ALBANY, New York, Feb. 11, 2020 /PRNewswire/ -- Broad array of protective applications for various substrates, particularly steel and concrete, contribute to thriving prospects in the polyurea coatings market, observes a study by Transparency Market Research (TMR). According to the study, relentless efforts of chemical companies in improving the processability of spray‐coated polyurea are underpinning the growing demands, particularly in automotive end-use industry. All this will propel the polyurea coatings marker to expand at 10.3% CAGR during 2018 – 2026, and surpass a whopping valuation of US$1.82 bn by the period-end. The market was pegged at US$ 0.683 bn in 2017.
"Advances in spray equipment for polyurea materials underlie the key trend behind attractive material properties of polyurea coatings for end-use industries. The need for state-of-the-art technology for applying such coatings is both a challenge and a vast growth avenue for players in the polyurea coatings market, assert analysts at TMR."
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Key Findings of the Market Study
- Hybrid polyurea dominates among the key product types in relation to market growth over the period of 2018 – 2026
- Among the various applications, building and construction attracts a prominent demand for various polyurea coatings
- Among the key technologies used for applying these coatings, machine-based spraying are likely to become the key engine of growth in the polyurea coatings market in coming few years.
Explore 430 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Polyurea Coatings Market (Type - Pure, Hybrid; Technology - Spraying, Pouring, Hand Mixing; Application - Building and Construction, Transportation, Industrial, Landscape; Raw Material - Aromatic based, Aliphatic based) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026 at https://www.transparencymarketresearch.com/polyurea-coatings-market.html
Polyurea Coatings Market: Key Driving Factors
According to scrutiny of the growth dynamics shaping the contours of the polyurea coatings market, over the past few years, polyurea coatings have come out as an effective as well as environmentally friendly choice for several industries and governments to meet infrastructural protection applications. Continuous advances in polyurea formulations have helped opened new markets in recent years. An array of studies have found the use of polyurea coatings in steel plates at underwater explosive loading promising. Further, chemical companies harness the marked environmental friendliness quotient to offer construction companies an avenue to advance the use of green building material. A few factors underlying the growth dynamic are:
- Recent advances in the chemistry of resins hold spray coated polyurea increasingly promising in improving the blast survivability of concrete. This has stirred demands for use in offering protection metal structures and buildings.
- Growing research initiatives in leveraging spray processable polyurea formulations propels new array of coatings in the market.
Polyurea Coatings Market Players
All coatings face some roadblocks in the path of their commercialization, polyurea coatings being no different.
- One key drawback is the high cost of machine-base spraying. Despite the continuing shift of the construction industry to adopt spray processable polyurea formulations, the high cost of equipment is a major challenge.
- Lack of training in the application of polyurea coating has hindered the prospects of the polyurea coatings market, especially in cost-sensitive markets.
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Polyurea Coatings Market: Region-wise Analysis
Applications in both old and new construction have propelled sales of polyurea coatings in key markets. Regions at the forefront are North America and Asia Pacific. The former market has offered considerable revenue generation scope to manufacturers and vendors in the global polyurea coatings market. Meanwhile, Asia Pacific has stirred large opportunities to market players on account of the sizable uptake of polyurea coatings in burgeoning construction activities in several of its economies. Growing demands for this high-strength elastomeric coating for protective applications in steel manufacturing and automobiles will underpin the fresh streams of revenues.
Analyze Polyurea Coatings Market growth in 30+ countries including US, Canada, Germany, United Kingdom, India, China, and Japan. Request a sample of the study.
The evolution landscape in the polyurea coatings market witnesses a marked degree of competition. Top players are capitalizing on recent research findings on ways to improve mechanical properties of the coating substantially. Several players have expanded the portfolio of polyurea coatings that are bereft of any volatile organic compounds (VOC) and help construction end-use industry to comply with various regulations; a case in point is the LEED. Most players in the polyurea coatings market have been relentlessly working to unveil economical formulations that can meet wide spectrum of applications.
The Polyurea Coatings Market segmented on the basis of:
- Hand Mixing
- Building & Construction
- Raw Material
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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