Polyurea Coating Market Worth About USD 1.48 billion By 2025
The global Polyurea Coating Market size is expected to value at USD 1.48 billion by 2024. The market is subject to witness a substantial growth due to their numerous benefits over traditional coating such as epoxy, fiberglass, and paints. Some of important properties of polyurea coating include lower setting time, resistance to adverse atmospheric conditions and high mechanical strength.
In
addition, polyurea coating offer additional advantages such as high standards
of corrosion protection, waterproofing, and chemical & structural
enhancement. These factors are expected to drive the growth of polyurea coating
industry over the forecast period. Globally, the polyurea coating market is
predicted to grow at CAGR of 12% in the forecast period, providing numerous
opportunities for market players to invest for research and development in the
market.
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Furthermore,
polyurea coating tends to exhibit advanced set of characteristics in spray
applications such as higher mechanical, thermal, and chemical resistance, short
curing and setting time. Higher durability associated with polyurea coating in
comparison with its substitutes is anticipated to foster market growth over the
next seven years. The raw materials required to manufacture polyurea coating
include aromatic isocyanate-based and aliphatic isocyanate-based. Polyurea
coating is used along with technologies such as spraying, pouring and hand
mixing.
Increasing
demand for intumescent coating from building & construction industry owing
to its numerous benefits such as higher durability and attractive appearances
of the surfaces, thus driving the growth of polyurea coatings industry in the
recent years. Additionally, polyurea coating also provides protection against
harsh weather and external environmental factors such as ultra-violet
radiation, high temperatures, acid rain, and pollution particles. These factors
are predicted to boost market demand for polyurea coating during the forecast
period.
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The
recent technological advancement and development of novel products has led to
addition of superior properties such as protection from moisture, corrosion
resistance, bacteria and heat resistance, thus escalating market progress, in
the recent years. Growing need for environmental-friendly and water resistance
solutions coupled with stringent laws and regulation by regional governments
across the globe are expected to boost the market growth of polyurea coating
over the forecast period. Moreover, recent joint ventures, mergers and
partnerships among number of major manufactures and vendors along with local
industry players are anticipated to amplify market value in the upcoming years.
The
polyurea coating market is broadly categorized into three major segments based
on the application type such as building & construction, transportation,
and industrial. The building & construction sector is considered as one of
the fastest growing segment in the polyurea coating industry with substantial
revenue generation in the last few years. Growing popularity of polyurea
coating in the building & construction segment is attributed to the
increasing application in waterproofing duet to their high humidity resistance.
The industrial segment has also witnessed substantial growth owing to the rapid
industrialization in the Asia Pacific region.
The
polyurea coatings market is divided by region as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to the rise in the implementation of latest technologies in
building & construction sector, increase in the number of research &
development activities, and existence of well-established industrial
infrastructure in the region. Asia-Pacific region is predicted to hold major
market share in the polyurea coating with massive growth in forecast period.
Countries such as India, China, Malaysia and Singapore are leading the
Asia-Pacific market with strong economic growth in the region, rapid
industrialization and significant investment by leading industry players
considering potential growth opportunities in the region.
The
key players in the polyurea coating industry are PPG Industries, Inc., The
Sherwin-Williams Company, Nukote Coating Systems, Inc., Versaflex Inc.,
Specialty Products Inc., Armorthane Inc., Wasser Co., Rhino Linings Co., Kukdo
Chemical Co., Ltd., Lonza Group AG, Albemarle Co., Huntsman Co., BASF SE, and
Covestro, Inc.
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