Product Code: CH 3857
"The polyurea coatings market is projected to register a CAGR of 10.8% between 2020 and 2025, in terms of value."
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.
- By Company type: Tier 1 - 60%, Tier 2 - 30%, and Tier 3 - 10%
- By Designation: C Level - 30%, Director Level - 60%, and Others - 10%
- By Region: North America - 35%, Europe - 20%, APAC - 30%, South America - 5%, and Middle East & Africa - 10%
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.
Research Coverage:
The study covers the polyurea coatings market across segments. It aims at estimating the size and the growth potential of this market across different segments based on raw material, type, technology, end-use industry, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall polyurea coatings market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
TABLE OF CONTENTS
1 INTRODUCTION 19
- 1.1 OBJECTIVES OF THE STUDY 19
- 1.2 MARKET DEFINITION 19
- 1.2.1 MARKET SCOPE 20
- 1.2.2 REGIONS COVERED 20
- 1.2.3 YEARS CONSIDERED FOR THE STUDY 21
- 1.3 CURRENCY 21
- 1.4 UNIT CONSIDERED 21
- 1.5 STAKEHOLDERS 21
2 RESEARCH METHODOLOGY 22
- 2.1 RESEARCH DATA 22
- 2.1.1 SECONDARY DATA 23
- 2.1.1.1 Key data from secondary sources 23
- 2.1.2 PRIMARY DATA 24
- 2.1.2.1 Key data from primary sources 24
- 2.1.2.2 Key industry insights 25
- 2.1.2.3 Breakdown of primary interviews 25
- 2.2 MARKET SIZE ESTIMATION 26
- 2.2.1 BOTTOM-UP APPROACH 27
- 2.2.2 TOP-DOWN APPROACH 28
- 2.3 DATA TRIANGULATION 29
- 2.4 ASSUMPTIONS 30
- 2.5 LIMITATIONS 30
3 EXECUTIVE SUMMARY 31
4 PREMIUM INSIGHTS 35
- 4.1 ATTRACTIVE OPPORTUNITIES IN POLYUREA COATINGS MARKET 35
- 4.2 POLYUREA COATINGS MARKET, BY RAW MATERIAL 35
- 4.3 POLYUREA COATINGS MARKET, DEVELOPED VS. DEVELOPING COUNTRIES 36
- 4.4 APAC POLYUREA COATINGS MARKET, BY POLYUREA TYPE AND END-USE INDUSTRY 36
- 4.5 POLYUREA COATINGS MARKET, BY KEY COUNTRIES 37
5 MARKET OVERVIEW 38
- 5.1 INTRODUCTION 38
- 5.2 MARKET DYNAMICS 38
- 5.2.1 DRIVERS 39
- 5.2.1.1 Polyurea coatings replacing other competitive coating systems 39
- 5.2.1.2 Technological advancements related to processes and techniques involved in manufacturing 39
- 5.2.1.3 Growing use in different end-use industries 39
- 5.2.2 RESTRAINTS 39
- 5.2.2.1 Costlier than competitive coating technologies 39
- 5.2.3 OPPORTUNITIES 40
- 5.2.3.1 Advancements in coating technologies and emerging applications 40
- 5.2.3.2 Growing opportunities in APAC 40
- 5.2.4 CHALLENGES 40
- 5.2.4.1 Toxic raw materials 40
- 5.2.4.2 Existing coating technologies 41
- 5.3 PORTER'S FIVE FORCES ANALYSIS 41
- 5.3.1 INTENSITY OF COMPETITIVE RIVALRY 42
- 5.3.2 BARGAINING POWER OF BUYERS 42
- 5.3.3 BARGAINING POWER OF SUPPLIERS 42
- 5.3.4 THREAT OF SUBSTITUTES 42
- 5.3.5 THREAT OF NEW ENTRANTS 43
- 5.4 RAW MATERIAL ANALYSIS 43
- 5.4.1 ISOCYANATES 43
- 5.4.2 RESIN BLEND 43
- 5.5 VALUE CHAIN OVERVIEW 44
- 5.5.1 VALUE CHAIN ANALYSIS 44
- 5.5.2 DISRUPTION IN VALUE CHAIN DUE TO COVID-19 45
- 5.5.2.1 Action plan against such vulnerability 45
- 5.6 MACROECONOMIC INDICATORS 46
- 5.6.1 INTRODUCTION 46
- 5.6.2 TRENDS AND FORECAST OF GDP 46
- 5.6.2.1 COVID-19 impact on the global economy 47
- 5.6.3 TRENDS AND FORECAST IN THE CONSTRUCTION INDUSTRY 47
- 5.6.3.1 COVID-19 impact on the construction industry 49
6 POLYUREA COATINGS MARKET, BY RAW MATERIAL 50
- 6.1 INTRODUCTION 51
- 6.2 AROMATIC ISOCYANATE 52
- 6.2.1 TRANSPORTATION, BUILDING & CONSTRUCTION, MARINE, AND INDUSTRIAL SECTORS TO INFLUENCE THE MARKET 52
- 6.3 ALIPHATIC ISOCYANATE 53
- 6.3.1 GROWTH OF INDUSTRIES SUCH AS BUILDING & CONSTRUCTION AND TRANSPORTATION EXPECTED TO INCREASE THE DEMAND 53
7 POLYUREA COATINGS MARKET, BY POLYUREA TYPE 55
- 7.1 INTRODUCTION 56
- 7.2 PURE POLYUREA 57
- 7.2.1 NEW PRODUCT DEVELOPMENT TO BOOST THE DEMAND 57
- 7.3 HYBRID POLYUREA 58
- 7.3.1 GROWTH OF THE INFRASTRUCTURE SECTOR IN APAC TO PROPEL THE MARKET 58
8 POLYUREA COATINGS MARKET, BY TECHNOLOGY 59
- 8.1 INTRODUCTION 60
- 8.2 SPRAYING 61
- 8.2.1 MOST WIDELY USED POLYUREA COATING TECHNOLOGY BACKED BY GROWING APPLICATIONS 61
- 8.3 POURING 62
- 8.3.1 INCREASING STRINGENT ENVIRONMENTAL REGULATIONS FOR ZERO OR NON-VOC COATINGS TO BOOST THE DEMAND 62
- 8.4 HAND MIXING 63
- 8.4.1 USED IN DECORATIVE FLOORING AND INDUSTRIAL FLOORING APPLICATIONS 63
9 POLYUREA COATINGS MARKET, BY END-USE INDUSTRY 64
- 9.1 INTRODUCTION 65
- 9.2 BUILDING & CONSTRUCTION 66
- 9.2.1 INCREASED PER CAPITA INCOME IN EMERGING ECONOMIES TO BE THE MARKET DRIVER 66
- 9.3 TRANSPORTATION 67
- 9.3.1 INCREASING DEMAND FOR REFRIGERATED FOOD TRUCKS TO BOOST THE MARKET 67
- 9.4 INDUSTRIAL 69
- 9.4.1 POPULATION GROWTH AND IMPROVED STANDARD OF LIVING TO BE THE MAJOR FACTORS DRIVING THE MARKET 69
- 9.5 LANDSCAPE 70
- 9.5.1 RISING CONSTRUCTION OF THEME PARKS, ARTIFICIAL LANDSCAPE, AND WATER PARKS & PLAYGROUNDS TO INCREASE THE DEMAND FOR POLYUREA COATINGS 70
10 POLYUREA COATINGS MARKET, BY REGION 71
- 10.1 INTRODUCTION 72
- 10.2 NORTH AMERICA 73
- 10.2.1 US 77
- 10.2.1.1 Increase in housing investments and growing exports to emerging markets driving the market 77
- 10.2.2 CANADA 78
- 10.2.2.1 Growing construction activities, developed transportation sector, and investments in R&D to boost the market 78
- 10.2.3 MEXICO 79
- 10.2.3.1 Changing monetary and fiscal policies to support market growth 79
- 10.3 APAC 81
- 10.3.1 CHINA 85
- 10.3.1.1 Market driven by foreign investments and availability of cheap labor and raw materials 85
- 10.3.2 INDIA 86
- 10.3.2.1 Increasing disposable income and urbanization contributing to the demand for polyurea coatings 86
- 10.3.3 JAPAN 87
- 10.3.3.1 Presence of a well-established building & construction industry to boost the market 87
- 10.3.4 SOUTH KOREA 88
- 10.3.4.1 Government's sustenance to promote advanced technology and manufacturing activities supporting the market growth 88
- 10.3.5 MALAYSIA 88
- 10.3.5.1 A sharp increase in the number of construction activities to boost demand 88
- 10.3.6 INDONESIA 89
- 10.3.6.1 Increasing domestic consumption and FDIs to help in the market growth 89
- 10.3.7 TAIWAN 90
- 10.3.7.1 Growing government expenditure and continued investments in environmentally sustainable and energy-efficient assets to promote market growth 90
- 10.3.8 REST OF APAC 91
- 10.4 EUROPE 93
- 10.4.1 GERMANY 96
- 10.4.1.1 Market growth backed by the presence of a large number of polyurea coating manufacturers 96
- 10.4.2 BENELUX 97
- 10.4.2.1 Rising exports and increasing investments in the energy and transport infrastructure to fuel the market 97
- 10.4.3 UK 98
- 10.4.3.1 Expanding construction industry to drive the market 98
- 10.4.4 FRANCE 99
- 10.4.4.1 Government's renovation & residential construction policies to be the growth drivers 99
- 10.4.5 SPAIN 101
- 10.4.5.1 Increasing construction activities and automotive production to propel the market 101
- 10.4.6 ITALY 102
- 10.4.6.1 Rapidly expanding construction industry to boost the market 102
- 10.4.7 RUSSIA 103
- 10.4.7.1 Government initiatives for expanding the country's infrastructure to boost the market 103
- 10.4.8 REST OF EUROPE 104
- 10.5 MIDDLE EAST & AFRICA 105
- 10.5.1 SAUDI ARABIA 108
- 10.5.1.1 Positive performance of the construction industry to boost the market 108
- 10.5.2 UAE 109
- 10.5.2.1 Ongoing roadway, airport, and port (upgrade) projects contributing to the demand 109
- 10.5.3 SOUTH AFRICA 110
- 10.5.3.1 Rising construction of stadiums and roads helping in the market growth 110
- 10.5.4 REST OF MIDDLE EAST & AFRICA 111
- 10.6 SOUTH AMERICA 113
- 10.6.1 BRAZIL 116
- 10.6.1.1 Growth of the energy and oil & gas industries promoting the demand for polyurea coatings 116
- 10.6.2 ARGENTINA 117
- 10.6.2.1 High demand for polyurea coatings in the construction and automotive industries 117
- 10.6.3 COLOMBIA 118
- 10.6.3.1 Steady growth of the middle-class population increasing the demand for automobiles and polyurea coatings 118
- 10.6.4 REST OF SOUTH AMERICA 119
11 COMPETITIVE LANDSCAPE 121
- 11.1 OVERVIEW 121
- 11.2 MARKET RANKING 122
- 11.3 COMPETITIVE LEADERSHIP MAPPING, 2019 122
- 11.3.1 VISIONARY LEADERS 122
- 11.3.2 INNOVATORS 122
- 11.3.3 DYNAMIC DIFFERENTIATORS 122
- 11.3.4 EMERGING COMPANIES 123
- 11.4 STRENGTH OF PRODUCT PORTFOLIO 124
- 11.5 BUSINESS STRATEGY EXCELLENCE 125
- 11.6 COMPETITIVE SCENARIO 126
- 11.6.1 MERGER & ACQUISITION 126
- 11.6.2 INVESTMENT & EXPANSION 126
12 COMPANY PROFILES 127
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and Right to Win)*
- 12.1 PPG INDUSTRIES, INC. 127
- 12.2 THE SHERWIN-WILLIAMS COMPANY 130
- 12.3 NUKOTE COATING SYSTEMS 132
- 12.4 VERSAFLEX INCORPORATED 134
- 12.5 ARMORTHANE INC. 136
- 12.6 WASSER CORPORATION 138
- 12.7 RHINO LININGS CORPORATION 140
- 12.8 KUKDO CHEMICAL CO., LTD. 141
- 12.9 VOELKEL INDUSTRIAL PRODUCTS GMBH (VIP) 142
- 12.10 TEKNOS 143
- Business Overview, Products Offered, Recent Developments, SWOT Analysis, and Right to Win might not be captured in case of unlisted companies.
- 12.11 OTHER COMPANIES 144
- 12.11.1 POLYCOAT PRODUCTS LLC 144
- 12.11.2 TECHNOPOL 144
- 12.11.3 SATYEN POLYMERS PVT. LTD 144
- 12.11.4 PROKOL INTERNATIONAL 144
- 12.11.5 CIPY POLYURETHANES PVT. LTD. 145
- 12.11.6 ULTIMATE LININGS 145
- 12.11.7 ZHUHAI FEIYANG NOVEL MATERIALS CO. LTD. 145
- 12.11.8 CHEMLINE INC. 145
- 12.11.9 DURAAMEN ENGINEERED PRODUCTS INC. 146
- 12.11.10 KRYPTON CHEMICAL 146
- 12.11.11 ELASTOTHANE LTD 146
- 12.11.12 ISOMAT S.A. 146
13 APPENDIX 147
- 13.1 DISCUSSION GUIDE 147
- 13.2 KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL 150
- 13.3 AVAILABLE CUSTOMIZATIONS 152
- 13.4 RELATED REPORTS 152
- 13.5 AUTHOR DETAILS 153
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