The global polyurea coatings market was valued nearly $600 million at the end of 2018, according to a recent report from Future Market Insights. The market is expected to surpass $1.5 billion by the end of 2029, registering a CAGR of over 9%.
On the basis of type, the hybrid polyurea segment is a prominent segment, as it has a lower price range and also various application areas. However, the pure polyurea coatings segment is projected to witness healthy growth during the forecast period. Rising environmental concerns regarding the risks associated with volatile organic compound (VOC)-content coatings, as well as shifting trends toward the adoption of advanced and eco-friendly coating technologies, are expected to drive the demand for polyurea coatings.
Polyurea coatings are primarily used for waterproofing (e.g., roofs, walls, and floors in the building and construction industry) and corrosion-protection purposes (e.g., bridge coatings). Therefore, the growing building and construction industry and increasing infrastructural development, especially in developing nations, are expected to drive the growth of the polyurea coatings market.
Polyurea coatings are also used as pipeline coatings, tank coatings, and also for coating machinery and equipment in various industries such as chemicals, oil and gas, mining, and water supply and treatment. Hence, rapid industrialization across the globe will positively influence the polyurea coatings market. In addition, increasing automotive production will elevate the demand for polyurea coatings, as they are used as anti-scratch and anti-corrosive coatings. Growing urban populations, rising GDP growth in developing countries, and increased consumer spending are expected to indirectly drive the growth of the polyurea coatings market.
Regionally, Europe and North America are prominent markets for polyurea coatings due to the increasing demand for advanced and eco-friendly coatings resulting from stringent environmental regulations pertaining to VOC emissions. Increasing government initiatives for the adoption of advanced coating technologies due to rising environmental awareness in regions such as East Asia and South Asia are also expected to drive the demand for polyurea coatings.
During the latter half of the forecast period, East Asia is expected to surpass Europe in terms of market value. In addition, regions such as Latin America are anticipated to witness substantial growth during the forecast period due to the growth in building and construction activities, as well as automotive production. The markets in regions such Oceania and the Middle East and Africa are expected to experience healthy growth during the forecast period.
Additional details are available at www.futuremarketinsights.com.