Polyurea Based Coating Market: Introduction
Polyurea based coating technology is used for corrosion protection and abrasion resistance in a wide array of fields, such as automotive, construction, industrial and housing applications. Polyurea based coating is a newer and more advanced technology that offers significant technical advantages to owners and contractors, as compared to traditional coating systems. In the construction sector, polyurea based coatings are used to coat concrete to seal the surfaces and for bridge deck and structure coatings. Polyurea based coatings have exceptional properties of fast setting, even at low temperatures; thus, facilitating the sealing of surfaces of large industrial buildings quickly and efficiently. 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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Polyurea Based Coating Market: Drivers and Restraints
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.
Polyurea Based Coating Market: Segmentation
On the basis of formulation, the polyurea based coating market can be segmented as:
- Aromatic based
- Aliphatic based
On the basis of composition, the polyurea based coating market can be segmented as:
- Pure
- Hybrid
On the basis of application, the polyurea based coating market can be segmented as:
- Building and Construction
- Automotive
- Industrial
- Oil and gas
- Others
Polyurea Based Coating Market: Region Wise Outlook
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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Polyurea Based Coating Market: Market Participants
Examples of some of the market participants in the global polyurea based coating market, identified across the value chain include:
- Armorthane Inc.
- BASF SE
- Covestro
- Huntsman Corporation
- PPG Industries
- Rhino Linings Industrial
- Sherwin-Williams
- Specialty Products, Inc.
- VersaFlex Inc.
- VIP GmBH