capacities.
Polyurea Coatings Market Report Scope, Segmentations, Regional & Country Scope:
|Market Size Value in||US$ 681.10 million in 2022|
|Market Size Value by||US$ 1,173.44 million by 2028|
|Growth rate||CAGR of 9.5% from 2022 to 2028|
|No. of Pages||207|
|No. of Tables||142|
|No. of Charts & Figures||113|
|Historical data available||Yes|
|Segments covered||Raw Material, Type, Technology, and Application|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Companies Covered||BASF SE; PPG Industries, Inc; Sika AG; Fosroc, Inc; The Sherwin – Williams Company; VIP Coatings International Gmbh; Nukote Coating Systems International; Huntsman International LLC; Rhino Linings Corporation; and Teknos Group|
In 2022, North America held the largest share of the global polyurea coatings market. The North America polyurea coatings market, by country, is segmented into US, Canada, and Mexico. The construction industry contributes a major part to the GDP of the region. The industry supports the growth of the economy by assisting the supply chain, which creates several business opportunities and services. Furthermore, the rising building and construction activities in the corporate and residential sectors in the region are surging the demand for polyurea coatings. The commencement of corporate construction projects in 2022 in the region, including projects:
|The Eight Office Tower Project||This project involves the construction of a 50,167m2 25-story office tower in Bellevue, Washington, US|
|1900 Lawrence Street Office Tower Project||This project involves the construction of a 30-story office tower on 0.51ha of land in Denver, Colorado, US|
|North Harbour Mixed-Use Development Project||This project involves the development of mixed-use facilities on 4.85ha of land in North Vancouver, British Columbia, Canada|
|El Segundo Headquarters and Training Facility Project||This project involves the construction of a three-story, 13,471m2 of headquarters and training facilities on 5.6ha of land in El Segundo, California, US|
|Park Habitat Commercial Tower Project||This project involves the construction of a 111,484m2, 20-story commercial tower in San Jose, California, US|
Such initiatives by governments of North American countries are further bolstering the demand for polyurea coatings in the region. Furthermore, the growth of the manufacturing, transportation, and marine industries contributes to market growth.
Superiority of Polyurea Coatings Over Epoxy Coatings Drives Polyurea Coatings Market Growth
Compared with epoxy and polyurethane coatings, polyurea coatings have highly superior and advanced characteristic properties. Compared to epoxy coatings, polyurea coatings have higher moisture resistance, UV resistance, abrasion resistance, chemical resistance, and more durability, along with high-temperature resistance. Compared with polyurethane, polyurea coatings have higher chemical resistance, durability, and moisture resistance. Polyurea coatings have significantly lesser curing time in comparison with epoxy coatings, owing to their advanced characteristics. Thus, the demand for polyurea coatings is expected to increase significantly over the coming years.
Polyurea Coatings Market: Segmental Overview
Based on raw material, the polyurea coatings market is segmented into aliphatic polyurea and aromatic polyurea. The aliphatic polyurea segment is expected to register a higher CAGR during the forecast period. Aliphatic polyurea is a polymer material that has no aromatic structures. It is essential as a coating in building and industrial applications. The chemical structure of the polymer material in aliphatic polyurea makes it flexible and rigid. Therefore, aliphatic polyurea is largely used as an additive in different coating products to get a durable finish. This material is most commonly used for sealants and coatings intended for outdoor use. Aliphatic polyurea systems are high-speed, 100%-solids systems based on primary and secondary amines with gel times of some seconds due to their high reaction rates with the isocyanate functions of the prepolymers.
Based on type, the polyurea coatings market is bifurcated into pure polyurea and hybrid polyurea. Based on technology, the market is segmented into spraying, pouring, and hand mixing. Based on application, the polyurea coatings market is segmented into building and construction, transportation, industrial applications, and others. The building and construction segment is expected to hold the largest share during the forecast period. In the construction industry, polyurea coatings are applied at any point in time when exterior surfaces need protection. Polyurea is a durable coating used to protect buildings from corrosion and weathering effects for decades. It also provides excellent resistance against abrasion and chemical attacks, making it ideal for use on bridges or industrial equipment. Polyurea coating is also used across various applications such as painting steel structures, concrete walls, and outdoor furniture. In the building & construction industry, polyurea coatings are applied to bridge construction, commercial architecture, floor & roof coating, caulks, joint fill, parking decks, concrete repair, and structural bonds.
- In 2019, Specialty Products Inc. collaborated with the VersaFlex family of companies along with Raven Lining Systems, Milamar Coatings, Bridge Preservation, and Vanberg Specialized Coatings. This collaboration expanded the portfolio of speciality coating solutions.
- In February 2021, PPG acquired VersaFlex from DalFort Capital Partners. VersaFlex specializes in polyurea, epoxy, and polyurethane coatings for water and wastewater infrastructure, flooring, transportation infrastructure, and industrial applications.
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Impact of COVID-19 Pandemic on Polyurea Coatings Market
The COVID-19 pandemic severely impacted various economies across the world. The pandemic significantly hampered the polyurea coatings market growth due to its adverse effects on the growth of the building & construction industry. In Asia Pacific, a decline in consumer demand due to job insecurity and income uncertainty led to low investments in the building & construction industry, reducing the need for polyurea coatings. Further, many polyurea coatings manufacturers suffered from a shortage of raw materials, resulting in the rising costs of raw materials and increasing lead times. However, the building & construction sector revived with the resumption of operations in 2021, which positively impacted the polyurea coatings market growth.
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