Chicago, Aug. 02, 2022 (GLOBE NEWSWIRE) -- The Global Polyurea Coatings Market size was valued at USD 1.2 billion in 2021 and is projected to grow at a CAGR of 10.3% during the forecast period to reach USD 2.0 billion by 2027, according to a new report by MarketsandMarkets™. Polyurea coating technology continues to develop, it is expected to substitute the existing coating technologies, such as epoxy and polyurethane. Before polyurea coatings were introduced, polyurethane coatings used to deliver high cure rates when accumulated with catalysts. They were used in a number of industrial and commercial applications but were sensitive to moisture. Polyurea coatings, due to their superior properties, provide high-quality coating and gloss and are more consistent than other coating technologies.
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The aromatic segment is expected to account for the largest share of the polyurea coatings market, by raw material type, during the forecast period, in terms of value and volume.
Based on raw material type, The acrylic segment is projected to be the largest resin type during the forecast period. Aromatic isocyanate-based polyurea has good physical properties with high-performance features along with abrasion and corrosion resistance for coating applications in the marine (boat hulls, docks, and others), construction (wall & floor coatings and others), industrial (machinery, containment, and others), and other industries.
Building & Construction is expected to account for the largest share of in the polyurea coatings market, by end – use, during the forecast period, in terms of value and volume.
Based on end – use, building & construction segment is estimated to account for the largest share of the market during the forecast period. The growth of the infrastructure sector and the development of the building & construction industry in the Asia Pacific region are expected to boost the polyurea coatings market in the region. China and India are likely to generate a positive impact on the market in the building & construction end-use industry.
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Asia – Pacific polyurea coatings market is projected to register the largest market share during the forecast period.
Asia Pacific is the fastest-growing market for polyurea coatings mainly due to the high economic growth, and heavy investment in industries such as automotive, marine, building & construction, and manufacturing. Kukdo Chemicals (South Korea), Asia Polyurethane (Singapore), and other leading global players are adopting various strategies to increase their market share in the region’s polyurea coatings market.
2 major players operating in the global Polyurea Coatings Market include:
- PPG Industries Inc. (US),
- Sherwin-Williams Company (US).
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