PUBLISHER: The Business Research Company | PRODUCT CODE: 1429913
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429913
Polyurea is an organic polymer that exhibits characteristics resembling both plastic and rubber, finding applications in various fields. Polyurea coatings, known for their waterproof and resistant properties, are coatings that cure instantly. They are commonly used in commercial or outdoor applications such as outdoor furniture, signposts, and building facades, providing protection against abrasion and corrosion damage to the substrate.
The major types of raw materials used in polyurea coatings are aliphatic and aromatic. Aliphatic polyurea refers to polyurea based on an aliphatic diisocyanate. Polyurea coatings can be categorized as pure or hybrid. The application technologies for polyurea coatings include spraying, pouring, and hand mixing. These coatings find diverse applications in various end-user industries, including building and construction, transportation, chemical, industrial, and others.
The polyurea coatings market research report is one of a series of new reports from The Business Research Company that provides polyurea coatings market statistics, including polyurea coatings industry global market size, regional shares, competitors with a polyurea coatings market share, detailed polyurea coatings market segments, market trends and opportunities, and any further data you may need to thrive in the polyurea coatings industry. This polyurea coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The polyurea coatings market size has grown rapidly in recent years. It will grow from $1.27 billion in 2023 to $1.43 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The expansion observed in the historical period can be attributed to the growth in emerging markets, the expansion of the oil and gas sector, an increase in environmental concerns, and growth in the automotive industry.
The polyurea coatings market size is expected to see rapid growth in the next few years. It will grow to $2.26 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The anticipated growth in the forecast period can be attributed to increasing building and construction activities, rising infrastructure investments, rapid urbanization, and government support. Key trends expected in the forecast period include a focus on the use of modified polyurea technology, product innovations, and next-generation coating solutions. Additionally, there may be new facility expansions to increase product portfolios, as well as strategic partnerships and collaborations aimed at improving financial strength and geographical presence.
The polyurea coatings market is expected to experience growth, driven by the expanding construction industry. With a focus on creating, restoring, and maintaining infrastructure, the construction sector employs polyurea coatings to protect exterior surfaces, shielding buildings from corrosion, weathering, and offering resistance to chemical and abrasion attacks. Notably, building activities in New Zealand increased by 3.7% in March 2021, while residential activities rose by 4.3% in 2021 compared to the previous year. The US Census Bureau reported a growth rate of 10.2%, with the value of construction activities increasing from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. This surge in construction activities is a key driver for the polyurea coatings market.
The historic growth of the polyurea coatings market was significantly influenced by the automotive industry. Polyurea industrial coatings, known for their exceptional weather and chemical-resistant protection, extend the lifecycle of OEM parts in automobiles. Applied on the factory floor, these coatings safeguard against deterioration, including vibration reduction in machinery and protection of robotic system components. In 2021, the global production of motor vehicles increased by 1.3%, reaching 79.1 million units. Similarly, the Indian automobile industry produced 22.93 million vehicles between April 2021 and March 2022. The historic growth in the automotive sector has played a pivotal role in propelling the polyurea coatings market.
Technological advancements stand out as key trends in the polyurea coatings market. Major players are investing in the development of technologically improved products to enhance their market position. For instance, Fosroc, a UK-based construction chemicals manufacturing company, introduced Polyurea WH 100 in November 2021. This product, based on polyurea technology, offers benefits for various roof waterproofing applications. It features quick curing, even at low temperatures, water resistance, and durability, making it a valuable solution for waterproofing and protective coating.
Companies in the polyurea coatings market are also focusing on innovative technologies such as modified polyurea technology to create advanced products. Teknos, a Finland-based paints and coatings manufacturing company, launched TEKNOPUR 400 in December 2021. This two-component elastomeric coating, based on modified polyurea technology, is cost-effective for waterproofing and creating durable roof and concrete surfaces. Notably, it is resistant to heavy abrasion and offers outstanding mechanical qualities.
In February 2021, PPG Industries, a US-based paint and coating manufacturing company, acquired VersaFlex Incorporated. This strategic move allows PPG to expand its technology portfolio and customer touchpoints. VersaFlex Incorporated specializes in formulating, manufacturing, and supplying pure polyurea protective coatings.
Major companies operating in the polyurea coatings market report are PPG Industries Inc., Sherwin-Williams Company, Huntsman Corporation, BASF SE, Covestro AG,Kukdo Chemical Co. Ltd., Rust-Oleum, Teknos Group, Rhino Linings Corporation, VIP GmbH, Asia Polyurethane, DuPont de Nemours Inc., Versaflex Incorporated, Indurit Coatings, Sika AG, AkzoNobel N. V, Kansai Paint Co Ltd., Wattyl, RPM International Inc., Armorthane, Nukote Coatings Systems, Huisins Coatings, Poliuretany Sp. z o.o, Polyurea Polska, Jotun A/S, Nippon Paint Holdings Co, Ltd., DuluxGroup, Renner Coatings, Delta Coatings International, Polycare Insulation Works LLC, Oasis Adhesive Industries LLC, Tecnopol SA, VersaTech Coatings, SpecPolyurea, Abe Construction Chemicals
Asia-Pacific was the largest region in the polyurea coatings market in 2023. The regions covered in the polyurea coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the polyurea coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The polyurea coatings market consists of sales of primers, liners/membranes, top coatings, sealants and fillers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Polyurea Coatings Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on polyurea coatings market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for polyurea coatings? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The polyurea coatings market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.