Polyurea Coatings Market Overview
- Growing consumer awareness regarding utilization of superior quality waterproofing coating in residential buildings is expected to propel growth over the forecast period.
- Increasing requirements for improving performance, durability, and ease-of-use of products are the key factors contributing to the growth of the polyurea coatings market.
- Asia Pacific dominated the polyurea coatings market.
Polyurea Coatings Market Segment Analysis - By Raw Material
Polyurea Coatings Market Segment Analysis - By Type
Pure polyurea segment held a significant share in polyurea coatings market in 2019. Pure polyurea is derived from the chemical reaction of isocyanates and amine-terminated resins. Pure polyurea plays a vital role in determining the properties of the final coated surface. It has zero VOC content and is used widely due to its excellent performance properties, such as fast curing time, long pot life, outstanding chemical resistance, and moisture resistance. The pure polyurea coatings market is highly dependent on the growth of the end-use industries. The main applications of pure polyurea include roof coat, floor coat, and bonded area, among others.
Hybrid polyurea coatings are produced through two different chemical processes. They are produced through the chemical reaction of isocyanates, amine-terminated resins, and a hydroxyl functionality cross-linker or chain extender. Additionally, they are also produced through the chemical reaction of isocyanates, hydroxyl functional resins, and an amine-functional cross-linker or chain extender. Hybrid polyurea coatings are moisture and temperature-sensitive due to the catalyst used in their formation. They have excellent abrasion resistance and adhesion to metal and concrete body or structure. Polyurea hybrid coatings are cheaper than pure polyurea coatings and are typically used in the building & construction, industrial, and other applications.
Polyurea Coatings Market Segment Analysis - By Technology
Pouring segment held a significant share in polyurea coatings market in 2019. Pouring (used for many floors and roof coatings) is an emerging technology for polyurea coatings. Two components: isocyanates and resin blend are poured with the help of a pouring gun. The pouring gun helps in the accurate mixing of ingredients that are mixed with a static mixer. The increasing residential and home remodeling/reconstruction/ renovation activities in the building & construction end-use industry are expected to drive the polyurea coatings market in this segment.
The spraying technology segment holds the maximum percentage of the polyurea coatings market. In this technology, the two components—isocyanates and resin blend, are pumped through storage drums/barrels into the spraying machine. With the help of this machine, the two components are brought to the required processing parameters at the accurate mix ratio of 1:1. This mixture is then sprayed onto the surface. Spraying is the most widely used coating technology as it can be applied quickly and accurately on to the surface.
Polyurea Coatings Market Segment Analysis - By End User Industry
Building & Construction segment held a significant share in polyurea coatings market in 2019 growing at a CAGR of 10.97% during the forecast period. Polyurea coatings are used in a variety of substrates such as concrete, metals, and wood across a range of temperature and humidity environments, and are ideal for use in many waterproofing, corrosion control, immersion, and lining applications. These coatings are exclusively used for residential and commercial applications which are expected to have a positive impact on demand over the next eight years. High humidity resistance of the product increases its application scope in roofing, membranes, containment liners, decks, car parking, bridges, and offshores, thereby augmenting demand.
The prevailing pandemic situation has led to weakened demand for paints and coatings in Automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries.
Polyurea Coatings Market Segment Analysis - Geography
Polyurea Coatings Market Drivers
Growing use in end user industries
Polyurea coatings are primarily used for waterproofing and corrosion-protection purposes. Polyurea coatings are used for the waterproofing of roofs, walls, and floors in the building and construction industry. Polyurea coatings are also used as bridge coatings for corrosion protection as well as waterproofing. 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.
The demand for polyurea coatings across the landscape industry has increased significantly in the recent past. The applications include aquariums, pools, water parks, theme parks, reservoirs, facades, and bathtub & cabins, among others. Polyurea coatings protect against moisture damage and resistance to chemicals, abrasion, and corrosion to landscape structures. These coatings are expected to replace paint and fiberglass due to their beneficial properties, such as fast cure and the ability to reduce maintenance cycles.
Polyurea Coatings Market Challenges
- In February 2019, PPG invested USD 10 million in a new 82,000-square-feet facility and Class A paint line at its South Carolina coatings services facility. This initiative was taken to meet the increasing demand for Class A coatings from automotive and large truck markets.
- In October 2017, PPG acquired The Crown Group, a US-based coatings application service provider, from Charter Oak Capital Partners and High Road Capital Partners. The Crown Group caters to customers in the automotive, agriculture, construction, heavy truck, and alternative energy industries, which are the key areas of interest for PPG. This acquisition has helped PPG enhance its services to OEM customers.
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