The polyurea coatings market is estimated to be USD 684.3 Million in 2017 and is projected to reach USD 1,266.5 Million by 2022, at a CAGR of 13.10% between 2017 and 2022.
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The report "Polyurea Coatings Market by Type (Pure and Hybrid), Technology (Spraying, Pouring, and Hand Mixing), Application (Building & Construction, Transportation, Industrial, and Landscape), Raw Material, and Region - Global Forecast to 2022",
Browse 88 Market Data Tables and 34 Figures spread through 123 Pages and in-depth TOC on "Polyurea Coatings Market by Type (Pure and Hybrid), Technology (Spraying, Pouring, and Hand Mixing), Application (Building & Construction, Transportation, Industrial, and Landscape), Raw Material, and Region - Global Forecast to 2022"
This growth is mainly attributed to the increasing applicability of polyurea coatings in the construction and transportation sectors. In addition, the high demand for polyurea coatings from the industrial sector in developed countries is further anticipated to propel the growth of the polyurea coatings market.
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Improved global economic conditions are attracting polyurea coating manufacturers to invest in this market.
Based on application, the building & construction segment is projected to lead the polyurea coatings market during the forecast period
The building & construction segment was the largest application segment of the polyurea coatings market in 2016. Improvement in infrastructure and development of the building & construction industry in the Asia-Pacific region are factors anticipated to drive the growth of the polyurea coatings market.
The transportation industry is one of the potential markets for polyurea coatings, as these coatings are widely utilized in truck bed linings, railcar linings, and conveyor belt linings.
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Based on type, the hybrid polyurea segment is projected to lead the polyurea coatings market during the forecast period
The hybrid polyurea segment is projected to be the largest type segment of the polyurea coatings market. Hybrid polyurea coatings are moisture and temperature sensitive due to the amount of catalysts used in their formation.
These coatings have an exceptional abrasion resistance and excellent adhesion to metal and concrete body or structure. Hybrid polyurea coatings are cheaper as compared with pure polyurea coatings and are utilized in building & construction and industrial applications.
North America was the largest market for polyurea coatings in 2016, whereas the polyurea coatings market in the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period
North America was the largest polyurea coatings market in 2016. Growing population and increasing demand for polyurea coatings from applications, such as building & construction and transportation, are expected to fuel the growth of the North America polyurea coatings market.
Asia-Pacific is an emerging market for polyurea coatings both, in terms of value and volume. The growing demand for polyurea coatings from end-use industries and increasing foreign investments due to cheap labor and accessible raw materials in the Asia-Pacific region are factors anticipated to drive the growth of the polyurea coatings market.
The performance features of polyurea coatings such as high curing rate, applicability at varying temperatures, moisture resistance, excellent abrasion resistance, impermeability of membranes, and high thickness build-up are further anticipated to drive the growth of the polyurea coatings market. In addition, rise in cash-intensive non-residential construction activities is projected to drive the demand for polyurea coatings in the Asia-Pacific region.
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Key companies operational in the polyurea coatings market include VersaFlex Inc. (U.S.), PPG Industries, Inc. (U.S.), Sherwin-Williams Company (U.S.), Rhino Linings Corporation (U.S.), Kukdo Chemical Co., Ltd.
(South Korea), Nukote Coating Systems (U.S.), VIP GmbH (Germany), and Specialty Products, Inc. (U.S.), among other players.
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