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(EstateNewsWire.com, July 25, 2023 ) The report "Polyurea Coatings Market by Raw Material Type, Polyurea Type (Pure and Hybrid), Technology (Spraying, Pouring, Hand Mixing) and End-Use (Building & Construction, Transportation, Industrial, Landscape) - Global Forecast to 2027", The global polyurea coatings market size is projected to reach USD 2.0 billion by 2027 at a CAGR of 10.3% between 2022 and 2027.
The polyurea coatings market is projected to reach USD 2.0 billion by 2027, at a CAGR of 10.3% between 2022 and 2027. The market is projected to reach USD 2.7 billion by 2030, at a CAGR of 10.3% between 2022 and 2030. Asia Pacific accounts for a major share of the overall polyurea coatings market due to the increasing infrastructural development, technological advancement related to polyurea coatings, and rising consumer awareness regarding the benefits of using polyurea coatings. Research institutions and various manufacturers are making huge investments in R&D for the development of polyurea coating technology in terms of performance, efficiency, and durability.
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Browse in-depth TOC on "Polyurea Coatings Market”
318 - Market Data Tables
65 - Figures
274 - Pages
TAromatic isocyanate segment likely to hold larger share of the polyurea coatings market during the forecasted period.
Based on raw material, the polyurea coatings market is segmented into aromatic isocyanate and aliphatic isocyanate. The aromatic isocyanate segment accounted for the larger market share in 2021. The growing importance of using products that offer high performance, fast curing rate, and resistance against various environmental conditions, such as high temperature and humidity, are the key factors driving the demand for aromatic isocyanate-based polyurea coatings. The emerging end uses of these coatings, such as geotextile, secondary containments, marine, and landscape, are expected to drive the market.
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Hybrid polyurea segment likely to dominate global polyurea coatings market during forecast period.
Hybrid polyurea is used in a large number of applications, including tank coatings, pipeline coatings, bridge coatings, and roof coatings. Asia Pacific is expected to drive the demand for these coatings due to the steady construction activities in the region. China has witnessed an infrastructural boom in the past two decades, leading to the rapid advancement of bridge and building construction activities. In 2018, China completed the construction of the world’s longest sea-crossing, the Hong Kong-Zhuhai Bridge. The country has various small- and large-scale projects under review, which are expected to boost the demand for hybrid polyurea coatings.
Building and Construction, end-use industry segment likely to dominate global polyurea coatings market during the forecast period.
Polyurea coatings are widely used in the building & construction industry for bridge construction, commercial architecture, floor & roof coating, caulks, joint fill, parking decks, concrete repair, and structural bonds. The coatings also help improve the performance requirements of specific construction applications such as crack-bridging, improving tensile & compressive strength, waterproofing, providing resistance to corrosion, chemicals, and water, and enhancing other mechanical properties of a structure. 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 region likely to account the largest share of the global polyurea coatings market during forecasted period.
Asia Pacific is an emerging economy with many rapidly developing countries. Various industry players are willing to invest in this region. Most of the leading players in North America and Europe are planning to shift their manufacturing base to Asia Pacific as it offers inexpensive raw materials, low cost of production, and the ability to serve the local emerging market in a better way. The Asia Pacific region is experiencing increased demand for premium and high-quality products due to the increasing disposable income of the middle-class population. This has led to an increased demand for polyurea coatings in the Asia Pacific market.
The key players profiled in the polyurea coatings market report are PPG Industries (US), Sherwin-Williams Company (US), Kukdo Chemical Co., Ltd. (South Korea), Nukote Coatings Systems (US), and VIP GmbH (Germany).
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