Polyurea is an organic chemical compound, produced from the reaction of amine terminated polymer with isocyanate. Global polyurea coatings market is anticipated to flourish at a CAGR of 12.7% during the forecast period 2017-2024.
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“Polyurea Coatings Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation”
Polyurea Coatings Market Overview
Polyurea is an organic chemical compound, produced from the reaction of amine terminated polymer with isocyanate. Polyurea looks like a rubber or plastic compound.
Since decades, polyurea has been used for lining and coating purpose. These coatings are flexible, durable and impact & corrosion resistant.
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Polyurea coatings are also used to waterproof the tanks, reservoirs, tunnel and parking garages.
Market Size and Forecast
Global Polyurea Coatings Market is anticipated to flourish at a CAGR of 12.7% during the forecast period 2017-2024. Further, the polyurea market is expected to garner 1.3 Billion by the end of 2024.
Wide scale application of polyurea coatings in construction and industrial sector is driving the growth of the global polyurea market. In the regional platform, North America accounted for more than 36% market share of overall polyurea coatings market.
Reconstruction activities in the region are anticipated to be the dynamic factor behind the growth of polyurea coatings market in the North America region. Stringent environmental rules and regulations are resulting in high adoption for polyurea coatings in production and construction industries.
Europe is projected to witness modest growth rate during the forecast period. This growth can be attributed to the presence of automotive industries in the region.
Asia Pacific is expected to showcase lucrative growth and is likely to make significant contribution to the global polyurea coatings market. Moreover, Asia Pacific polyurea coatings market is projected to grow at highest CAGR during the forecast period.
Rapid development and growth of industries and real estate is expected to fuel the growth of polyurea coatings market in the Asia Pacific region.
On the basis of raw material, global polyurea coating market is segmented into aromatic isocyanate based polyurea coating and aliphatic isocyanate based polyurea coating segment. Aromatic isocyanate based polyurea coating segment accounted for the largest share in overall polyurea coatings market.
However, aliphatic isocyanate based polyurea coating is expected to propel at a higher CAGR than aromatic isocyanate based polyurea coating.
Global polyurea coatings market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, South Korea & Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
Middle East and Africa (GCC, North Africa, South Africa & Rest of Middle East and Africa) Market Size and Y-O-Y Growth Analysis
Growth Drivers & Challenges
Rising adoption of polyurea coatings due to its high strength, long life and waterproof features is expected to drive the growth of the global polyurea coating market. Additionally, increasing application of polyurea coatings in aerospace, automotive, infrastructure and oil & gas industries is predicted to trigger the growth of global polyurea coatings market.
Apart from this, high investment in infrastructure sector in developing regions is envisioned to bolster the growth of global polyurea coatings market.
Rising inclination of the population towards environment friendly products is growing the demand for polyurea coatings. Polyurea coatings are environment friendly as they do not contain volatile organic compounds (VOC’s).
Further, polyurea coatings are available with anti-microbial agents which prevent the product from degrading. These are the some of the factors which are fuelling the demand for polyurea coatings across the globe.
In contrast, high cost of polyurea sprayer and equipment is expected to inhibit the growth of global polyurea market. Further, availability of cheaper alternatives such as expoxies is anticipated to limit the growth of global polyurea market.
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