Key Market Overview:
Polyurea coating market size was worth over USD 1.15 Billion in 2022 and is estimated to reach over USD 2.50 Billion by 2030, growing at a CAGR of 10.2% during the forecast period (2022-2030).
Polyurea coatings are high-performance protective coatings made from a mixture of isocyanates and polyols. The coatings provide excellent resistance to abrasion and chemical resistance, along with rapid cure time, and superior flexibility which makes such coatings ideal for a wide range of industrial and commercial applications. Such coatings are widely used as protective coatings for concrete surfaces, tanks, pipes, and other structures in industries such as automotive, construction, and maritime (water transport).
Polyurea coatings are also used as a cost-effective solution for protecting assets due to properties such as durability and long-lasting performance despite harsh environmental conditions and heavy usage. Further, the coatings also witness increased demand among manufacturers due to versatile applications in a range of industrial and commercial applications. Polyurea coatings also offer superior performance and durability as compared to conventional coatings which allow manufacturers to charge premium prices and achieve higher profit margins.
Also, several market players opt for providing polyurea coatings due to ease of production and sustainable alternative to existing coatings. Such coatings involve a simple manufacturing process which helps in reducing production costs and increasing profitability for manufacturers. Thus, the manufacturers have the ability to offer unique solutions and differentiate themselves in the market by using saved resources for customizations as per product requirements.
Polyurea Coating Market Report Coverage:
|Market Size in 2030 (USD Billion)
|By Raw Material
|Aliphatic Diisocyanates and Aromatic Diisocyanates
|Pure and Hybrid
|Spray coatings, Hand Mixing, Pouring
|Roofs, Pipelines, Secondary Containment (Frac Tanks, Trailers With Primary Storage Tanks, Chemical And Gasoline Tanks, Steel Holding Tanks, Water Tanks, Landfill Linings), Industrial Machines, Transportation Vehicles, Floors, Concrete Structures (Walls, Yard Decks, Parking Lots), Steel Structures, Bridges, Offshore (Boat Landings In Offshore Wind Turbine Foundations, Spillway Gates In Hydropower Stations), and Others
|Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Argentina, Columbia, Chile, Peru]
|Rhino Linings Corporation, BASF SE, PPG Industries Inc., Sherwin-Williams Company, The Euclid Chemical Company, Lord Corporation, AkzoNobel N.V., Alberdingk Boley GmbH, Wacker Chemie AG, Covestro AG, Sika AG, Huntsman Corporation, The Valspar Corporation, Kansai Paint Co. Ltd., Axalta Coating Systems, Hempel A/S, Jotun A/S, Gaco Western
The growing demand from the construction and infrastructure industries acts as a key driver for market growth. The increasing investment in infrastructure projects, especially in emerging economies such as India, Japan, and South Korea, is creating new opportunities for the use of polyurea coatings. Further, the rising demand for high-performance coatings within various end-use industries also fuels market growth as polyurea coatings are suitable for several applications due to durability, flexibility, and fast curing time. Moreover, the rising demand for eco-friendly and sustainable coatings such as polyurea coatings, silicone coatings, and others due to their low VOC emissions and durability also boosts the polyurea coating market statistics during the forecast period. Also, government initiatives and regulations for promoting the usage of protective coatings also drive the market demand, especially in industries such as automotive, marine, and industrial flooring.
The high costs of raw materials used in polyurea coatings and expensive costs of equipment investments mainly hamper the market growth during the forecast period. Further, the risks of contamination during management of such volatile chemical restricts the wide usage of polyurea coatings within several industries.
The COVID-19 pandemic had a significant impact on the specialty polymers market. The pandemic resulted in a global economic slowdown which led to a decrease in demand for specialty polymers in various industries, including automotive, construction, and packaging. Such a decrease in demand was further worsened by supply chain disruptions, which affected the availability and price of raw materials used to produce specialty polymers. Several countries implemented lockdowns to curb the spread of the virus which resulted in temporary shutdowns of specialty polymer production facilities. The combination of reduced demand, supply chain disruptions, and production shutdowns has had a significant impact on the specialty polymers industry, leading to a challenging operating environment for industry participants. However, the pandemic resulted in a shift in demand toward essential products such as medical equipment, personal protective equipment (PPE), and food packaging. Such a shift in demand led to an increase in demand for specific specialty polymers used in these applications.
Polyurea Coating Market Segmentation:
By Raw Material
Based on raw materials, the market is bifurcated into aliphatic diisocyanates and aromatic diisocyanates. The aliphatic diisocyanates segment is anticipated to grow with the fastest CAGR growth during the forecast period. Polyurea coatings derived from aliphatic diisocyanates offer high UV stability and are less susceptible to degradation and oxidation. Thus, such coatings are mainly used for exterior coatings which remain under constant sunlight exposure and are prone to color changes in terms of darkening and chalking. Further, the aromatic diisocyanates segment is also anticipated to support the market growth in terms of volume. Polyurea coatings derived from aromatic diisocyanates are mainly preferred as a base coat during any application process due to high sensitivity to ultraviolet (UV) light and low molecular weight.
The type segment is bifurcated into pure and hybrid. The pure type segment is anticipated to contribute the largest shares to the market growth during the forecast period. Pure polyurea coatings offer fast application, have a rapid cure time, and provide excellent resistance to abrasion, physical impact, and UV radiation. Thus, such pure coatings are widely used as protective coatings for concrete surfaces, tanks, pipelines, and truck beds, as well as for coating floors in food processing plants, industrial facilities, and garages. Moreover, the hybrid segment is also estimated to support market growth in terms of value and volume. Hybrid polyurea coatings are typically used in flooring and decking, secondary containment systems, and as protective coatings for concrete surfaces, steel structures, and pipeline systems. Polyurea coatings offer improved flexibility, abrasion resistance, and chemical resistance as compared to pure polyurea coatings. Such hybrid formulation also allows for better adhesion to substrates that offers a wide range of industrial and commercial applications.
The technology segment is divided into spray coatings, hand mixing, and pouring. The spraying technology is projected to account for the largest polyurea coating market share during the forecast period. Spray technology is mainly preferred to protect wooden, concrete, and steel structures and surfaces from corrosion and abrasion damage by the uniform application of the coating. Further, the application of coatings with this technology is completed at a rapid pace, which leads to favorable adoption in terms of several applications such as roof and road maintenance. Also, pouring technology segment is also projected to support the market growth in terms of volume. Such technology is used due to compact design and capacity to offer high-speed adjustments. Thus, multiple sectors use this technology to meet the requirement of indexed and continuous molding lines in dedicated applications.
The application segment is categorized into roofs, pipelines, secondary containment, industrial machines, transportation vehicles, floors, concrete structures, steel structures, bridges, offshore, and others. The concrete structures segment is anticipated to contribute the largest shares to the market growth during the forecast period. Various consumers opt for polyurea coatings in terms of waterproofing carriageway perimeter strips and concrete bridge decks. Thus, the increased usage of such coatings to reduce the build-ups including asphalt and concrete substrate supports the segment growth. Further, the pipeline segment is also anticipated to support the market growth in terms of substantial shares. Polyurea coatings, especially aromatic polyurea coatings, are mainly used in pipelines to offer resistance to corrosion, chemical, UV light, and weathering. Thus, the increased demand for polyurea coatings to restore pipeline rollers and interior tank linings for extension of their lifespan results in increased segment growth.
The regional segment comprises Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. Asia-Pacific is expected to account for the largest polyurea coating market share during the forecast period. The growing expenditures on automotive, building & construction, and manufacturing sectors in this region mainly support the market growth during the forecast period. The adoption of polyurea as a protective layer as compared to polyurethane insulation foam in several applications such as roof coatings, flat roof repair, bridges, exterior panels of automotive, and others are factors that boost market demand in mentioned sectors.
Moreover, North America is also projected to support the market growth with the fastest CAGR growth during the forecast period. Rising technological developments including innovations in terms of application techniques and equipment along with material science resulted in increased market statistics in the North American region.
Polyurea Coating Market Competitive Landscape:
The polyurea coating market is highly competitive with a large number of established players and new entrants. The market also has several small and medium-sized players who focus on niche segments and regional markets. These companies compete on factors such as product quality, innovation, price, and customer service. The entry barriers for new players are high due to the need for significant capital investment and technical expertise. However, the market is expected to continue to be competitive in the future, with companies focusing on product differentiation and expanding their product portfolios. Following are industry players currently functioning in the market circumstances–
• Rhino Linings Corporation
• BASF SE
• PPG Industries Inc.
• Sherwin-Williams Company
• The Euclid Chemical Company
• Lord Corporation
• AkzoNobel N.V.
• Alberdingk Boley GmbH
• Wacker Chemie AG
• Covestro AG
• Sika AG
• Huntsman Corporation
• The Valspar Corporation
• Kansai Paint Co. Ltd.
• Axalta Coating Systems
• Hempel A/S
• Jotun A/S
• Gaco Western
• In October 2020, PPG introduced a two-part polyurea coating system called the PPG SANISHIELD 3000/5000. This product is designed for walls and ceilings in industrial settings that require quick installation and convenient maintenance, particularly in food and beverage facilities.
• In November 2021, a UK-based firm named Fosroc launched Polyurea WH 100, offering a range of advantages for various roof waterproofing needs. Its manual application process simplifies installation, especially on flat roofs where intricate details can be challenging and spray equipment may not be accessible.
• In December 2021, Teknos, a Finland-based conglomerate, introduced a cost-effective solution for waterproofing called TEKNOPUR 400. The product is a two-component elastomeric coating based on modified polyurea technology that aids in enhancing the durability of the roof and concrete surfaces.