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The Polyurea Coatings Market is influenced by various market factors that play a crucial role in its growth and development. These factors encompass a range of elements, including market demand, economic conditions, technological advancements, and environmental considerations. The polyurea coatings market size is anticipated to be valued at USD 2360.17 million with a significant CAGR of 13.20% during the forecast period 2021-2028
At the core of the Polyurea Coatings Market are customer demands and preferences. The market is driven by the increasing need for durable and protective coatings across various industries. Polyurea coatings, known for their exceptional strength, flexibility, and chemical resistance, have gained popularity as an effective solution for enhancing the lifespan and performance of surfaces. The rising awareness among end-users about the benefits of polyurea coatings has contributed significantly to the market's expansion.
Economic conditions also play a pivotal role in shaping the Polyurea Coatings Market. The growth of industries such as construction, automotive, and manufacturing, which are major consumers of polyurea coatings, is closely linked to economic stability. When economies are thriving, there is a higher demand for construction projects, new vehicles, and industrial production, subsequently driving the demand for polyurea coatings.
Technological advancements and innovations continually impact the Polyurea Coatings Market. Ongoing research and development activities lead to the creation of improved formulations and application techniques, enhancing the overall performance and efficiency of polyurea coatings. Manufacturers strive to develop products that meet the evolving needs of end-users, whether it be faster curing times, increased durability, or environmentally friendly options.
Environmental considerations have become increasingly important in the Polyurea Coatings Market. With a growing focus on sustainability and environmental responsibility, there is a rising demand for coatings that have minimal impact on the ecosystem. Polyurea coatings, with their low VOC (volatile organic compounds) content and reduced environmental footprint, are gaining favor among environmentally conscious consumers and industries. This shift towards eco-friendly solutions has not only broadened the market base but has also led to regulatory changes, influencing the production and usage of coatings.
Market competition is another crucial factor affecting the Polyurea Coatings Market dynamics. As the market expands, more players enter the arena, intensifying competition. This competition often leads to product innovation, improved quality, and competitive pricing strategies. Companies in the Polyurea Coatings Market strive to differentiate themselves by offering unique features or specialized formulations to cater to specific industry needs.
Global and regional trends also contribute to the overall landscape of the Polyurea Coatings Market. The market is affected by geopolitical factors, trade policies, and regional economic conditions. For example, a surge in construction activities in a particular region can drive the demand for polyurea coatings in that area. Understanding these trends is essential for market players to make informed decisions and adapt their strategies accordingly.
Supply chain dynamics and raw material availability are integral parts of the Polyurea Coatings Market. The availability and pricing of key raw materials, such as isocyanates and amines, can impact production costs and, subsequently, product pricing. Fluctuations in the supply chain can influence the overall market stability, requiring industry participants to maintain a resilient and adaptable supply chain.
Polyurea Coatings Market Highlights:
Polyurea Coatings Market Overview
The polyurea coatings market size is anticipated to be valued at USD 2360.17 million with a significant CAGR of 13.20% during the forecast period 2021-2028
Polyurea Coating can be manufactured by reacting an isocyanate with a resin blend that forms a rubber-like substance that is used for coating the substrate. This coating is applied to improve the performance efficiency of the substrate. Polyurea is compatible with various substrates like concrete, wood, metals, and others in a wide range of temperature and humidity. Moreover, it is eco-friendly and contains zero volatile organic compounds (VOC).
Moreover, these coatings provide various benefits compared to conventional coatings like high coating thickness, fast curing, extreme weather resistance, and high humidity and low temperatures. Polyurea coatings market are having superior properties like high durability, corrosion resistance, abrasion resistance, chemical resistance, waterproofing, decoration, and structural enhancements.
COVID-19 Analysis
Due to the COVID-19 outbreak, most of the industries are negatively impacted due to the worldwide lockdowns, supply chain disruptions, and strict social distancing measures. Most of the manufacturing industries are facing the challenges like lack of raw materials, shortage of workers, and supply chain disruption which leads to halt the production. These factors result in a slowdown of the building & construction sector and hence the polyurea coatings market is also negatively impacted. Nearly 65% of the companies in the construction ecosystem are drastically affected by the delaying of construction activities. Due to the lack of production, the decline in the construction industry may decline in the demand and sales of the global market. Further, rapidly due to its various benefits, the market has increased the demand and regains its profits.
Market Dynamics
Drivers
Rising demand from the construction industry and the adoption of regulations in VOC emissions are the major driving factors of the polyurea coating market. The increasing popularity of eco-friendly products is propelling the market growth. Growing demand from the transportation, building & construction, industrial & chemical industries is predicted to boost the polyurea coating market growth. These coatings have numerous applications in the building & construction industry like sewage pits, floor coverings, pedestrian footpaths, bridges, truck linings, and many more.
Restraint
Availability of alternatives as epoxies are costs low compared to polyurea coatings is restraining the market growth. Moreover, it can last three to five times longer than the conventional coatings that make it cost-effective.
Opportunities
The advanced technologies in polyurea coatings result in the availability of microbial agents that prevents the product from degrading which is an opportunity to accelerate the market growth.
Challenges
Existing coating technologies and raw materials are the challenges of the global market.
Study Objectives
- To provide detailed information about the polyurea coatings market structure along with various forecast segments and subsegments for the forecast years.
- To provide the factors that are limiting the growth of the polyurea coatings market value.
- To examine the market industry analysis based on porter’s five force polyurea coatings, factors-price analysis, supply chain analysis, etc.
- To provide history and forecast revenue segments and sub-segments of the polyurea coatings market revenue for the five main geographies.
- To provide the country-level analysis of the current polyurea coatings market size and future prospective.
- To provide country-level analysis of the polyurea coatings industry growth by region, form, and application.
- To provide a strategic profile of the prominent key players in the market, analyze their core competencies, statistics, and draw a global polyurea coatings market landscape.
- To track and analyze new product launches, strategic alliances, mergers, acquisitions, and global polyurea coatings market research.
Segment Overview
The global polyurea coatings market has been divided into segments based on type, raw material, technique, end-use industry, and region.
Based on Type
The global polyurea coatings market based on type is divided into pure polyurea coatings and hybrid polyurea coatings. Among them, pure polyurea coatings are dominating the maximum growth for their wide usage due to their beneficial properties like fast curing time, long pot life, moisture resistance, and outstanding chemical resistance. The coatings market is mainly dependent on the growth of their end-use industries. The major applications of pure polyurea coatings are roof coat, floor coat, and bonded area.
Based on Raw Material
The global polyurea coatings market by raw material is classified into aromatic isocyanate and aliphatic isocyanate. The aromatic isocyanate is holding the largest market share for its excellent physical properties with high-performance features coupled with abrasion and corrosion resistance for coating applications. This segment is highly dependent on the growth of its end-user industries in the transportation, marine, building & construction, industrial, and others.
Based on Technique
The polyurea coatings industry technique is trifurcated into spraying, pouring, and hand mixing. Out of these techniques, spraying is holding the highest share for its benefits like quick applying and accurately onto the surface. Infrastural growth in the countries along with an increase in applications, including floor coatings, roof coatings, bed linings, secondary containment, and wastewater treatments are driving the market in this segment.
Based on End-Use Industry
By end-use industry, the polyurea coatings are fragmented into the following types as building & construction, automotive, industrial, chemical, and others. Among them, the building & construction segment is holding the largest share for its wide usage in crack-bridging, waterproofing, improving tensile & compressive strength, providing corrosion, chemical, and water resistance.Â
Based on Region
Region-wise, the polyurea coatings market is divided into five main geographies such as Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among them, North America is dominating the largest market share due to increasing renovation and repairing activities.
Regional AnalysisÂ
Geographically, the polyurea coatings market is segregated into the following regions like Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. Out of these regions, North America is predicted to hold the maximum polyurea coatings market and is expected to continue its dominance in the review period due to rising renovation and repairing activities in this region.
Due to the high demand from the established automotive industry, Europe is projected to hold the second-largest market share. Further, the growth in the North American and European region is contributed by the stringent regulations against the use of products that have a high VOC content. Asia-Pacific is predicted to be the fastest-growing region due to increasing investments in emerging economies and rapid industrialization & urbanization. The largest automobile industry in China is increasing the demand for polyurea coatings market size in this region. The Middle East & Africa is expected to hold a steady growth from their building and construction industry. Due to its evolving construction industry in emerging nations like Brazil, Mexico, Chile, and Venezuela, Latin America is anticipated to hold significant demand for the global market. The Indian Brand Equity Foundation (IBEF) report states that by 2030, the Indian real estate industry reaches to USD 1 trillion and may contribute nearly 13% to the country’s GDP by 2025.
Competitive Landscape
The prominent key players in the polyurea coatings market are the following:
- VersaFlex Incorporated and The Polyurea People (U.S.)
- The Sherwin-Williams Company (U.S.)
- PPG Industried, Inc. (U.S.)
- Rhino Linings Corporation. (the U.S.)
- KUDKO CHEMICAL CO.LTD. (South Korea)
- Huntsman International LLC. (the U.S.)
- Armorthane (U.S.)
- Rust-Oleum (U.S.)
- SPI Performance Coatings (U.K)
- Lse Building Preservation Ltd (U.K.)
Recent Developments
- In February 2019, one of the leading enterprises, PPG started a new 82,000 square feet facility and class-A paint line with an investment of USD 10 million at its South Carolina coating services facility. PPG started this initiative, To meet the increasing demand for class A coatings from large truck markets and automotive.
- In October 2017, the famous company, PPG acquired a US-based coatings application service provider named The Crown Group from the two popular Charter Oak Capital Partners and High Road Capital Partners. The new acquisition Crown Group caters to customers in various sectors like automotive, agriculture, construction, heavy truck, and alternative energy industries which are the major areas of interest for PPG. Moreover, this acquisition favors PPG to enhance its services to OEM customers.
- In June 2017, one of the top key players, Sherwin-Williams Company acquired the Valspar Corporation. This Valspar Corporation favors by increasing the Sherwin-Williams global growth to establish itself as a global leader in paints & coatings. The combination of these two enterprises results in the benefits like enhanced portfolio, premier technology, extensive global footprint, expanded product range, and innovation platforms.
Report Overview
This global polyurea coatings market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the coatings market drivers, restraints, challenges, and opportunities. The polyurea coatings market segments are classified into type, raw material, technique, end-use industry, and region.
Segmentation Table
The polyurea coatings market trends have been classified globally based on the type, raw material, technique, end-use industry, and region.
By Type
Pure polyurea coatings and hybrid polyurea coatings.
By Raw Material
Aromatic isocyanate and aliphatic isocyanate.
By Technique
Spraying, pouring, and hand mixing.
By End-user Industry
Building & construction, chemical, industrial, automotive, and others.
By Region
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the polyurea coatings market.
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