Global polyurea coating market to reach US$1.48bn by 2024

The Global polyurea coating market is expected to reach US$1.48bn by 2024, according to a new report by Grand View Research Inc. Polyurea coatings have numerous advantages over conventional coating products, namely, epoxy, fibreglass, and paints. Its properties such as faster setting time, resistance to atmospheric conditions and high mechanical strength are expected to drive the demand over the next eight years. Polyurea coating offer high standards of corrosion protection, waterproofing and chemical & structural enhancement. Moreover, these exhibit superior characteristics in spray applications, such as improved mechanical, thermal, and chemical resistance, short curing and setting time and high durability as compared to its substitutes. Increased resistance to crack allows it to be utilised in a host of applications. Rising demand for coating in automotive, buildings & construction, marine, oil & gas, metallurgy & metal forming, aerospace and mining is expected to propel growth over the forecast period. Extensive R&D is being undertaken by manufacturers to develop innovative technologies for coating manufacturing and development of superior quality products.

Further key findings from the report suggest:

Polyurea coating use in industrial application is expected to witness growth at a CAGR of more than 12.0% from 2016 to 2024 on account of rising manufacturing sectors in emerging economies. Numerous companies have been expanding production capacities in order to tap potential markets, which are expected to propel demand. Increasing demand for protective coating from the oil & gas and mining sectors is projected to have a positive impact on market growth over the next eight years.

Aromatic isocyanate-based coating are expected to grow at a CAGR of more than 10% from 2016 to 2024 on account of properties, such as excellent UV resistance leading to increasing application scope in the automotive industry. However, the increased price of these products is expected to hinder growth over the forecast period.

North America dominated the market in 2015 on account of the presence of a substantial number of market players in the region. The US market for polyurea coating was valued at more than US$150M in 2015. Supportive regulations and rising investments in Asia Pacific automotive industry is expected to accelerate growth.

In March 2014, Bayer Material Science opened a coating, Adhesives, and Specialties Laboratory in Dubai, to enhance its services by providing customized technical support to the customers in the Middle East & Africa. In February 2012, Alberts Spray Solutions LLC opened a new manufacturing site for polyurea liners in Ohio to cater to the demand from Utica Shale Region of Eastern Ohio and Southwest Pennsylvania.