According to the new market research report “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″, The global polyurea coatings market size is projected to grow from USD 885 million in 2020 to USD 1,481 million by 2025, at a CAGR of 10.8% during the forecast period.
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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.
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.
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The global polyurea coatings market size is projected to grow from USD 885 million in 2020 to USD 1,481 million by 2025, at a CAGR of 10.8% during the forecast period. Increased demand for polyurea coatings in the building & construction, transportation, industrial, and landscape end-use segments, the emergence of new applications, and the growth of the industries mentioned above in India, China, Brazil, South East Asia, and Mexico are expected to contribute to the growth of the market in the near future.
Polyurea coating is an innovative technology with no-VOC content. It is used in roof coatings, sealing facades or foundations, coating floor slabs & parking decks, truck cargo beds, bed linings, steel and concrete coatings in bridge, tank & pipeline engineering, waterproofing of pools & ponds, and amusement park & zoo, among others. Emerging applications of polyurea coatings in different end-use industries with the advancement of the coating technology are expected to drive the polyurea coatings market during the forecast period. Polyurea coatings have zero VOC-content, longer pot life, and faster curing ability. They can be used in extreme conditions (under high humidity and/or at low temperatures). Polyurea coating products might not completely replace other systems but have tremendous potential to emerge as a significant segment of the high growth niche coating markets.
The key players of the polyurea coatings market include 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). Mergers & acquisitions, investments & expansions, and R&D have been the major strategies adopted by the key players between 2017 and 2020, which helped them broaden their customer base.
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In line with the rising demand for polyurea coatings, PPG offers a broad spectrum of products, including coatings, optical & specialty materials, and glass products. The company operates two business segments: performance coatings and industrial coatings. The company also provides industrial and automotive coatings to manufacturing companies, adhesives & sealants to the automotive industry, metal pretreatments & related chemicals for industrial and automotive applications, and packaging coatings to aerosol, food, and beverage container manufacturers. PPG Industries also offers architectural coatings that are used by painting and maintenance contractors and by other consumers to decorate and maintain residential & commercial building structures. Polyurea coatings are included under the industrial coatings segment and are used in automotive applications, such as consumer truck beds and commercial truck bodies & cabs. These coatings are marketed under the DuraBull and DragonHide brand names. In 2019, the company 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. This will boost the growth of the company and, also, its coatings business, globally.
The second most active company in the polyurea coatings market is The Sherwin-Williams Company (US). The company is a leading supplier of advanced technology liquid and powder coatings for the global OEM market through 15 manufacturing sites and 79 facilities across the US, Canada, Mexico, and China. The company operates through three major segments: the Americas Group, the performance coatings group, and consumer brands group. Polyurea coatings are included under the performance coatings group segment that caters to various industries, such as water & wastewater, marine, power generation, and food & beverage. The company has a comprehensive product portfolio, which includes brands, such as Sherwin-Williams, Envirolastic, HGTV HOMEby Dutch Boy, Krylon, Minwax, and Thompsons Water Seal. Sherwin-Williams has a strong customer base and operates in countries of Europe, North America, APAC, and others. In June 2017, The Sherwin-Williams Company completed the acquisition of The Valspar Corporation. The acquisition helped accelerate Sherwin-Williams’ global growth strategy to create a global leader in paints & coatings. The combination of these two companies formed an enhanced brand portfolio, expanded product range, premier technology and innovation platforms, and an extensive global footprint.
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