PUNE, India – A report released by market research firm MarketsandMarkets estimates the value of the polyurea coatings market was $531.1 million in 2015 and is projected to reach $971.5 million by 2020, growing at a CAGR of 12.84 percent between 2015 and 2020.
Polyurea is one of the significant developments in the coatings industry. The key advantages of polyurea coatings are high abrasive resistance, excellent resistance against corrosion and chemicals, moisture resistance, fast curing time, and other physical and mechanical properties. It is also an eco-friendly and high-performance product.
The drivers identified for the polyurea coatings market include the expected replacement of these coatings for other coating technologies and high growth in end-use markets that include the building and construction, transportation, industrial, and landscape industries. Countries, such as the United States, China and Germany are key markets for polyurea coatings. The market in countries in the Middle East and Africa is also growing. In developed countries, such as the United States, Germany, Japan and Italy, the market is growing at a moderate rate compared to Asia-Pacific and RoW countries. One restraint to market growth is the high cost of polyurea technology compared to polyurethane and epoxy coating technology.
According to the report, Asia-Pacific is the second-largest market for polyurea coating, both in terms of volume and value, followed by Europe and RoW. The key players in this market are Versaflex Inc., PPG Industries, Sherwin-Williams Co., Rhino Linings, Kukdo Chemicals, Nukote Coating Systems, Specialty Products Inc., Wasser Corp, and VIP GmbH, among others.
For additional information about the report, Polyurea Coating Market by Raw Material, Polyurea Type, Technology, Application (Building & Construction, Transportation, Industrial, & Landscape), and by Region, (North America, Europe, Asia-Pacific, & RoW) - Global Forecast to 2020, visit http://www.marketsandmarkets.com/Market-Reports/polyurea-coatings-market-152676861.html.