Polyurea Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Polyurea Coatings Market is segmented by Type (Pure and Hybrid), Technology (Spraying, Pouring, and Hand Mixing), Application (Building and Construction, Industrial, Transportation, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Market Snapshot

Polyurea Coatings Market Overview
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >8 %

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Market Overview

The polyurea coatings market is projected to register a CAGR of more than 8% during the forecast period (2021-2026).

The market has been negatively impacted by the COVID-19 pandemic due to nationwide lockdowns, strict social distancing measures, and disruption in supply chains. Most of the industries and factories were shut down, which led to a slow down of the building and construction sector, which, in turn, negatively affected the market demand for polyurea coatings. Over 65% of companies in the construction ecosystem have been severely affected by the prolonged construction inactivity, thus, having a negative impact on the market studied.

  • Over the medium term, the major factors driving the polyurea coatings market are the growing demand from the construction industry and the adoption of regulations in VOC emissions.
  • On the flip side, factors such as poor color stability on exposure to UV light and unfavorable conditions arising due to the COVID-19 outbreak are likely expected to hinder the market growth of the market.
  • The building and construction industry is expected to dominate the global polyurea coatings market over the forecast period.
  • The Asia-Pacific region is expected to be the fastest-growing market over the forecast period, owing to the growing consumption from emerging economies such as China and India.

Scope of the Report

Polyurea is a chemical that is created by combining a diisocyanate and a diamine. The polymerization mixture is similar to the polymerization of polyurethane, and the resulting reaction is called "urea." This is how it is referred to as a polyurea. The polyurea coatings market is segmented by type, technology, application, and region. By type, the market is segmented into pure and hybrid. By technology, the market is segmented into spraying, pouring, and hand mixing. By application, the market is segmented into building and construction, industrial, transportation, and other applications. The report also covers the market size of and forecasts for the polyurea coatings market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

Type
Pure
Hybrid
Technology
Spraying
Pouring
Hand Mixing
Application
Building and Construction
Industrial
Transportation
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Building and Construction Industry to Dominate the Market

  • The building and construction segment is the major application segment of the polyurea coatings market. Advancements in infrastructure development of the building and construction industry are anticipated to surge the growth of the market.
  • Increasing usage of waterproofing membranes in the construction sector to provide superior seal protection is anticipated to surge the demand for polyurea as a feedstock for manufacturing coatings. These coatings are also being employed because of their high aesthetic value.
  • Polyurea coatings are most commonly used for waterproofing and corrosion protection. Polyurea coatings are used in the building and construction industry to waterproof roofs, walls, and floors. Polyurea coatings are also used as bridge coatings to protect against corrosion and to provide waterproofing. As a result, the expanding building and construction industry, as well as increased infrastructure development, particularly in developing countries, are expected to drive the growth of the polyurea coatings market. These coatings are also being employed because of their high aesthetic value.
  • The global construction industry is expected to reach USD 8 trillion by 2030, primarily driven by countries such as India, China, and the United States. ​
  • China is in the midst of a construction mega-boom. The country has the largest building market in the world, making up 20% of all construction investment globally. The country alone is expected to spend nearly USD 13 trillion on buildings by 2030. ​
  • In India, Foreign Direct Investment (FDI) received in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) from April 2000 to December 2019 stood at USD 25.37 billion, according to the Department for Promotion of Industry and Internal Trade (DPIIT). ​
  • The United States holds the world’s largest construction industry, which recorded an annual expenditure of over USD 1,306 million in 2019. The construction industry value has constantly been rising between 2014 and 2018, despite witnessing a slight contraction in 2019. According to the US Census Bureau, the number of new privately-owned housing units in the country under construction was 11,471 thousand units in 2019. In 2020, by March 2020, the number of housing units reached 3,642 units. Moreover, according to The Federal National Mortgage Association (Fannie Mae), housing starts were expected to jump, with 1 million new homes hitting the market by 2021.
  • Although construction activities in 2020 witnessed a temporary setback due to the COVID-19 impact, all the aforementioned developments are expected to drive the demand for polyurea coatings in the construction industry through the years to come.​
Polyurea Coatings Market Share

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region is anticipated to be the fastest-growing region. Increasing awareness pertaining to environmental protection in the manufacturing and construction industries, primarily in China, India, and Japan, is expected to fuel the industry demand.
  • The Asia-Pacific has the world's largest coatings market and has been growing at above-market rates for many years, making it the world's most important coatings market. The Asia-Pacific is a vast region of the world that contains some of the world's largest and most dynamic economies, including China, India, Japan, South Korea, Indonesia, Australia, and others. It is not only the largest market in the world, but it also continues to outperform the global coatings market.
  • China hosts a vast construction sector. The developments in the commercial and residential sectors in the past two years have supported the construction sector's growth at large, both in terms of volume and value.​
  • Currently, China has numerous airport construction projects, which are either in the development or planning stage. These include Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Additionally, the government rolled out massive construction plans for the movement of 250 million people to its new megacities over the next ten years.
  • Additionally, China has been majorly driven by the ample developments in the residential and commercial construction sectors. In China, the housing authorities of Hong Kong launched several measures to push-start the construction of low-cost housing. The officials aim to provide 301,000 public housing units in 10 years till 2030.
  • According to the Indian Brand Equity Foundation (IBEF), the Indian real estate industry is likely to reach USD 1 trillion by 2030 and may contribute approximately 13% to the country’s GDP by 2025.
  • Owing to the above mentioned factors, the demand for polyurea coatings in Asia-Pacific is expected to grow considerably over the forecast period.
Polyurea Coatings Market Growth By Region

Competitive Landscape

The polyurea coatings market is partially consolidated in nature, with a few major players dominating a significant portion of the market. Some of the major companies are PPG Industries Inc., BASF SE, Teknos Group, Specialty Products Inc., and Huntsman International LLC, among others.

Recent Developments

  • In January 2021, PPG announced that it had 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 transaction is expected to close in the first quarter of 2021, subject to customary closing conditions. Financial terms were not disclosed.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Demand from the Construction Industry

      2. 4.1.2 Adoption of Regulations on VOC Emissions

      3. 4.1.3 Technological Advancements of Processes and Techniques Involved in Manufacturing

    2. 4.2 Restraints

      1. 4.2.1 Poor Color Stability on Exposure to UV Light

      2. 4.2.2 Unfavorable Conditions Arising Due to the COVID-19 Outbreak

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Technological Snapshot

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Pure

      2. 5.1.2 Hybrid

    2. 5.2 Technology

      1. 5.2.1 Spraying

      2. 5.2.2 Pouring

      3. 5.2.3 Hand Mixing

    3. 5.3 Application

      1. 5.3.1 Building and Construction

      2. 5.3.2 Industrial

      3. 5.3.3 Transportation

      4. 5.3.4 Other Applications

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 France

        4. 5.4.3.4 Italy

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Armorthane

      2. 6.4.2 BASF SE

      3. 6.4.3 Huntsman International LLC

      4. 6.4.4 KUKDO Chemical (Kunshan) Co. Ltd

      5. 6.4.5 Nukote Coating Systems

      6. 6.4.6 PPG Industries Inc.

      7. 6.4.7 Rhino Linings Corporation

      8. 6.4.8 Specialty Products Inc.

      9. 6.4.9 Teknos Group

      10. 6.4.10 VIP Coatings Europe GmbH

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Demand for Eco-friendly Coatings

    2. 7.2 Advancements in Coating Technologies and Emerging Applications

**Subject to Availability

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Frequently Asked Questions

The Polyurea Coatings Market market is studied from 2016 - 2026.

The Polyurea Coatings Market is growing at a CAGR of >8% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

BASF SE, Teknos Group, Specialty Products, Inc., Huntsman International LLC, PPG Industries, Inc. are the major companies operating in Polyurea Coatings Market.

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