Global Polyurea Coatings Market Key Players, Growth Opportunities, Growth Forecasts by 2024

Extremely tolerant and fast settling coatings are created using polyurea technology by adjusting properties of two reactive components. It is among the most resisting coatings due to its elasticity and toughness. These coatings are suitable to use in various industries and objects such as pipelines, mining industry, machines, secondary containment, transportation vehicles, steel structures, roofs, pools, concrete structures, and others. The polyurea coatings market is expected to witness an exponential growth during the forecast period, due to its fast-curing ability and an ability to withstand extreme weather conditions including high humidity and low temperatures.

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Based on raw material, the polyurea coatings market is segmented into aromatic isocyanate and aliphatic isocyanate. Aromatic isocyanate is the preferred raw material in the market, as it allows formulators to product high-quality polyurea coatings or polyurethanes.

On the basis of type, the polyurea coatings market is segmented into pure and hybrid. The pure polyurea coatings segment is anticipated to register the faster growth in the market in the coming years, owing to the increasing demand of these coatings in the various applications including floor coat, roof coat, bonded area, and various others.

Based on technology, the polyurea coatings market is classified into spraying, pouring, and hand mixing. The spraying technology segment is expected to lead the market during the forecast period, owing to its ease of use as compared to other technologies.

On the basis of application, the polyurea coatings market is categorized into building and construction, transportation, industrial, landscape, and others. Among all these, building and construction category is leading the market in the recent years, owing to the increasing use of these coatings in waterproof tank lining, playground fixtures, pipeline coatings, tunnels, floor covering, sewage pits, truck lining, and various others. Along with that, the transportation category is also anticipated to register the significant share in the market, owing to the increasing demand of these coatings in the industry for railcar linings, truck bed linings, conveyor belt linings, and others.

The major factors driving the polyurea coatings market growth are the increasing demand of these coatings by the end-user industries, wide range of application, and technological advancements. The demand of these coatings are increasing rapidly in end-user industries due to various advantages it offers in terms of properties such as high chemical resistance, high temperature resistance, high tensile strength, good adhesion to many substrates (metal, concrete, plastic), rapid application by spray technology, tack-free within minutes, and others. Along with that, the wide applications of these coatings are also driving the market growth. Some of the applications include waste water basins, molded parts, marine coatings, water reservoir, truck bed liners, boat construction, and various others.

The availability of alternatives or substitutes in the market are expected to hinder the polyurea coatings market growth during the forecast period, for instance, epoxies are available at lower price as compared to these coatings, which is likely to hamper the demand of these coatings in the market.

Polyurea grips a unique position in the coatings industry and also in the polyurethane coatings industry. The new developments for the raw material and application equipment have enlarged the portfolio of applications considerably. The main advantages of these coatings are their reactivity, low temperature curing, water insensitivity, and their unique physical and chemical properties.

Globally, North America is the largest consumer of polyurea coatings market, hence holds the largest share in the overall market. However, during the forecast period, Asia-Pacific is anticipated to register the fastest growth in the market. This can be attributed to the increasing investment in emerging economies and rapid urbanization and industrialization.

Some of the major players operating in the global polyurea coatings market are The Sherwin-Williams Company, VersaFlex Incorporated, PPG Industries, Inc., KUDKO CHEMICAL CO. LTD, Rhino Linings Corporation, Huntsman International LLC., Armorthane, Rust-Oleum, SPI Performance Coatings, and Lse Building Preservation Ltd.

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