Polyurea Coatings Market Overview to 2023:
Polyurea coating is a type of coatings, which are applied to improve the performance efficiency of the substrate. It is produced by reacting isocyanate with resin blend that forms a rubber-like substance, which coats the substrate. It is compatible with various substrates such as concrete, metals, wood, and others in a wide range of temperature and humidity. Furthermore, it is eco-friendly and does not contain any volatile organic compounds (VOC). Various conventional coatings are available in the market such as epoxy, vinyl ester, PU, and polychloroprene coating. Polyurea coating provides several advantages over conventional coatings such as fast curing, high coating thickness, and extreme weather resistance to high humidity and low temperatures. Moreover, it imparts superior durability, abrasion resistance, corrosion resistance, waterproofing, chemical resistance, decoration, and structural enhancement than conventional coatings. This coating is available in water-based formulations and variety of color and designs. Similar to conventional coatings, polyurea coating requires surface preparation such as sandblasting or priming prior to its application. Technological innovations have led to the availability of antimicrobial agents in polyurea coatings, which prevent the product from degrading.
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Rising popularity of environment-friendly products is expected to boost the demand for polyurea coatings over the forecast periods. High demand from the building & construction, transportation, industrial, and chemical industry are expected to drive the global polyurea coatings market over the forecast period 2018-2023. Polyurea coatings have numerous applications in the building & construction industry such as playground fixtures, waterproof tank linings, asbestos encapsulation, pipeline coatings, tunnels, pedestrian footpaths, floor coverings, sewage pits, bridges, tanks, truck linings, and secondary containments. Additionally, polyurea coatings are also employed in chemical industries due to its superior chemical resistance properties.
However, availability of alternatives, for instance, epoxies at lower cost than polyuria coatings are likely to hamper the global polyurea coatings market during the forecast period 2018-2023. However, polyurea coatings can last three to five times longer than the conventional coatings which makes it quite cost-effective.
Market Segmentation
The global polyurea coatings market is segmented by type, raw material, technique, end-use industry, and region.
On the basis of the type, the global polyurea coatings market is segmented into pure polyurea coatings and hybrid polyurea coatings.
On the basis of the raw material, the global polyurea coatings market is segmented into aromatic isocyanate and aliphatic isocyanate.
On the basis of the technique, the global polyurea coatings market is segmented into spraying, pouring, and hand mixing.
On the basis of the end-use industry, the global polyurea coatings market is segmented into building & construction, automotive, industrial, chemical, and others.
On the basis of the region, the global polyurea coatings are segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Regional Analysis
The global Polyurea Coatings Market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.
North America is expected to be the largest market for polyurea coatings and is expected to dominate the market over the forecast period owing to growing renovation and repairing activities in the region.
Europe is expected to be the second largest market for polyurea coatings owing to the high demand from the established automotive industry. Stringent regulations against the use of products that have high VOC content is contributing to the growth of the North American and European region further.
Asia Pacific is expected to be the fastest growing market for polyurea coating across the globe due to growing investments in emerging economies and rapid industrialization and urbanization. Large automobile industry in China is adding fuel to the demand for polyurea coatings further.
The Middle East & Africa is expected to show a steady growth for polyurea coatings mainly from its building & construction industry.
Latin America is also expected to witness significant demand for polyurea coatings from its evolving construction industry mainly in Brazil, Mexico, Chile, and Venezuela among others.
Key Players
Some of the major players operating in the global polyurea coatings market are VersaFlex Incorporated and The Polyurea People (U.S.), The Sherwin-Williams Company (U.S.), PPG Industries, Inc. (U.S.), Rhino Linings Corporation. (U.S.), KUDKO CHEMICAL CO. LTD. (South Korea), Huntsman International LLC. (U.S.), Armorthane (U.S.), Rust-Oleum (U.S.), SPI Performance Coatings (U.K), and Lse Building Preservation Ltd (U.K.).
Intended Audience
- Polyurea coatings manufacturers
- Traders and distributors of polyurea coatings
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratory
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