Polyurea Coatings Market Growth Is Attributed To The Increased Application Of Pure Polyurea Coatings

According to Precision Business Insights (PBI), latest report polyurea coatings market was valued at USD 1,283.7 million in 2022, growing at a 10.2% CAGR during the forecast period 2023 to 2029. The increased understanding of the value of protective coatings to increase asset longevity, lower maintenance costs, and avoid harm are expected to drive the polyurea coatings market. COVID-19 impacted the market positively in the case of industrial applications owing to increased concern, and the ability to maintain a clean and sanitary facility to significantly lower risks. With their inherently antibacterial properties, polyurea coatings have been proven to prevent contamination from a wide range of external and internal sources. Moreover, increased infrastructure development, technological advancement, increased public awareness of sustainability, increased government policies, increased key competitors, and urbanization are anticipated to propel the market growth.

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The polyurea coatings market is segmented based on
Based on the raw material, the market is segmented into the following:
• Aliphatic
• Aromatic

Based on the polyurea type, the market is segmented into the following:
• Pure
• Hybrid

Based on the technology type, the market is segmented into the following:
• Spraying
• Pouring
• Hand Mixing

Based on the end-user industry, the market is segmented into the following:
• Building & Construction
• Transportation
• Industrial
• Landscape

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Pure Polyurea Coatings Dominates the Polyurea Coatings Market
The growing demand from the building and construction sector is driving the demand for pure solutions. Pure polyurea simply outperforms substitutes in terms of their physical characteristics, including greater tensile and tear strengths, impact and corrosion resistance, stronger adhesion, maximum wear resistance, and greater elongation. It is more reliable, tougher, and stronger. Over the next several years, demand for the category is anticipated to be driven by the rising demand for the product as a base coat on a variety of substrates, including metal and wood. Additionally, the expanding demand for environmentally friendly items is probably going to support market expansion.

North America Leads Polyurea Coatings Market
The polyurea coatings market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for a significant share of the polyurea coatings market. The market is expected to grow at 11.3% CAGR over the forecast years owing to the United States and Canada expanding building & and construction projects in the commercial and residential sectors. Additionally, actions implemented by governments to promote coatings that are eco-friendly, low in volatile organic compounds (VOCs), and have minimal environmental impact is expected to fuel the demand for Polyurea market. Additionally, the renovation initiatives being carried out all throughout the United States are probably going to benefit revenue growth. Asia Pacific region is also anticipated to grow in the forecast period owing to rapid economic growth and large investments made by the public and private sectors in a variety of industries, including maritime, automotive, manufacturing, and building and construction.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The polyurea coatings market further reveals that the key players increasingly adopting strategies such as the launch of newer products, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In July 2020, Nukote Coating Systems acquired Intuitive Coatings with full integration of the Ionyx product line into Nukote Premera product lines. The Ionyx product line will be manufactured along with other Nukote products and will continue as a premium Premera brand. In November 2021, Fosroc, a UK-based construction chemicals manufacturing company launched Polyurea WH 100, a product that gives many benefits to a wide range of roof waterproofing applications using polyurea technology. In February 2021, PPG Industries, a US-based paint and coating manufacturing company, acquired VersaFlex Incorporated for an undisclosed amount. This acquisition helps PPG fulfil its objective of expanding its industry-leading technology portfolio and customer touchpoints.

Key player's profiles in the polyurea coatings market report are BASF SE, Huntsman Corporation, Bayer AG, PPG Industries, Dow Chemical, Specialty Products, Inc., Versa Flex, Inc., SWD Urethane, Alberts Spray Solutions, LLC, W.R. Grace & Co., LINE-X Protective, Coatings, and Nukote Coating Systems International

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