“Global Polyurea Coatings Market to reach a market value of USD 2 Billion by 2030 growing at a CAGR of 7.8%”
The Global Polyurea Coatings Market size is expected to reach $2 billion by 2030, rising at a market growth of 7.8% CAGR during the forecast period. In the year 2022, the market attained a volume of 3,523.45 Hundred Tonnes experiencing a growth of 5.6% (2019-2022).
The unprecedented surge in construction and infrastructure development on a global scale has generated a need for high-performance coatings capable of withstanding the rigors of a variety of environments. Consequently, the building and construction segment would acquire nearly 40% market share by 2030. Also, Russia would utilize 104.51 hundred tonnes of Polyurea Coatings by 2030. in the realm of construction, the longevity and durability of coatings are paramount considerations. These coatings protect critical structures such as bridges, pipelines, and commercial buildings. Their robust formulation protects against environmental stressors, including weather, chemicals, and mechanical wear.
These coatings are recognized for their low VOC (volatile organic compound) content, a crucial factor in reducing air pollution and minimizing adverse effects on air quality. In addition, these coatings can be formulated with eco-friendly materials, further enhancing their sustainability profile. Thus, owing to these factors, there will be increased demand for these coatings in the coming years. Additionally, the market is characterized by a dynamic landscape fueled by continuous technological advancements. Additionally, one of the primary objectives of ongoing R&D efforts is to enhance the performance characteristics of these coatings. Hence, these factors can boost the growth of the market.
However, these coatings demand the use of specialized equipment for proper application. A high-pressure plural-component spray equipment is typically necessary to attain the intended coating thickness and quality. Moreover, successful polyurea application relies on advanced techniques and methodologies. Thus, these factors can hamper the growth of the market.
Based on end user, the market is divided into building & construction, transportation, industrial, and others. In 2022, the transportation segment witnessed an 18% revenue share in the market. In terms of Volume, the transportation segment acquired 639.30 hundred tonnes of volume in 2022. The transport sector often faces challenges related to wear and tear due to frequent movement and exposure to harsh environments. These coatings provide a robust barrier against abrasion, extending the lifespan of transport equipment.
On the basis of polyurea type, the market is divided into pure and hybrid. In 2022, the hybrid segment witnessed a 33% revenue share in the market. Adding certain components in hybrid formulations may enhance UV resistance, making these coatings suitable for outdoor applications. Hybrid coatings allow for customization of properties, catering to specific requirements in different industries and applications. Hence, these factors can help in the expansion of the segment.
Based on raw material type, the market is segmented into aliphatic isocyanate and aromatic isocyanate. In 2022, the aromatic isocyanate segment garnered a 24% revenue share in the market. In terms of volume, the aromatic isocyanate segment registered 925.94 Hundred Tonnes. Aromatic isocyanates are often used to formulate these coatings due to their cost-effectiveness and versatility. These coatings are often used in indoor applications or areas where prolonged exposure to sunlight is not a significant factor. Hence, these factors can assist in the growth of the segment.
On the basis of technology, the market is divided into spraying, pouring, and hand mixing. In 2022, the pouring segment witnessed a 20% revenue share in the market. In terms of volume, the pouring segment registered a volume of 831.34 Hundred Tonnes in 2022. Pouring allows for more precise application, making it suitable for certain projects or surfaces where spraying may be challenging. Some projects may require a thicker coating for enhanced protection, and pouring allows for better control over the thickness of the application. Therefore, these factors can help in the expansion of the segment.
Free Valuable Insights: Global Polyurea Coatings Market size to reach USD 2 Billion by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific segment acquired the largest revenue share in the market. The rapid industrialization and economic growth in the Asia Pacific region, particularly in countries like China and India, have led to increased construction activities, infrastructure development, and manufacturing. This has, in turn, boosted the demand for durable and high-performance coatings like polyurea. Therefore, these aspects will pose lucrative growth prospects for the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1 Billion |
| Market size forecast in 2030 | USD 2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 7.8% from 2023 to 2030 |
| Revenue Growth Rate | Volume in Hundred Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 256 |
| Number of Tables | 850 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Raw Material, Polyurea Type, Technology, End User, Region |
| Country scope |
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| Companies Included | Pearl Polyurethane Systems LLCl, American Polymers Corp.(Polycoat Products), Teknos Group Oy, PPG Industries, Inc., Rhino Linings Corporation, BASF SE, Huntsman Corporation, Covestro AG, Sika AG and Sherwin Williams Company |
By End User (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Polyurea Type (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Raw Material (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Technology (Volume, Hundred Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Hundred Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $2 billion by 2030.
Rising awareness of environmental benefits and sustainability are driving the Market in coming years, however, High initial investment and application cost restraints the growth of the Market.
Pearl Polyurethane Systems LLCl, American Polymers Corp.(Polycoat Products), Teknos Group Oy, PPG Industries, Inc., Rhino Linings Corporation, BASF SE, Huntsman Corporation, Covestro AG, Sika AG and Sherwin Williams Company
In the year 2022, the market attained a volume of 3,523.45 Hundred Tonnes experiencing a growth of 5.6% (2019-2022).
The Building & Construction segment is generating the highest revenue in the Market by End User in 2022; there by, achieving a market value of $844.6 Million by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $802.9 Million by 2030.
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