Wilmington, Delaware, United States, July 26, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global polyurea coatings market is anticipated to grow at an 8.5% CAGR from 2023 to 2031. A market valuation of US$ 2.3 billion is expected by end of the forecast period.
Polyurea's use in various construction applications like containment liners, waterproofing membranes, and flooring systems is expected to drive market growth. These coatings offer superior qualities in spray applications, such as high resistance to thermal, mechanical, and chemical factors, quick setting and curing, solvent-free formulation, hydrolysis stability, water insensitivity, and strong adherence compared to substitutes. The growth of end-use industries employing polyurea coatings is expected to boost the coatings market during the forecast period.
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Polyurea Coatings Market: Prominent Players
The global market for polyurea coatings is characterized by several regional and global entities. Some key polyurea coatings providers profiled by TMR include:
PPG Industries, Sherwin-Williams Company, Kukdo Chemical Co., Ltd., Nukote Coating Systems, VIP GmbH, Huntsman Corporation, Albemarle Corporation, Covestro AG, and BASF SE are the leading players operating in this industry.
Prominent developments in the polyurea coatings market domain by key players are as follows:
- In February 2022, PPG Industries declared a US$ 10 million investment in a state-of-the-art 82,000-square-foot manufacturing facility and class A paint line at its Greenville, South Carolina, coatings services facility.
- In March 2023, Pearl Polyurethane Systems introduced the DuraPearl Elastomer System, a cutting-edge polyurea-based elastomer system.
- In January 2021, PPG disclosed its definitive agreement to acquire VersaFlex, a leading manufacturer specialized in polyurea, epoxy, and polyurethane coatings for various applications, including water and wastewater infrastructure, flooring, transportation infrastructure, and industrial purposes.
Asia Pacific is expected to be the key driver of the global construction industry due to growing government investment in public infrastructure and upcoming residential and commercial projects in India and China. Additionally, the demand for high-rise buildings and skyscrapers is expected to positively impact the market growth for construction products in the region.
A recent report projects the global construction industry to surge by 85% to USD 15.5 trillion by 2030. Leading this growth are China, India, and the U.S., contributing approximately 57.0% of the overall revenue share. As a result, the demand for polyurea coatings is expected to rise significantly due to their moisture and heat resistance properties.
Key Takeaways from the Market Report
- The global polyurea coatings market is expected to be worth US$ 1.19 billion in 2023.
- From 2023 to 2031, the market is estimated to grow with a CAGR of 8.5%.
- By type, hybrid segment is expected to dominate the market while growing at a CAGR of 9.2% during the forecast period.
- By end-use, the building & construction segment is expected to generate substantial revenue while growing at a CAGR of 10.4% during the forecast period.
- As per TMR projections, the demand for polyurea coatings in China is expected to rise with a CAGR of 8.8% throughout the forecast period.
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Polyurea Coatings Market: Growth Drivers & Trends
- Surging demand for polyurea coatings in the construction industry owing to their durability and low maintenance costs is expected to drive market growth.
- Rising global industrial activity and the demand for robust coating materials to protect steel structures from corrosion are driving growth prospects worldwide.
- Increasing government investments in public infrastructure is expected to drive market growth.
- Increasing renovations projects are expected to drive the demand for polyurea coatings during the forecast period.
- The growing adoption of waterproofing membranes in construction, aimed at achieving superior seal protection, is expected to drive the demand for polyurea as a key ingredient in coatings production.
- The high aesthetic value of polyurea coatings is expected to increase their utilization and drive their demand.
Polyurea Coatings Market: Regional Analysis
- Asia Pacific is expected to dominate the market by accumulating over 36.4% market share in 2023. The demand for polyurea coatings in the region is expected to rise with a CAGR of 8.7% during the forecast period. The growth is attributed to strong presence of automobile manufacturing facilities in China, India, Japan, and South Korea, along with easy access to consumables, positively impacting the market.
- North America is projected to become the second largest region for polyurea coatings, driven by increased product usage in residential construction for flooring and roofing applications. The regional market is expected to grow with a CAGR of 8.4% during the forecast period. The renovation projects in the United States are also expected to positively impact revenue growth. The thriving shale gas industry in the United States and Canada, with growing expenditure on hydraulic fracturing, is expected to boost polyurea demand as coatings and lining systems throughout the forecast period.
Polyurea Coatings Market- Key Segments
- Raw Material
- Aromatic-based
- Aliphatic-based
- Type
- Pure
- Hybrid
- Technology
- Spraying
- Pouring
- Hand Mixing
- End-use
- Building & Construction
- Transportation
- Industrial
- Landscape
- Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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