The global polyurea coatings market is expected to witness a CAGR of 11.1% during the forecast period. The factors boosting the growth of the polyurea coatings are the emerging applications in various end-use industries such as building & construction, transportation, industrial, and landscape. Polyurea coating has wider suitability as they are durable, ease-of-use, environment-friendly, and compliant with standards related to VOCs. This is due to the increased demand for consumer products and technological and infrastructural advancements. Manufacturers of polyurea coatings are investing in product development and making expansions in product portfolios to satisfy the increasing consumer demand.
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The COVID-19 pandemic has shown a negative impact on the polyurea coatings market as more than 65% of companies in the construction ecosystem are severely impacted by the prolonged construction inactivity, thus unfavorable conditions hinder the market growth of the polyurea market globally.
PPG announced that it has reached a definitive agreement to acquire VersaFlex, a manufacturer specializing in polyurea, epoxy, and polyurethane coatings for water and wastewater infrastructure, flooring, transportation infrastructure, and industrial applications. VersaFlex is a portfolio company of DalFort Capital Partners.
The building & construction end-use industry is anticipated to project the largest share of the polyurea coatings market.
Polyurea coatings are widely used in the building & construction industry owing to their use in various applications such as bridge construction, commercial architecture, floor & roof coating, caulks, joint fill, parking decks, structural bonds, and concrete repair. Polyurea coatings are used to bridge cracks, improve tensile and compressive strength, be waterproof, provide corrosion resistance, chemical resistance, and improve other mechanical properties of the structure.
“APAC is anticipated to be the largest as well as the fastest-growing polyurea coatings market.”
APAC is anticipated to be the fastest-growing economy in the polyurea coatings market owing to its high economic growth and significant investment in industries such as automotive, marine, building & construction, and manufacturing. The major players in North America and Europe are planning to move their manufacturing base to the Asia-Pacific region because of its ability to provide cheap raw materials, low production costs, and better service to local emerging markets. Furthermore, due to the increase in the disposable income of the middle-class population, the demand for high-quality products in the Asia-Pacific region continues to increase. This has led to an increase in the demand for polyurea coatings in the Asia-Pacific market.
Some of the major players operating in the global polyurea coatings market are The Sherwin-Williams Company, VersaFlex Incorporated, PPG Industries, Inc., KUDKO CHEMICAL CO. LTD, Rhino Linings Corporation, Huntsman International LLC., Armorthane, Rust-Oleum, SPI Performance Coatings, and Lse Building Preservation Ltd.