Polyurea Coatings Market Forecast | 2023-28

Market Insights

The polyurea coatings market is estimated to grow from USD 1.24 billion in 2022 to USD 2.27 billion by 2028 at a CAGR of 8.49% during the forecast period.

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What is Polyurea Coating?

Polyurea Coating is a polymer material used to make coating and lining substances. It has a blend of extreme application properties such as even at temperatures well below 0°C, rapid cure, and insensitivity to humidity. In addition, it offers exceptional physical properties, such as flexibility, high hardness, tear strength, tensile strength, and chemical and water resistance. The result is good weathering and abrasion resistance.

Polyurea Coatings are of different types, such as aromatic isocyanate and aliphatic isocyanate, used in various end-use industries such as building & construction, transportation, industrial, and landscapes.

Key Players

Some of the major manufacturers are-

• PPG Industries, Inc.
• The Sherwin-Williams Company
• Nukote Coating Systems
• Versaflex Incorporated
• Armorthane Inc.
• Wasser Corporation
• Rhino Linings Corporation
• Teknos
• Kukdo Chemical Co., Ltd.
• Voelkel Industrial Products Gmbh (VIP)

Market Dynamics

The major driving factor contributing to the demand for polyurea coatings are:

• The increasing requirement for improving performance, durability, and ease of use of products.
• The market is anticipated to grow as a result of the expansion of the building and construction sector as well as increased infrastructure development, particularly in emerging markets.

Segment Analysis

By Raw Material Type

The market is segmented as aromatic isocyanate and aliphatic isocyanate. The aromatic isocyanate segment is expected to govern the market with a market share of more than 60% in 2022, owing to its unique physical properties such as high-performance features along with abrasion and corrosion resistance for coating applications in the marine, construction, and other industries and in industrial applications. 

By Polyurea Type

The polyurea coatings market is segmented as pure polyurea and hybrid polyurea. The pure polyurea segment is expected to dominate the market due to its vital role in the determination of the final coated surface properties. It is also driven by its excellent properties such as its zero VOC content, fast curing time, long pot life, outstanding chemical resistance, and moisture resistance.

By Technology Type

The polyurea coatings market is segmented into spraying, pouring, and hand-mixing. The spraying technology is expected to remain the dominant segment. It is driven by its easy, quick, and accurate application on the surface, infrastructural growth in countries, along with an increase in applications in floor coatings, roof coatings, bed-linings, secondary containment, and wastewater treatments.

By Region

Asia-Pacific is estimated to be the largest region for the polyurea coatings market during the forecast period. The growth of the region is mainly driven by its high economic growth and substantial investment in industries, such as automotive, marine, building & construction, and manufacturing. The region is also experiencing an increased demand for premium and high-quality products due to the increasing disposable income of the middle-class population, causing a surge in demand for the polyurea coatings market.

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Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories. 

By Raw Material Type:

• Aromatic Isocyanate
• Aliphatic Isocyanate 

By Polyurea Type:

• Pure Polyurea
• Hybrid Polyurea  

By Technology Type:

• Spraying
• Pouring  
• Hand-mixing

By End-Use Industry Type:

• Building & Construction
• Transportation 
• Industrial 
• Landscape Stone/Quartz 

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the raw material types by end-use industry type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.