7th February 2020 – Global Polyurea
Coating Market Research Report Presents Intellect by Leading
Players, Type, Applications, Distribution Channel, Consumption, Revenue (Mn/Bn
USD) and Region –Forecast to 2024.
The global Polyurea Coating Market size
is expected to value at USD 1.48 billion by 2024. The market is subject to
witness a substantial growth due to their numerous benefits over traditional
coating such as epoxy, fiberglass, and paints. Some of important properties of
polyurea coating include lower setting time, resistance to adverse atmospheric
conditions and high mechanical strength.
In addition, polyurea coating offer
additional advantages such as high standards of corrosion protection,
waterproofing, and chemical & structural enhancement. These factors are
expected to drive the growth of polyurea coating industry over the forecast
period. Globally, the polyurea coating market is predicted to grow at CAGR of
12% in the forecast period, providing numerous opportunities for market players
to invest for research and development in the market.
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Furthermore, polyurea coating tends to
exhibit advanced set of characteristics in spray applications such as higher
mechanical, thermal, and chemical resistance, short curing and setting time.
Higher durability associated with polyurea coating in comparison with its
substitutes is anticipated to foster market growth over the next seven years.
The raw materials required to manufacture polyurea coating include aromatic
isocyanate-based and aliphatic isocyanate-based. Polyurea coating is used along
with technologies such as spraying, pouring and hand mixing.
Increasing demand for intumescent
coating from building & construction industry owing to its numerous
benefits such as higher durability and attractive appearances of the surfaces,
thus driving the growth of polyurea coatings industry in the recent years.
Additionally, polyurea coating also provides protection against harsh weather
and external environmental factors such as ultra-violet radiation, high
temperatures, acid rain, and pollution particles. These factors are predicted
to boost market demand for polyurea coating during the forecast period.
The recent technological advancement and
development of novel products has led to addition of superior properties such
as protection from moisture, corrosion resistance, bacteria and heat
resistance, thus escalating market progress, in the recent years. Growing need
for environmental-friendly and water resistance solutions coupled with
stringent laws and regulation by regional governments across the globe are
expected to boost the market growth of polyurea coating over the forecast
period. Moreover, recent joint ventures, mergers and partnerships among number
of major manufactures and vendors along with local industry players are
anticipated to amplify market value in the upcoming years.
The polyurea coating market is broadly
categorized into three major segments based on the application type such as
building & construction, transportation, and industrial. The building &
construction sector is considered as one of the fastest growing segment in the
polyurea coating industry with substantial revenue generation in the last few
years. Growing popularity of polyurea coating in the building &
construction segment is attributed to the increasing application in
waterproofing duet to their high humidity resistance. The industrial segment
has also witnessed substantial growth owing to the rapid industrialization in
the Asia Pacific region.
The polyurea coatings market is divided
by region as North America, Europe, Asia-Pacific, Latin America and Africa.
North America has shown major growth in recent years owing to the rise in the
implementation of latest technologies in building & construction sector,
increase in the number of research & development activities, and existence
of well-established industrial infrastructure in the region. Asia-Pacific
region is predicted to hold major market share in the polyurea coating with
massive growth in forecast period. Countries such as India, China, Malaysia and
Singapore are leading the Asia-Pacific market with strong economic growth in
the region, rapid industrialization and significant investment by leading
industry players considering potential growth opportunities in the region.
The key players in the polyurea coating
industry are PPG Industries, Inc., The Sherwin-Williams Company, Nukote Coating
Systems, Inc., Versaflex Inc., Specialty Products Inc., Armorthane Inc., Wasser
Co., Rhino Linings Co., Kukdo Chemical Co., Ltd., Lonza Group AG, Albemarle
Co., Huntsman Co., BASF SE, and Covestro, Inc.
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