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Polyurea Based Coating Market Is Expected To Generate Huge Profits by 2025
Applications of polyurea based coatings in the automotive industry are anticipated to grow with the rising demand for bed liners and exterior body parts, such as fenders and panels. Moreover, these coatings are water resistant, chemical resistant and possess mechanical properties, such as high hardness, flexibility, tear strength, tensile strength, and durability. They can be applied over a variety of materials, such as concrete, metals and wood in harsh temperature and humidity conditions. These properties have made polyurea based coatings a smart choice among end users for the protection of their infrastructure, such as pipelines and storage tanks, tools and machine parts. Mostly, polyurea based coatings are applied through sprays, as they are easy to apply and mix in specified proportions.
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The use of polyurea based coatings is extensive across various verticals and technological innovation keeps paving way for new applications. Polyurea’s short setting time as compared to that of polyurethane and epoxy materials, along with its customizable gel time, unlimited film build, robust wear and long service life have driven demand for polyurea based coatings in industrial, commercial and residential applications. The demand of polyurea based coatings will also be driven by maintenance and greenfield oil and gas pipeline projects, due to the rising adoption of this technology over previously used epoxy coatings. The demand of polyurea based coatings will witness rapid growth, fuelled by its widespread adoption in automobile & industrial applications across the globe. Building and construction expenditure in countries, such as India, China and Indonesia will also play a key role in driving demand for polymer based coatings.
Rise in consumer awareness, related to waterproofing in construction activities in these countries is poised to create a positive impact on the market. Due to its VOC emission ranging near zero, it passes the regulations governing the use of additive containing products, hence making it an environment friendly technology. The major restraint to growth of this market is the high cost of required raw materials and skilled professionals, as compared to that of tradition coating. However, the cost factor will be overshadowed by the shutdown time and labor costs associated with other technologies.
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The global polymer based coating market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). As of 2015, North America leads the global polyurea based coating market, owing to the resurging automotive industry in the region. APEJ is an emerging market due to growing number of construction projects in developing economies of the region. Middle East is another attractive market for polyurea based coatings, attributing to their widespread usage in oil & gas and construction sectors. Latin America and Eastern Europe are expected to expand with significant CAGRs over the forecast period.
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