Polyurea coatings are a type of elastomeric coating formed by the reaction of an isocyanate component and a resin blend component. They are highly durable, quick curing liquid coatings that produce tough, flexible, and weather-resistant surfaces. Polyurea coatings find wide applications in construction, transportation, industrial, and protective coatings among others. In the construction industry, they are used for concrete reinforcement, structural enhancement, and waterproofing of substrates. Their excellent tolerance to thermal and UV degradation also makes them suitable for use in infrastructure projects exposed to harsh weather conditions.
The global polyurea coatings market is estimated to be valued at US$ 1.32 bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising demand from construction industry
Polyurea coatings find major applications in various areas of construction such as concrete reinforcement, waterproofing, and corrosion protection of substrates. Their high resistance to thermal and UV degradation along with quick cure properties make them a preferred choice for infrastructure projects exposed to harsh weather conditions. The ongoing surge in infrastructure development and construction activities globally is expected to fuel the demand for polyurea coatings over the forecast period.
Driver explained – Rising demand from the construction industry is expected to drive the polyurea coatings market size over the forecast period. Their durability and quick curing properties make them suitable for various applications in construction such as concrete reinforcement, waterproofing, and corrosion protection of substrates. Infrastructure development activities happening globally will boost the consumption of polyurea coatings.
Segment Analysis
The polyurea coatings market can be segmented into product type and end-use. Based on product type, the market can be divided into pure polyurea and hybrid polyurea. The hybrid polyurea segment is dominating currently due to its high durability and flexibility. Hybrid polyurea provides superior flexibility, toughness, and strength due to the incorporation of advanced polymer hybrid technology.
PEST Analysis
Political: The polyurea coatings market is impacted by various environmental regulations regarding VOC emissions. Stringent regulations in Europe and North America regarding low VOC content are promoting water-based polyurea coatings.
Economic: The global economic growth and infrastructure development in emerging countries are supporting growth of the end-use industries such as infrastructure, construction, and manufacturing, thereby fueling demand for polyurea coatings.
Social: Increasing spending power and changing lifestyle are increasing consumption of consumer products requiring protective and durable coatings. This is driving demand from industries such as automotive, appliances, electronics.
Technological: Advancements in polymer chemistry are helping develop new polyurea compositions with improved properties. Introduction of hybrid polyurea combines advantages of polyurethane and polyurea to provide greater corrosion resistance, flexibility and strength.
Key Takeaways
The global polyurea coatings market is expected to witness high growth over the forecast period of 2023 to 2030. The global polyurea coatings market is estimated to be valued at US$ 1.32 bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific region accounts for around 30% of the global market share currently and is projected to witness the highest CAGR during the forecast period. Countries such as China and India are major consumers due to strong growth of end-use industries such as construction, automotive, manufacturing etc. In addition, these countries offer cost competitive manufacturing environment attracting facilities of major coatings producers.
Key players
Key players operating in the polyurea coatings market are GloboForce Ltd, BI Worldwide, SalesForce.Com, Jive Software, Inc., Aurea, Reffind Ltd, Recognize Services, Inc., Kudos, Inc., Vmware, Inc., Achievers Solutions Inc., and Madison. These key players are focusing on new product launches and expansion in emerging regions to gain higher market share.