Market Trends of Polyurea Coatings Industry
This section covers the major market trends shaping the Polyurea Coatings Market according to our research experts:
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.
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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.
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