Polyurea coating is a high-performance hybrid coating that forms an elastic and seamless membrane when applied. It is increasingly being used in various industrial and architectural applications such as protective linings, traffic membranes, waterproofing membranes, roof coatings etc. due to its excellent corrosion resistance and chemical resistance properties. Some key use cases of polyurea coatings include protective lining for tanks, pipes, and steel structures. It is also used as truck bed liners, concrete overlays, parking decks waterproofing, and structural reinforcement. The global polyurea coatings market is estimated to be valued at US$ 1.7 billion 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:
The global polyurea coatings market is expected to be flourished by its rising applications in construction industry. The increasing infrastructure development activities around the world especially in emerging economies is driving the demand for polyurea coatings. Polyurea coatings are widely used in waterproofing of buildings, bridges, parking decks etc. Its excellent corrosion resistance against acids, alkalis, solvents and hydrocarbons makes it suitable for waterproofing concrete structures. Additionally, polyurea forms a seamless membrane with exceptional adhesive properties to polymer surfaces which further contributes to its increasing usage in construction industry waterproofing. The higher demand from the infrastructure and construction industry is expected to fuel the growth of polyurea coatings market over the forecast period.
Segment Analysis
The global polyurea coatings market is dominated by the industrial segment. Around 60% of the total market share is accounted by industrial sub-segment owing to rising infrastructural activities and growing construction industry globally. Transportation segment holds the second largest share in the market due to increasing application of polyurea coatings in automotive, railcars and aircraft etc. This sub-segment provides corrosion protection and extend the life of transportation assets.
PEST Analysis
Political: Stringent regulations regarding VOC emissions may hamper the market growth. However, favorable government initiatives towards infrastructure development will positively influence the demand.
Economic: Flourishing construction and transportation sectors along with rising FDI in emerging nations will boost the polyurea coatings consumption. Additionally, cost effectiveness over traditional coats acts as a key factor for high adoption.
Social: Increasing consumer awareness about benefits of polyurea like durability, corrosion and abrasion resistance is propelling the product demand across various applications.
Technological: Advancements in application techniques help in providing customized solutions and reducing wastage. Market players are investing in R&D to develop innovative product types with enhanced properties.
Key Takeaways
The Global Polyurea Coatings Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America region dominates the global polyurea coatings market with over 40% share owing to rising infrastructural spendings and presence of key industry players in the region. Asia Pacific is estimated to be the fastest growing market during the forecast period. Factors such as economic development, increasing construction activities and growing automotive manufacturing will fuel the polyurea coatings consumption in the region.
Key players operating in the polyurea coatings market are BASF SE, PPG Industries, Rhino Linings Corporation, Sherwin-Williams Company, SIKA AG, and VersaFlex Incorporated. These players are focusing on new product launches, mergers & acquisitions and capacity expansions to strengthen their market position. For instance, BASF launched innovative moisture-cure polyurea for structural bonding to expand product offerings in 2020.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
