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Polyurea Coatings Markets
The global polyurea coatings market is projected to reach $1.2 billion by 2032, growing at a CAGR of 4.8% from 2023 to 2032
WILMINGTON, DELAWARE , UNITED STATES, April 19, 2024 /EINPresswire / -- According to the report, the global polyurea coatings market was valued at $744 million in 2022, and is projected to reach $1.2 billion by 2032, growing at a CAGR of 4.8% from 2023 to 2032. The global polyurea coating market is expected to possess high growth potential in the coming years, due to increase in construction activities and surge in demand for polyurea coatings in various end-use sectors including transportation, automotive, aerospace, and marine. Moreover, increase in use of these coatings in medical facilities drives the market growth. However, the fluctuating price of raw materials and health hazards released from toxic fumes hamper the market growth. On the contrary, technological advancements in the manufacturing of polyurea coatings are expected to provide lucrative opportunities for the expansion of the global polyurea coatings in the coming future.
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Allied Market Research published a report, titled,“Polyurea Coating Market by Raw Material Type (Aliphatic Isocyanate and Aromatic Isocyanate), Polyurea Type (Pure Polyurea Coatings and Hybrid Polyurea Coatings), Technology (Spraying, Pouring, and Hand Mixing), End-use Industry (Construction, Transportation, Industrial, Landscape, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032.”
Players: -
BASF SE
Huntsman International LLC
Pearl Polyurethane
Polycoat Products
PPG Industries, Inc.
Sika AG
SPI Performance Coatings
SWD urethane Co., Ltd.
Teknos Group
The Sherwin-Williams Company
The report provides a detailed analysis of these key players in the global polyurea coating market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
The polyurea coating market is segmented on the basis of raw material type, polyurea type, technology, end-use industry, and region. By raw material type, the market is bifurcated into aliphatic isocyanate and aromatic isocyanate. On the basis of polyurea type, it is categorized into pure polyurea coatings and hybrid polyurea coatings. Depending on technology, the market is divided into spraying, pouring, and hand mixing. On the basis of end-use industry, it is categorized into building and construction, transportation, industrial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
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Impact of the Russia–Ukraine War on the Polyurea Coating Market
Geopolitical conflicts pose multifaceted challenges for the polyurea coatings industry . Disruptions in the raw material supply chain, particularly from conflict-affected regions, may lead to supply shortages and increased costs, impacting the overall manufacturing expenses and pricing of polyurea coatings. The global economy's instability due to geopolitical tensions could decrease consumer confidence and deter investments, potentially resulting in a decline in demand for infrastructure projects key markets for polyurea coatings.
Logistics and shipping delays arising from conflicts may impede timely delivery to end customers, affecting project timelines and construction schedules. As polyurea coatings have strong ties to industries such as construction, automotive, and oil & gas, any slowdown or interruption in these sectors due to geopolitical tensions can further influence the overall demand for coatings. Currency exchange rate fluctuations, a consequence of geopolitical events, may further affect the cost of imported raw materials, impacting the competitiveness of polyurea coatings in the international market.
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The aliphatic isocyanate segment is expected to grow faster throughout the forecast period.
Based on the raw material type, the aliphatic isocyanate segment held the highest market share in 2022, accounting for more than half of the global polyurea coating market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to its outstanding UV stability, weather resistance, and color retention features. These qualities make it well-suited for outdoor applications, delivering durable protection against environmental elements, which is essential for industries like construction, automotive, and infrastructure.
The pure polyurea coatings segment is expected to lead the trial by 2032.
Based on the polyurea type, the pure polyurea coatings segment held the highest market share in 2022, accounting for around half of the global polyurea coating market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the versatility, quick curing, and effortless application of pure polyurea coatings. Their capacity to create a resilient, flexible, and chemical-resistant protective layer on diverse surfaces positions them as the favored option in industries such as construction, manufacturing, and automotive.
However, the hybrid polyurea coatings segment is projected to manifest the highest CAGR of 4.9% from 2023 to 2032. This can be attributed to their unique combination of polyurea and polyurethane properties. This results in enhanced flexibility, abrasion resistance, and prolonged durability, making them increasingly favored for diverse applications, including industrial and commercial coatings.
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The spraying is expected to grow faster throughout the forecast period.
Based on the technology, the spraying segment held the highest market share in 2022, accounting for more than half of the global polyurea coating market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to its efficiency and versatility. This method enables fast and uniform application across diverse surfaces, ensuring seamless protection. The simplicity of spraying supports large-scale projects, making it the preferred option in industries like construction, infrastructure, and manufacturing for its cost-effectiveness and time-saving.
The industrial is expected to grow faster throughout the forecast period.
Based on the end-use industry, the building and construction segment held the highest market share in 2022, accounting for nearly two-fifths of the global polyurea coating market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed due to the outstanding protective attributes of polyurea coatings. These coatings offer crucial features such as durability, chemical resistance, and waterproofing, playing a vital role in applications like roofing, flooring, and infrastructure within the construction industry. Polyurea coatings are relied upon for enduring and dependable protection against environmental factors.
However, the industrial segment is projected to manifest the highest CAGR of 5.1% from 2023 to 2032. Polyurea coatings, renowned for their exceptional resistance to chemicals, abrasion, and corrosion, play a critical role in industrial applications such as pipelines, tanks, and machinery, fueling their growing adoption and expansion in this sector.
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global polyurea coating market revenue, and is expected to rule the roost in terms of revenue throughout the forecast timeframe. This can be attributed by swift industrialization, infrastructure growth, and heightened construction endeavors. Increased demand for protective coatings is fueled by the region's thriving automotive, manufacturing, and construction sectors. Rising awareness of the advantages of polyurea coatings, combined with economic expansion, establishes Asia-Pacific as a significant contributor to the market.
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