Austin, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The Polyurea Coatings Market Share was valued at USD 1.6 billion in 2023, and is expected to reach USD 4.7 billion by 2032, and grow at a CAGR of 12.5% over the forecast period 2024-2032.
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Key Players:
VersaFlex Incorporated and The Polyurea People (U.S.), PPG Industried, Inc. (U.S.), Armorthane (U.S.), Lse Building Preservation Ltd (U.K.), The Sherwin-Williams Company (U.S.), SPI Performance Coatings (U.K), Rust-Oleum (U.S.), Huntsman International LLC. (the U.S.), KUDKO CHEMICAL CO.LTD. (South Korea), Rhino Linings Corporation. (the U.S.) and Others.
The polyurea coatings market has shown impressive growth in recent times backed by improved performance characteristics and new applications across a wide range of industries. In January 2024, BASF SE announced the creation of a new line of polyurea coatings developed for high-impact industrial environments that increase durability and lifespan manifold. Similarly, in June 2023, Sherwin-Williams launched a breakthrough, fast-curing polyurea floor coating for increased fast curing time and ultra-chemical resistance developed to further boost its market share in the industrial flooring market. In June 2023, the company introduced a pioneering, quick-curing polyurea floor coating that allows more extended fast curing time and ultra-chemical resistance, which is formulated specifically to further increase its share of the industrial flooring market. The dynamics are influenced by investments across infrastructure globally and stringent rules over protective coatings.
This growing demand for green and eco-friendly coating solutions is one major driver of the market. The companies are working on polyurea coatings that could emit a lesser quantity of VOCs. One of the influences leading to this shift could be such pressures by regulatory bodies and enhanced environmental consciousness among consumers. For example, in March 2023, PPG Industries announced a new line of eco-friendly polyurea coatings that adhere to strict environmental regulations while guaranteeing high performance.
Improvements in technology have also played a very vital role in the growth of the market. Improved application techniques have made the polyurea coatings more accessible and easy to apply, hence reducing labor costs and other losses resulting from downtime. Growing adoption in the automotive and construction industries for superior abrasion resistance, excellent waterproofing capabilities, and fast drying time has also fueled growth of the market.
Polyurea Coatings Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.6 billion |
| Market Size in 2032 | USD 4.7 billion |
| CAGR (2024-2032) | 12.5% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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Segment Analysis
The industrial segment dominated and accounted for more than 40% of the polyurea coatings market in 2023. This may be attributed to the numerous uses of polyurea coating in the protection of industrial equipment and infrastructure. For example, the oil and gas industry segment presents huge demand for polyurea coatings, as they have excellent chemical resistance and durability; hence, application in pipelines and storage tanks from a number of unfavorable environmental conditions becomes quite important. Companies such as Huntsman Corporation have always been on the frontline in providing tailored polyurea formulations to the industrial segment for improved lifespan and reduced maintenance costs. This is further reiterated by the increasing investment in industrial projects and associated infrastructure, and the resultant demand for high-performance protective coatings.
Emerging Trends in End-Use Industries Shaping Polyurea Coatings Manufacturers' Strategies
In the polyurea coatings market, there has been a growing trend of strategies by coating manufacturers pertaining to end-use industries. Building & construction, transportation, and industrial sectors are seeking high durability, sustainability, and fast application procedures; hence their stratagem is being influenced in terms of product offerings. For example, demand from the construction sector for eco-friendly coatings with low VOC emissions is rising; thus manufacturers are developing waterborne polyurea coatings. Additionally, the emphasis by the transport industry on lightweight and corrosion-resistant coatings has also fueled advanced formulation innovations. It is these changing industry requirements that push manufacturers to participate in research and development for the production of tailored solutions to suit specific application needs, hence changing the market dynamics and competitive strategies.
Regional Analysis
In 2023, North America dominated and accounted for approximately 35% of the polyurea coatings market share. The strong demand is driven by many industries, particularly from the construction, automotive, and industrial applications of these products. It has a large infrastructure development budget and strict environmental laws, thereby fueling demand for advanced polyurea coatings. For example, in the United States, with huge infrastructure projects being financially supported by federal initiatives such as the Infrastructure Investment and Jobs Act, demand has risen for durable and eco-friendly coatings. For instance, Rhino Linings Corporation has been one of the major beneficiaries from this trend by providing high-performance polyurea solutions used in mission-critical infrastructure projects that further entrench North America's dominant position in the market.
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Key Takeaways:
- The industrial segment is likely to maintain a market share of over 40% by 2023 since the coatings used for industrial applications need to be hard-wearing.
- North America accounts for a 35% share in the market in 2024 due to strong demand from the construction, automotive, and industrial sectors.
- Strong demand for eco-friendly polyurea coatings in response to strict environmental regulations and increased environment sensitivity.
- Coating technologies have been advancing in terms of efficiency and performance, driving growth across multiple applications.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Polyurea Coatings Market Segmentation, By Raw Material Type
- Aliphatic
- Aromatic
8. Polyurea Coatings Market Segmentation, By Polyurea Type
- Pure
- Hybrid
9. Polyurea Coatings Market Segmentation, By Technology
- Spraying
- Pouring
- Hand Mixing
10. Polyurea Coatings Market Segmentation, By End Use Industry
- Building & Construction
- Transportation
- Industrial
- Landscape
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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