by The global Polyurea Coatings Market is estimated to be valued at US$ 1.32 Mn in 2023 and is expected to exhibit a CAGR of 10 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polyurea coatings are liquid applied, fast setting, and high performance elastomeric materials that can be sprayed over a variety of substrates. They are used for corrosion protection, crack bridging, chemical resistance, flexibility, and wear resistance. Polyurea coatings offer advantages such as resistance to corrosion, abrasion, impact and thermal shock. They are used for applications such as infrastructure repair, spillway coating, pipeline lining, and industrial floor coatings due to their toughness, flexibility and durability.
Market key trends
One of the key trends in the Polyurea Coatings Market Size is increasing demand from infrastructure construction and repair activities. There is significant investment in development and repair of bridges, roads, railways networks and ports globally which is driving the adoption of polyurea coatings for their corrosion and crack resistance properties. These coatings help extend the life of aging infrastructure and reduce maintenance and repair costs. Furthermore, growing industrialization and urbanization in developing nations is propelling the need for new infrastructure development which is expected to drive the polyurea coatings market over the forecast period.
Porter’s Analysis:
Threat of new entrants: The polyurea coatings market has moderately low threat of new entrants due to high capital requirements and the presence of established players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative products. However, polyurea coatings provide better protection against corrosion and chemicals than alternatives.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to availability of substitutes for raw materials. However, suppliers of specialized chemicals have higher bargaining power.
Threat of new substitutes: Threat of substitution is moderate due to presence of alternative coating types. However, polyurea coatings have advantages over substitutes in terms of corrosion and chemical resistance.
Competitive rivalry: The market has high competitive rivalry due to presence of several international manufacturers. Companies compete based on product quality, pricing, and customer relationships.
Key Takeaways:
The global polyurea coatings market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing infrastructure investments and growth in construction industry.
Regional analysis:
North America dominates the global polyurea coatings market. U.S accounts for the largest share due to wide use of polyurea coatings in the transportation and infrastructure industries. Asia Pacific exhibits highest growth led by China and India due to increasing construction activities and manufacturing output.
Key players analysis: Key players operating in the polyurea coatings market are VersaFlex Incorporated and The Polyurea People (U.S.), The Sherwin-Williams Company (U.S.), PPG Industries, Inc. (U.S.), Rhino Linings Corporation. (U.S.), KUDKO CHEMICAL CO. LTD. (South Korea), Huntsman International LLC. (U.S.), Armorthane (U.S.), Rust-Oleum (U.S.), SPI Performance Coatings (U.K), and Lse Building Preservation Ltd (U.K.). These players are focusing on new product launches and expansion in emerging regions to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
