CHICAGO, May 6, 2020 /PRNewswire/ -- According to the new market research report "Polyurea Coatings Market by Type (Pure And Hybrid), Technology (Spraying, Pouring and Hand Mixing), End-Use Industry (Building & Construction, Transportation, Industrial, and Landscape), by Raw Material, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Polyurea Coatings Market size is projected to grow from USD 885 million in 2020 to USD 1,481 million by 2025, at a CAGR of 10.8% during the forecast period.
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The primary factor driving the polyurea coatings market includes the increase in demand from end-use industries such as building & construction, transportation, industrial, and landscape. Polyurea coatings have wide acceptability as they are environment-friendly and compliant with norms related to VOCs. Polyurea coatings are durable and formulated to offer resistance to humidity, fast curing time, smooth surface finish, chemical and abrasion resistance, excellent adhesion, and other mechanical & physical properties required in various applications across industries.
Hybrid polyurea is estimated to grow at the highest CAGR during the forecast period
Hybrid polyurea coatings are produced through two different chemical processes. They are produced through the chemical reaction of isocyanates, amine-terminated resins, and a hydroxyl functionality cross-linker or chain extender. Additionally, they are also produced through the chemical reaction of isocyanates, hydroxyl functional resins, and an amine-functional cross-linker or chain extender.
Hybrid polyurea coatings are moisture and temperature-sensitive due to the catalyst used in their formation. They have excellent abrasion resistance and adhesion to metal and concrete body or structure. Polyurea hybrid coatings are cheaper than pure polyurea coatings and are typically used in the building & construction, industrial, and other applications.
Pouring technology is expected to grow at the highest CAGR during the forecast period
Pouring (used for many floors and roof coatings) is an emerging technology for polyurea coatings. Two components: isocyanates and resin blend are poured with the help of a pouring gun. The pouring gun helps in the accurate mixing of ingredients that are mixed with a static mixer. The increasing residential and home remodeling/reconstruction/ renovation activities in the building & construction end-use industry are expected to drive the polyurea coatings market in this segment.
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The landscape segment is estimated to be the emerging end-use industry in the polyurea coatings market during the forecast period
The demand for polyurea coatings across the landscape industry has increased significantly in the recent past. The applications include aquariums, pools, water parks, theme parks, reservoirs, facades, and bathtub & cabins, among others. Polyurea coatings protect against moisture damage and resistance to chemicals, abrasion, and corrosion to landscape structures. These coatings are expected to replace paint and fiberglass due to their beneficial properties, such as fast cure and the ability to reduce maintenance cycles.
APAC is estimated to be the largest as well as the fastest-growing polyurea coatings market
APAC is expected to account for the largest share of the polyurea coatings industry during the forecast period. The building & construction, transportation, industrial, and landscape are the key industries for polyurea coatings manufacturers as these industries are expected to witness significant growth. Also, demand from various sectors in developing countries such as Japan, India, China, South Korea, Vietnam, Taiwan, and Singapore is contributing to the growth of the APAC polyurea coatings market. China is the largest consumer of polyurea coatings in the region and continues to drive global demand.
Major vendors in the polyurea coatings industry include PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Nukote Coating Systems (US), VersaFlex Incorporated (US), Armorthane Inc. (US), Wasser Corporation (US), Rhino Linings Corporation (US), Kukdo Chemical Co., Ltd. (South Korea), Voelkel Industrial Products GmBH (Germany) and Teknos (Finland).
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