Polyurea Coatings Market Outlook 2020-2025: Trends & Developments Amid the COVID-19 Pandemic - ResearchAndMarkets.com
The "Polyurea Coatings Market by Type (Pure And Hybrid), Technology (Spraying, Pouring and Hand Mixing), End-Use Industry (Building & Construction, Transportation, Industrial, and Landscape), by Raw Material, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global polyurea coatings market size is expected to grow from USD 885 million in 2020 to USD 1,481 million by 2025, at a CAGR of 10.8% between 2020 and 2025. The rising demand for polyurea coatings across various end-use industries, such as building & construction, transportation, industrial, and landscape, is expected to drive the growth of the polyurea coatings industry.
Market players offering different product grades and the shift in consumer preference toward high-quality products are also driving factors for the market. Increasing environmental concerns and growing regulatory policies have propelled manufacturers of polyurea coatings to focus on the development of eco-friendly products. However, the restraining factor for the market is the higher cost of polyurea coatings than the other coating technologies.
Based on raw material, the aromatic isocyanate segment is expected to lead the polyurea coatings market during the forecast period.
Based on raw material, the aromatic isocyanate segment accounted for the largest share of the polyurea coatings industry in 2019, in terms of both volume and value. The aromatic isocyanate-based polyurea coatings segment is highly dependent on the growth of its end-use industries, including transportation, building & construction, marine, and industrial.
Aromatic isocyanate-based polyurea has excellent physical properties with high-performance features along with abrasion and corrosion resistance for coating applications in the marine (boat hulls, docks, and others), construction (wall & floor coatings and others), industrial (machinery, containment, and others), and other industries. Aromatic polyurea coatings are not color stable when exposed to UV light due to the aromatic content.
Based on type, the hybrid segment is expected to lead the polyurea coatings market during the forecast period.
The hybrid polyurea segment is projected to lead the polyurea coatings industry during the forecast period, in terms of volume. 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. Hybrid polyurea coatings are cheaper than pure polyurea coatings and are typically used in the building & construction, industrial, and other applications.
Based on technology, the spraying segment is expected to lead the polyurea coatings market during the forecast period.
The spraying technology segment is projected to lead the polyurea coatings industry during the forecast period, in terms of both volume and value. 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. The spraying segment is projected to exhibit high growth in the future due to the increasing demand from various applications and an expected replacement of polyurethane, epoxy, and other coatings with polyurea coatings.
Based on the end-use industry, the building & construction segment is expected to lead the polyurea coatings market during the forecast period.
The building & construction industry is projected to lead the polyurea coatings industry during the forecast period, in terms of both volume and value. Increasing construction activities across the world are expected to boost the growth of the building & construction industry. The governments of Colombia, Argentina, Bolivia, Peru, Chile, and Uruguay are making substantial investments in the construction industry. This factor is expected to help in polyurea coatings market growth in the building & construction industry.
The polyurea coatings industry in the APAC region is projected to witness the highest CAGR during the forecast period.
APAC is the fastest-growing market for polyurea coatings. The economic growth of emerging countries, such as China, India, Taiwan, Indonesia, Vietnam, and Malaysia, is projected to drive the demand for polyurea coatings in the APAC region. China is expected to lead the polyurea coatings market in the APAC region. Factors such as the availability of cheap labor & raw materials, low taxes, and less stringent environmental regulations are driving the growth of the polyurea coatings industry in China.
The polyurea coatings market comprises major solution providers, such as PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Nukote Coating Systems (US), VersaFlex Incorporated (US), Armorthane Inc. (US), Wasser Corporation (US), Rhino Linings Corporation (US), Kukdo Chemical Co., Ltd. (South Korea), Voelkel Industrial Products GmBH (Germany) and Teknos (Finland). The study includes an in-depth competitive analysis of these key players in the polyurea coatings industry, with their company profiles, recent developments, and key market strategies.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Polyurea Coatings Market
4.2 Polyurea Coatings Market, by Raw Material
4.3 Polyurea Coatings Market, Developed vs. Developing Countries
4.4 APAC Polyurea Coatings Market, by Polyurea Type and End-Use Industry
4.5 Polyurea Coatings Market, by Key Countries
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Polyurea Coatings Replacing Other Competitive Coating Systems
5.2.1.2 Technological Advancements Related to Processes and Techniques Involved in Manufacturing
5.2.1.3 Growing Use in Different End-Use Industries
5.2.2 Restraints
5.2.2.1 Costlier Than Competitive Coating Technologies
5.2.3 Opportunities
5.2.3.1 Advancements in Coating Technologies and Emerging Applications
5.2.3.2 Growing Opportunities in APAC
5.2.4 Challenges
5.2.4.1 Toxic Raw Materials
5.2.4.2 Existing Coating Technologies
5.3 Porter's Five Forces Analysis
5.3.1 Intensity of Competitive Rivalry
5.3.2 Bargaining Power of Buyers
5.3.3 Bargaining Power of Suppliers
5.3.4 Threat of Substitutes
5.3.5 Threat of New Entrants
5.4 Raw Material Analysis
5.4.1 Isocyanates
5.4.2 Resin Blend
5.5 Value Chain Overview
5.5.1 Value Chain Analysis
5.5.2 Disruption in Value Chain Due to Covid-19
5.5.2.1 Action Plan Against Such Vulnerability
5.6 Macroeconomic Indicators
5.6.1 Introduction
5.6.2 Trends and Forecast of GDP
5.6.2.1 Covid-19 Impact on the Global Economy
5.6.3 Trends and Forecast in the Construction Industry
5.6.3.1 Covid-19 Impact on the Construction Industry
6 Polyurea Coatings Market, by Raw Material
6.1 Introduction
6.1.1 Aromatic Isocyanate
6.1.1.1 Transportation, Building & Construction, Marine, and Industrial Sectors to Influence the Market
6.1.2 Aliphatic Isocyanate
6.1.2.1 Growth of Industries Such as Building & Construction and Transportation Expected to Increase the Demand
7 Polyurea Coatings Market, by Polyurea Type
7.1 Introduction
7.1.1 Pure Polyurea
7.1.1.1 New Product Development to Boost the Demand
7.1.2 Hybrid Polyurea
7.1.2.1 Growth of the Infrastructure Sector in APAC to Propel the Market
8 Polyurea Coatings Market, by Technology
8.1 Introduction
8.1.1 Spraying
8.1.1.1 Most Widely Used Polyurea Coating Technology Backed by Growing Applications
8.1.2 Pouring
8.1.2.1 Increasing Stringent Environmental Regulations for Zero or Non-Voc Coatings to Boost the Demand
8.1.3 Hand Mixing
8.1.3.1 Used in Decorative Flooring and Industrial Flooring Applications
9 Polyurea Coatings Market, by End-Use Industry
9.1 Introduction
9.1.1 Building & Construction
9.1.1.1 Increased Per Capita Income in Emerging Economies to Be the Market Driver
9.1.2 Transportation
9.1.2.1 Increasing Demand for Refrigerated Food Trucks to Boost the Market
9.1.3 Industrial
9.1.3.1 Population Growth and Improved Standard of Living to Be the Major Factors Driving the Market
9.1.4 Landscape
9.1.4.1 Rising Construction of Theme Parks, Artificial Landscape, and Water Parks & Playgrounds to Increase the Demand for Polyurea Coatings
10 Polyurea Coatings Market, by Region
10.1 Introduction
10.2 North America
10.2.1 US
10.2.1.1 Increase in Housing Investments and Growing Exports to Emerging Markets Driving the Market
10.2.2 Canada
10.2.2.1 Increasing Construction Activities, Developed Transportation Sector, and Investments in R&D to Boost the Market
10.2.3 Mexico
10.2.3.1 Changing Monetary and Fiscal Policies to Support Market Growth
10.3 APAC
10.3.1 China
10.3.1.1 Market Driven by Foreign Investments and Availability of Cheap Labor and Raw Materials
10.3.2 India
10.3.2.1 Increasing Disposable Income and Urbanization Contributing to the Demand for Polyurea Coatings
10.3.3 Japan
10.3.3.1 Presence of a Well-Established Building & Construction Industry to Boost the Market
10.3.4 South Korea
10.3.4.1 Government's Sustenance to Promote Advanced Technology and Manufacturing Activities Supporting the Market Growth
10.3.5 Malaysia
10.3.5.1 a Sharp Increase in the Number of Construction Activities to Boost Demand
10.3.6 Indonesia
10.3.6.1 Increasing Domestic Consumption and Fdis to Help in the Market Growth
10.3.7 Taiwan
10.3.7.1 Increasing Government Expenditure and Continued Investments in Environmentally Sustainable and Energy-Efficient Assets to Promote Market Growth
10.3.8 Rest of APAC
10.4 Europe
10.4.1 Germany
10.4.1.1 Market Growth Backed by the Presence of a Large Number of Polyurea Coating Manufacturers
10.4.2 Benelux
10.4.2.1 Rising Exports and Increasing Investments in the Energy and Transport Infrastructure to Fuel the Market
10.4.3 UK
10.4.3.1 Expanding Construction Industry to Drive the Market
10.4.4 France
10.4.4.1 Government's Renovation & Residential Construction Policies to Be the Growth Drivers
10.4.5 Spain
10.4.5.1 Increasing Construction Activities and Automotive Production to Propel the Market
10.4.6 Italy
10.4.6.1 Rapidly Expanding Construction Industry to Boost the Market
10.4.7 Russia
10.4.7.1 Government Initiatives for Expanding the Country's Infrastructure to Boost the Market
10.4.8 Rest of Europe
10.5 Middle East & Africa
10.5.1 Saudi Arabia
10.5.1.1 Positive Performance of the Construction Industry to Boost the Market
10.5.2 UAE
10.5.2.1 Ongoing Roadway, Airport, and Port (Upgrade) Projects Contributing to the Demand
10.5.3 South Africa
10.5.3.1 Rising Construction Stadiums and Roads Helping in the Market Growth
10.5.4 Rest of Middle East & Africa
10.6 South America
10.6.1 Brazil
10.6.1.1 Growth of the Energy and Oil & Gas Industries Promoting the Demand for Polyurea Coatings
10.6.2 Argentina
10.6.2.1 High Demand for Polyurea Coatings in the Construction and Automotive Industries
10.6.3 Colombia
10.6.3.1 Steady Growth of the Middle-Class Population Increasing the Demand for Automobiles and Polyurea Coatings
10.6.4 Rest of South America
11 Competitive Landscape
11.1 Overview
11.2 Market Ranking
11.3 Competitive Leadership Mapping, 2019
11.3.1 Visionary Leaders
11.3.2 Innovators
11.3.3 Dynamic Differentiators
11.3.4 Emerging Companies
11.4 Strength of Product Portfolio
11.5 Business Strategy Excellence
11.6 Competitive Scenario
11.6.1 Merger & Acquisition
11.6.2 Investment & Expansion
12 Company Profiles
12.1 PPG Industries, Inc.
12.1.1 Business Overview
12.1.2 Products Offered
12.1.3 Recent Developments
12.1.4 SWOT Analysis
12.1.5 Right to Win
12.2 The Sherwin-Williams Company
12.3 Nukote Coating Systems
12.4 Versaflex Incorporated
12.5 Armorthane Inc.
12.6 Wasser Corporation
12.7 Rhino Linings Corporation
12.8 Kukdo Chemical Co. Ltd.
12.9 Voelkel Industrial Products GmbH (VIP)
12.10 Teknos
12.11 Other Companies
12.11.1 Polycoat Products LLC
12.11.2 Technopol
12.11.3 Satyen Polymers Pvt. Ltd.
12.11.4 Prokol International
12.11.5 Cipy Polyurethanes Pvt. Ltd.
12.11.6 Ultimate Linings
12.11.7 Zhuhai Feiyang Novel Materials Co. Ltd.
12.11.8 Chemline Inc.
12.11.9 Duraamen Engineered Products Inc.
12.11.10 Krypton Chemical
12.11.11 Elastothane Ltd.
12.11.12 Isomat S.A.
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