Polyurea coatings are advanced polymer coatings that offer exceptional strength, highly flexible, and durable protection against corrosion from various environmental factors such as harsh weather conditions, chemicals, and industrial wear. Polyurea coatings are spray-applied elastomeric material used to protect infrastructure assets like pipes, floors, walls, and tanks from corrosion and chemical attacks. Used in various infrastructure applications such as buildings, bridges, containers, pipes, floors, industrial structures, and tunnels, polyurea coatings forms an impermeable membrane that protects assets from degradation and extends their life. These coatings provide excellent thermal stability and can withstand temperatures upto 200°C. They are 100% solids, fast-setting, zero VOC (volatile organic compounds) emission and offers quick turnaround times for application with minimal surface preparation.
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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the polyurea coatings market size is the development of more environment-friendly and sustainable coating systems. Conventional polyurea coatings emit hazardous volatile organic compounds (VOCs) during curing. However, research activities are focusing on developing low or zero VOC polyurea coatings that cure faster and provide similar or better performance than traditional coatings. Another key trend gaining momentum is the increasing popularity of polyurea for infrastructure maintenance and repair applications. Polyurea forms an impermeablemembrane that protects infrastructure assets from degradation and extends their service life significantly. They can be applied over damaged areas without removing the existing coating, which reduces maintenance cost and downtime. Ongoing infrastructure projects and repair & rehabilitation activities globally are expected to drive the demand for polyurea coatings market during the forecast period.
Threat of new entrants: The polyurea coatings market has moderate threat from new entrants due to high capital requirements for R&D and manufacturing.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated products from manufacturers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of raw material alternatives and fragmented supplier base.
Threat of new substitutes: Threat from substitutes is low as polyurea has superior properties over epoxy and polyurethane coatings.
Competitive rivalry: The market has high competitive rivalry due to presence of multiple international and regional players offering differentiated products.
The global polyurea coatings market is expected to witness high growth over the forecast period. 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 11% over the forecast period 2023 to 2030.
Regional analysis: The North America region is projected to continue dominating the polyurea coatings market during the forecast period. This is attributed to growing transportation and infrastructure investments coupled with stringent environmental regulations regarding VOC emissions in the region. Asia Pacific is expected to witness fastest growth due to rising industrial activities, population, and urbanization in major economies like China and India.
Key players: Key players operating in the polyurea coatings market are GloboForce Ltd, BI Worldwide, SalesForce.Com, Jive Software, Inc., Aurea, Reffind Ltd, Recognize Services, Inc., Kudos, Inc., Vmware, Inc., Achievers Solutions Inc., and Madison. GloboForce Ltd offers comprehensive polyurea coatings and systems for roofing, tank lining, and flooring applications.