The global Polyurea Coatings Market is estimated to be valued at US$ 1.32 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polyurea coatings are two-component, fast-setting, hybrid polyurethane/polyurea protective lining used as protective coatings for substrates. They provide high mechanical strength, abrasion and corrosion resistance. They are suitable for infrastructure such as bridges, pipelines etc protecting them from corrosion and crack formation.
Market key trends:
One of the key trends in the polyurea coatings market is its rising adoption for infrastructure applications such as bridges, parking decks, tunnels. Polyurea coatings have very high tensile strength and are highly durable. They protect infrastructure from impact, moisture, chemicals and UV degradation. They provide a seamless and flexible membrane preventing corrosion of substrates. Their rapid curing and high build makes them suitable for quick repairs and recoating of infrastructure. They are increasingly replacing traditional materials for infrastructure coatings due to their superior protective properties.
Segment Analysis
The global polyurea coatings market is segmented into product type and application. Based on product type, the market is classified into pure polyurea and hybrid polyurea. Among these, the hybrid polyurea segment held the largest market share in 2022 due to its excellent weathering resistance, flexibility, and adhesion properties compared to pure polyurea. It is used for protecting substrates from corrosion and degradation caused by harsh weather conditions.
Key Takeaways
The global polyurea coatings market size was valued at US$ 1.32 billion in 2023. It is expected to grow at a CAGR of 10% over the forecast period.
- The market is anticipated to witness high growth owing to the rising demand from the construction industry for protecting infrastructures like bridges, tunnels, parking decks, and stadiums from corrosion, degradation, and deterioration. Polyurea coatings provide excellent chemical and abrasion resistance along with UV stability.
- Asia Pacific dominated the global market in 2023 and is projected to be the fastest-growing regional market during the forecast period. The rising infrastructure development activities and construction industry in China, India, and other developing Asian countries are propelling the demand for polyurea coatings in this region.
- Key players operating in the polyurea coatings market are VersaFlex Incorporated and The Polyurea People (U.S.), The Sherwin-Williams Company (U.S.), PPG Industries, Inc. (U.S.), Rhino Linings Corporation. (U.S.), KUDKO CHEMICAL CO. LTD. (South Korea), Huntsman International LLC. (U.S.), Armorthane (U.S.), Rust-Oleum (U.S.), SPI Performance Coatings (U.K), and Lse Building Preservation Ltd (U.K.). These players are focusing on new product launches and expansion strategies to gain a competitive advantage in the market.
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