Polyurea Coatings Market Analysis, Future Opportunity, Current Challenges, Geographical Regions and Industry Forecast to 2030

In 2021, the polyurea coatings market valued at $995.2 million, and it is projected to reach $2,553.5 million by 2030, growing at a CAGR of 11.0% from 2021 to 2030. It is attributed to the growing awareness of environmental problems. Polyurea technology holds a significant share of the coatings industry, attributed to the high research and development investments. Under the end-user segment, the construction and transportation industries dominate the market. The surge in polyurea coatings demand in the defense sector propels the market.

The aromatic isocyanates are the higher polyurea coatings market revenue generator under the raw material segment, amounting to 69.7% of the revenue. Aromatic isocyanates are comprised of amine hydroxyl groups that react to generate polyurea coatings. The aromatic isocyanates are used as basecoat. Aromatic isocyanates are highly utilized in the automotive industry, leading to market proliferation. The weather conditions of North America and Europe led to an increased usage of aromatic polyurea coatings.

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The growing concern for the safety of medical institutions will create opportunities for polyurea coating manufacturers. Polyurea is highly utilized for waterproofing hospital floors and other infrastructure. The requirement for extensive flooring or long pavements in several medical buildings drives the market, resulting in increased demand for polyurea coatings. The construction of residential and public structures leads to market growth. There is a great potential for intelligent coating technologies to expand in the market, attributed to corrosion resistivity.

The automotive and transportation industry holds the largest polyurea coatings market share, ofthe 25.7%. The application of the polyurea coatings on the automobiles' exteriors, such as trucks and two-wheelers, is driving the market, attributed to high resistivity from external physical and thermal pressure. Polyurea coatings are popular in Germany, Japan and China. The German automobile industry, which has household names such as Volkswagen, Mercedes, Opel, and BMW, contributes almost 20% of the industrial output of the country in terms of the value.

The second-largest share in India's economy is occupied by the construction industry, resulting in polyurea coatings market expansion. Government initiatives such as Pradhan Mantri Awas Yojana are the construction industry's key driver. The rise in investments made by the Indian government in infrastructure to cater to the growing population's needs is attributed to polyurea coatings in the infrastructure market. Similarly, the key players in the automotive industry are established in Japan, such as high in Honda, Nissan, Mazda, Kawasaki, Toyota and Nissan, leading to the proliferation of the market.

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The truck manufacturers highly utilize spray-on protective coatings due to the enhanced look and long-term protection, resulting in proliferation of polyurea coatings market. It is gaining popularity due to its properties, such as resistivity to corrosion, abrasion, and UV rays. The appealing look of the substrates and equipment safety offered by the polyurea coatings drive the market. Polyurea coatings are utilized on vehicle chassis as an alternative primer and as a topcoat on the vehicle's body. The polyurea coatings market is expected to grow, attributed to the rising traction of heavy-duty vehicles on the road.

Therefore, the expansion of the construction industry led by increase in infrastructure development activities is driving the market.

Top Key Players Polyurea Coatings Market are:

PPG Industries Inc.
The Sherwin-Williams Company
Nukote Coating Systems
Armorthane Inc.
Wasser Corporation
Rhino Linings Corporation
Kukdo Chemical Co. Ltd.
Pidilite Industries Ltd.
Teknos Group

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