Polyurea Coatings Market Anticipated to Grow $2.0 Billion by 2027
MarketsandMarkets Research has released a report titled Polyurea Coatings Market by Raw Material Type, Polyurea Type (Pure and Hybrid), Technology (Spraying, Pouring, Hand Mixing) and End-Use (Building & Construction, Transportation, Industrial, Landscape) - Global Forecast to 2027. According to the report, the market’s size was USD 1.2 billion in 2021 and is projected to grow at a CAGR of 10.3% during the forecast period to reach USD 2.0 billion by 2027.
Polyurea coating technology continues to develop and it is expected to substitute the existing coating technologies, such as epoxy and polyurethane. Before polyurea coatings were introduced, polyurethane coatings used to deliver high cure rates when accumulated with catalysts. They were used in a number of industrial and commercial applications but were sensitive to moisture. Polyurea coatings, due to their superior properties, provide high-quality coating and gloss and are more consistent than other coating technologies.
Based on raw material type, the acrylic segment is projected to be the largest resin type during the forecast period. Aromatic isocyanate-based polyurea has good physical properties with high-performance features along with abrasion and corrosion resistance for coating applications in the marine (boat hulls, docks, and others), construction (wall & floor coatings and others), industrial (machinery, containment, and others), and other industries.
Based on end-use, the building & construction segment is estimated to account for the largest share of the market during the forecast period. The growth of the infrastructure sector and the development of the building & construction industry in the Asia Pacific region are expected to boost the polyurea coatings market in the region. China and India are likely to generate a positive impact on the market in the building & construction end-use industry.
Asia Pacific is the fastest-growing market for polyurea coatings mainly due to the high economic growth, and heavy investment in industries such as automotive, marine, building & construction, and manufacturing. Kukdo Chemicals (South Korea), Asia Polyurethane (Singapore), and other leading global players are adopting various strategies to increase their market share in the region’s polyurea coatings market.
Major players operating in the global polyurea coatings market include PPG Industries Inc. (US) and Sherwin-Williams Company (US).
To learn more about the Polyurea Coatings Market Report visit: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=152676861Looking for a reprint of this article?
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