The global polyurea coatings market was valued nearly US $600 million in terms of value at the end of 2018 and is expected to surpass US $1,500 million by the end of the forecast period, registering a CAGR of more than nine percent.
The global polyurea coatings market is segmented on the basis its type into pure polyurea and hybrid polyurea. On the basis of type, the hybrid polyurea segment is a prominent segment in the global polyurea coatings market, as it has a lower price range and also various application areas.
However, the pure polyurea coatings segment is projected to witness healthy growth during the forecast period. Rising environmental concerns towards the risks associated with VOC content coatings, and shifting trend towards the adoption of advanced as well as eco-friendly coating technologies to drive the demand for polyurea coatings.
Polyurea coatings are primarily used for waterproofing and corrosion-protection purposes. Polyurea coatings are used for the waterproofing of roofs, walls, and floors in the building and construction industry. Polyurea coatings are also used as bridge coatings for corrosion protection as well as waterproofing. Therefore, the growing building and construction industry and increasing infrastructural development, especially in developing nations, are expected to drive the growth of the polyurea coatings market.
Polyurea coatings are used as pipeline coatings, tank coatings, and also for coating machinery and equipment in various industries such as chemicals, oil and gas, mining, water supply and treatment, etc. Hence, rapid industrialization across the globe will positively influence the polyurea coatings market. Increasing environmental awareness pertaining to VOC emissions will act as the prime driving factor for the polyurea coatings market. Growing automotive production will elevate the demand for polyurea coatings, as they are used as anti-scratch and anti-corrosive coatings. Growing urban population, rising GDP growth of developing countries, and increased consumer spending is expected to indirectly drive the growth of the polyurea coatings market.
Polyurea coatings cure quickly and are highly reactive. The application of polyurea coatings on wet surfaces may cause poor adhesion on the surface. Thus, the surface requires an adequate amount of drying time before the application of a polyurea coating. Moreover, the cost of application of polyurea coatings is much higher, owing to the cost of the spraying equipment. The handling of such equipment requires skilled laborers and technicians. The aforementioned factors might hamper the growth of the polyurea coatings market.
From a regional perspective, Europe and North America are prominent markets for polyurea coatings, due to the increasing demand for advanced and eco-friendly coatings because of stringent environmental regulations pertaining to VOC emissions. Increasing government initiatives for the adoption of advanced coating technologies due to rising environmental awareness in regions such as East Asia and South Asia are expected to drive the demand for polyurea coatings in South Asia and East Asia. South Asia is estimated to grow at a CAGR of more than 11 percent.
During the latter half of the forecast period, East Asia is expected to surpass Europe in terms of market value. Also, regions such as Latin America are anticipated to witness substantial growth during the forecast period, due to the growth in building and construction activities and automotive production. Also, the markets in regions such as Oceania and the Middle East and Africa are expected to experience healthy growth during the forecast period.