Polyurea is a waterproofing material that is often used in industrial and commercial settings to protect surfaces from water damage. It is applied as a liquid coating, which then quickly cures to form a durable, waterproof barrier. This can be used for waterproofing roofs, foundations, decks, and other surfaces.
In 2022, North America held the largest share of the global polyurea coatings market. The North America polyurea coatings market, by country, is segmented into US, Canada, and Mexico. The construction industry contributes a major part to the GDP of the region. The industry supports the growth of the economy by assisting the supply chain, which creates several business opportunities and services. The construction sector of the North America is a crucial industry as it significantly employs millions of people in the region. Rapid growth in construction activities in North America increases the demand for polyurea coatings.
Before the onset of COVID-19 pandemic, the polyurea coatings market was mainly driven by their increasing use in residential and nonresidential construction activities. However, the emergence of the pandemic hampered the growth of the chemicals & materials sector, thus hindering the growth of the polyurea coatings market. The implementation of measures to combat the spread of SARS-CoV-2 negatively impacted the growth of various industries. Builders experienced delays and increased costs for imported raw materials and off-site building materials due to the long-term shutdown of many factories. The damage caused by the impacts of the pandemic on the building & construction industry hampered the demand for polyurea coatings.
The global marketplace is recovering from the losses caused due to the COVID-19 pandemic, as governments of different countries have announced relaxation in the restrictions. Manufacturers are permitted to operate at full capacity, which helps them overcome the supply–demand gap. This is expected to create a positive impact on the polyurea coatings market growth in the coming years.
The demand for polyurea coatings has been increasing with the rise in construction activities. With the rising population and growing real estate industry, the need for polyurea coatings has also increased. Polyurea is a waterproofing material that is often used in industrial and commercial settings to protect surfaces from water damage. It is applied as a liquid coating, which then quickly cures to form a durable, waterproof barrier. This can be used for waterproofing roofs, foundations, decks, and other surfaces.
Rapid construction activities has increased the need for polyurea coatings of various materials and shapes. Increasing government expenditure and investment to improve domestic infrastructure and sustain economic growth and rising demand for these coatings in the construction industry, especially in developing countries, are a few major factors driving the polyurea coatings market growth.
Based on type, the global polyurea coatings market is bifurcated into pure polyurea and hybrid polyurea. A pure polyurea coating is obtained from the reaction product of a polyisocyanate component and an amine-terminated resin blend. Pure polyurea is a combination of isocyanate and polyamine. This molecular structure is entirely insensitive to moisture. Pure polyurea does not react with water making it the best waterproofing material. Pure polyurea coating is a kind of urethane typically used for exterior or industrial applications such as outdoor furniture, signposts, and building facades. Compared to traditional systems such as epoxy paints, pure polyurea coating provides lower maintenance costs and higher durability.
BASF SE; PPG Industries, Inc; Sika AG; Fosroc, Inc; The Sherwin – Williams Company; VIP Coatings International Gmbh; Nukote Coating Systems International; Huntsman International LLC; Rhino Linings Corporation; and Teknos Group are among the key players operating in the global polyurea coatings market. Players operating in the market focus on providing high-quality products to fulfill customer demand. They are also adopting strategies such as research and development investments, new product launches, and expanding production capacities.
The regional trends and factors influencing the Polyurea Coatings Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Polyurea Coatings Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 681.10 Million |
| Market Size by 2028 | US$ 1,173.44 Million |
| Global CAGR (2022 - 2028) | 9.5% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Raw Material
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Polyurea Coatings Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Polyurea Coatings Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Based on raw material, the market is bifurcated into aliphatic polyurea and aromatic polyurea. Based on type, the global polyurea coatings market is bifurcated into pure polyurea and hybrid polyurea. Based on technology, the market is segmented into spraying, pouring, and hand mixing. Based on application, the global polyurea coatings market is segmented into building and construction, transportation, industrial application, and others.
The List of Companies - Polyurea Coatings Market
The increase in building and construction activities, and the superiority of polyurea coatings over epoxy coatings are some of the key driving factors for the polyurea coatings market.
Based on application, industrial application is the fastest-growing segment. In industrial sectors such as steel structures, concrete walls, or outdoor furniture, pure polyurea’s are often combined with other materials to create a hybrid coating that can be applied in roadway construction and bridge decks. Thus, wide range of applications is driving the segment’s growth.
North America polyurea coatings market is expected to surge due to the growing product penetration in residential construction for flooring and roofing applications. Furthermore, the rising building and construction activities in the corporate and residential sectors are surging the demand for polyurea coatings in the region. Therefore, North America accounts for the largest share of the global polyurea coatings market.
The advancement in infrastructure activities in the emerging economies, is expected to provide lucrative growth opportunities to the global polyurea coatings market during the forecast period.
Hybrid polyurea coatings are a type of coating that can be applied to concrete surfaces. They come with many benefits, like being resistant to abrasion, corrosion, and chemical attack. Therefore, this factor is expected to boost the hybrid polyurea segment, leading to largest revenue share.
The major players operating in the global polyurea coatings market are BASF SE; PPG Industries Inc; Sika AG; The Sherwin-Williams Co; Huntsman International LLC; amongst others.