The global polyurea coatings market is likely to register a valuation of USD 902.9 million in 2023. Between 2023 and 2033, a robust CAGR of 9.3% should fuel the acceleration of the market. This should culminate in a market valuation of USD 2,204.6 million in 2033.
Polyurea, a synthetic polymer, is derived from the reaction between a di-amine and a di-isocyanate. The use of polyurea-based coatings is common across a variety of industries such as automotive & transportation, and building & construction. This is due to polyurea’s beneficial characteristics such as
The formulation of polyurea coatings consist of the following elements
In the coming years, sales of hybrid polyurea products should dominate the market. This is due to the fact that hybrid polyurea offers several advantages over pure variants such as
However, pure polyurea sales are likely to continue for applications where temperature and moisture resistance are necessary.
Developing economies should contribute to market expansion. Across these economies, there is an increasing need for protecting equipment, machine parts, and infrastructural investments. Car parking lots, offshore structures, bridges, rooftop coatings, and containment liners are examples of applications where polyurea coatings play important roles.
North America is a key market that accounts for a prominent share in the global polyurea coatings market. The market in South Asia is expected to register a significant CAGR in the coming years and provide lucrative opportunities.
From a regional perspective, East Asia is anticipated to hold a significant share from 2023 to 2033. In recent years, environmental regulations have become more stringent in regions such as North America and Europe. Also, countries such as China are adopting such regulations pertaining to VOC emissions, owing to which, there is rising demand for eco-friendly polyuria coatings.
According to Future Market Insights (FMI) estimates, global polyurea coatings sales are likely to increase rapidly between 2023 and 2033. This should generate an absolute growth opportunity of USD 1,301.7 million.
| Attribute | Key Insights |
|---|---|
| Estimated Polyurea Coatings Market Value (2023) | USD 902.9 million |
| Projected Market Value (2033) | USD 2,204.6 million |
| Value-based CAGR (2023 to 2033) | ~9.3% |
| Top Players Share in 2022 | ~59.2% |
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Between 2018 and 2022, a healthy 7.6% CAGR accelerated the market. In 2022, the value of the global market reached around USD 823.9 million.
Compared to the 9.3% CAGR likely for the market in the years ahead, the 7.6% CAGR recorded across recent years is reflective of a slight lull in acceleration. This was primarily owing to the COVID-19 pandemic, which had a crippling effect on the global economy along with various industrial activities.
However, now that the global economy is recovering, industrial activities are on the rise once more. This should work in favor of polyurea coatings companies and provide lucrative opportunities in the future.
Demand should be particularly substantial from rapidly-developing economies such as India and China. Across these nations, industrial expansion is happening at a breakneck pace. Both public and private players across these countries are fueling diverse building & construction projects.
All in all, it’s safe to say that the ongoing industrial activities across developing economies should accelerate the market for polyurea coatings. In the near future, however, FMI expects consumers to be cautious owing to economic uncertainties.
| Market Statistics | Details |
|---|---|
| January to June (H1), 2021 (A) | 9.10% |
| July to December (H2), 2021 (A) | 9.40% |
| January to June (H1),2022 Projected (P) | 9.20% |
| January to June (H1),2022 Outlook (O) | 9.40% |
| July to December (H2), 2022 Outlook (O) | 9.60% |
| July to December (H2), 2022 Projected (P) | 9.80% |
| January to June (H1), 2023 Projected (P) | 9.40% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (+) 20 ↑ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (+) 30 ↑ |
| BPS Change: H2, 2022 (O) - H2, 2022 (P) | (+) 20 ↑ |
| BPS Change: H2, 2022 (O) - H2, 2021 (A) | (+) 40 ↑ |
The above graphic demonstrates market movements caused by several global economic issues. Rising population and increasing building and construction activities, together with strong industrial expansion, are expected to drive considerable growth in the market. Prominent developing economies have shown excellent economic development potential, owing predominantly to increased urbanization and strong demand from the automobile and food and beverage industries. During the next decade, the leading end-use sectors will account for more than 70% of absolute growth.
Principal Consultant
Rising Environmental Concerns and Significant Application Costs to Shape Polyurea Coatings Demand
Environmental consciousness has resulted in a revolution in coating technology. Water-borne, high-solid, and powder coatings are gaining popularity in a variety of sectors. Coating technology advancements have also resulted in the creation of spray, injection, and roto-cast application equipment that enhances the performance of polyurea coatings.
Polyurea coatings have shown to be a successful and cost-effective solution for a variety of applications in a wide range of end-use industries, while also meeting environmental requirements. Polyurea coatings are extremely reactive and cure fast.
The application of polyurea coatings on damp surfaces may result in poor surface adherence. As a result, the surface requires appropriate drying time before applying a polyurea coating.
Also, the cost of applying polyurea coatings is significantly greater due to the expense of spraying equipment. Handling such machinery necessitates the use of professional laborers and technicians. The challenges listed above may impede the acceleration of the market for polyurea coatings.
Hybrid Polyurea’s Advantages Compared to Pure Variants to Fuel Sales in the Coming Years
According to FMI, the hybrid polyurea segment should lead in terms of sales from 2023 to 2033. Hybrid polyurea coatings are known for being environment-friendly due to the lack of volatile organic components (VOCs). They also feature waterproofing material along with two-component coating.
Here is a brief glimpse at the various advantages of hybrid polyurea coatings
These advantages are likely to result in substantial hybrid polyurea coatings sales. However, players exclusively dealing in pure polyurea can rest assured that their sales will not be significantly affected. After all, there are certain applications for which only pure polyurea is suitable.
Building & Construction Segment to Generate Significant Polyurea Coatings Demand in an Era of Rising Infrastructure Projects
Polyurea coatings are ideal for corrosion prevention and waterproofing applications. In the coming years, FMI expects the building & construction industry to lead the market in terms of demand generation.
All over the world, the building & construction industry is advancing as infrastructure projects soar. As a result, the building & construction segment is likely to lead polyurea coatings demand. However, it is not the only segment that should generate significant demand for polyurea coatings.
FMI also expects the automotive, mining, oil & gas, chemicals, and water treatment sectors to contribute to market acceleration. Players in the market for polyurea coatings should focus on diversifying products to increase sales to multiple industries.
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| Country | United States |
|---|---|
| Market Share (2023) | 28.7% |
| Market Share (2033) | 28.1% |
| BPS Analysis | -60 |
| Country | China |
|---|---|
| Market Share (2023) | 12.8% |
| Market Share (2033) | 14.1% |
| BPS Analysis | +130 |
| Country | Germany |
|---|---|
| Market Share (2023) | 4.5% |
| Market Share (2033) | 4.0% |
| BPS Analysis | -60 |
| Country | Japan |
|---|---|
| Market Share (2023) | 5.3% |
| Market Share (2033) | 5.2% |
| BPS Analysis | -10 |
| Country | India |
|---|---|
| Market Share (2023) | 4.1% |
| Market Share (2033) | 5.0% |
| BPS Analysis | +80 |
Europe, North America, East Asia, South Asia, and Latin America to Drive Acceleration for the Market for Polyurea Coatings
Future Market Insights (FMI) forecasts North America and Europe as significant markets where polyurea coatings sales are likely to thrive. This forecast is owing to rising demand for eco-friendly and sophisticated coatings as a result of rigorous VOC emission laws.
Growing government attempts to embrace sophisticated coating technologies as a result of increased environmental consciousness in places such as South Asia and East Asia are likely to fuel polyurea coatings demand across these regions. The South Asia market is expected to expand at an impressive 11% CAGR. East Asia is predicted to outperform Europe on the basis of market valuation between 2023 and 2033.
Due to an increase in building & construction activities along with automobile manufacturing, areas such as South America are expected to see significant development from 2023 to 2033. Markets in areas such as the Middle East and Africa and Oceania are also predicted to rise strongly in the coming years.
The market for polyurea coatings is fiercely competitive. FMI expects the competition to gather further momentum between 2023 and 2033 due to the opportunities that are likely to emerge. In the recent past, players have been firmly focused on launching new products. Prominent acquisitions have also facilitated the expansion of prominent names.
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| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 902.9 million |
| Projected Market Size (2033) | USD 2,204.6 million |
| Anticipated Growth Rate (2023 to 2033) | 9.3% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Europe; Latin America; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Covered | The United States, Canada, Mexico, Brazil, Germany, France, Italy, Spain, BENELUX, Russia, The United Kingdom, China, Japan, South Korea, India, Philippines, Thailand, Malaysia, Australia and New Zealand, Gulf Co-operation Council Countries, Türkiye, South Africa |
| Key Segments Covered | Type, Isocyanate Type, Application, Region |
| Key Companies Profiled | BASF SE; Huntsman Corporation; Teknos Groups; DuPont de Nemours, Inc.; Versaflex Incorporated; Sherwin Williams Company; Pidilite Industries Ltd.; Covestro AG; PPG Industry Inc.; Rhino Linings Corporation |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities, and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market is valued at USD 902.9 million in 2023.
The market rose at a 7.6% CAGR from 2018 to 2022.
The market will reach USD 2,204.6 million by 2033.
The market CAGR until 2033 is 9.3%.
Building & construction applications will generate substantial demand.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Parent Market Analysis - Global Elastomeric Coating Market 6. Global Polyurea Coating Market Consumption (Tons) Analysis 7. Pricing Analysis 8. Global Polyurea Coating Market Consumption (Market Size USD million) Analysis 9. Market Context 10. Global Polyurea Coating Market Analysis By Type 10.1. Pure Polyurea 10.2. Hybrid Polyurea 11. Global Polyurea Coating Market Analysis By Isocyanate Type 11.1. Aromatic 11.2. Aliphatic 12. Global Polyurea Coating Market Analysis By Application 12.1. Building & Construction 12.1.1. Roof 12.1.2. Wall 12.1.3. Floor 12.1.4. Bridges 12.1.5. Others 12.2. Industrial 12.2.1. Pipes 12.2.2. Containment Tanks 12.2.3. Equipment & Machinery 12.3. Automotive & Transportation 12.4. Others 13. Global Polyurea Coating Market Analysis By Region 13.1. North America 13.2. Europe 13.3. Middle East and Africa 13.4. East Asia 13.5. South Asia 13.6. Oceania 13.7. Latin America 14. North America Polyurea Coating Market Analysis 15. Latin America Polyurea Coating Market Analysis 16. Europe Polyurea Coating Market Analysis 17. South Asia Polyurea Coating Market Analysis 18. East Asia Polyurea Coating Market Analysis 19. Oceania Polyurea Coating Market Analysis 20. Middle East and Africa Polyurea Coating Market Analysis 21. Emerging Countries Analysis 22. Competition Analysis 22.1. BASF SE 22.2. Sherwin-Williams Company 22.3. PPG Industries Inc. 22.4. Teknos Group 22.5. Huntsman Corporation 22.6. Covestro AG 22.7. DowDuPont Inc. 22.8. Pidilite Industries Ltd. 22.9. Versaflex Inc. 22.10. Rhino Linings Corporation 22.11. Nukote Coating Systems 22.12. Marvel Industrial Coatings LLC 23. Assumption & Acronyms 24. Research Methodology
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Polyurea Coatings Market
