Polyurea Coatings Market is Projected to Grow at US$ 1,500 Mn by 2029- Future Market Insights

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Dec 25, 2020 (MARKITWIRED via COMTEX) — Future Market Insights offers vital insightsconcerning to the global polyurea coatings market, and delivers exclusiveinformation through structured market research. The report titled, ‘PolyureaCoatings Market: Global Industry Analysis 2014-2018 and Opportunity Assessment2019-2029′,estimates the market and forecasts the forthcoming marketscenario on the basis of type, isocynate type, application, and region. Theglobal polyurea coatings market was valued nearly US$ 600 Mn in terms of valueat the end of 2018, and is expected to surpass US$ 1,500 Mn by the end of theforecast period, registering a CAGR of over 9.0%.

The global polyurea coatings market issegmented on the basis its type into pure polyurea and hybrid polyurea. On thebasis of type, the hybrid polyurea segment is a prominent segment in the globalpolyurea coatings market, as it has a lower price range and also variousapplication areas. However, the pure polyurea coatings segment is projected towitness healthy growth during the forecast period. Rising environmentalconcerns towards the risks associated with VOC content coatings, and shiftingtrend towards the adoption of advanced as well as eco-friendly coatingtechnologies to drive the demand for polyurea coatings.

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Rapid IndustrialGrowth to Propel the Polyurea Coatings Market

Polyurea coatings are primarily used forwaterproofing and corrosion-protection purposes. Polyurea coatings are used forthe waterproofing of roofs, walls, and floors in the building &construction industry. Polyurea coatings are also used as bridge coatings forcorrosion protection as well as waterproofing. Therefore, the growing buildingand construction industry and increasing infrastructural development,especially in developing nations, are expected to drive the growth of thepolyurea coatings market.

Polyurea coatings are used as pipeline coatings,tank coatings, and also for coating machinery & equipment in variousindustries such as chemicals, oil & gas, mining, water supply &treatment, etc. Hence, rapid industrialization across the globe will positivelyinfluence the polyurea coatings market. Increasing environmental awarenesspertaining to VOC emissions will act as prime driving factor for the polyureacoatings market. Growing automotive production will elevate the demand forpolyurea coatings, as they are used as anti-scratch and anti-corrosivecoatings. Growing urban population, rising GDP growth of developing countries,and increased consumer spending are expected to indirectly drive the growth ofthe polyurea coatings market.

Polyurea coatings cure quickly and are highlyreactive. The application of polyurea coatings on wet surfaces may cause pooradhesion on the surface. Thus, the surface requires adequate amount of dryingtime before the application of a polyurea coating. Moreover, the cost ofapplication of polyurea coatings is much higher, owing to the cost of thespraying equipment. The handling of such equipment requires skilled labourersand technicians. The aforementioned factors might hamper the growth of thepolyurea coatings market.

South Asia’s Marketfor Polyurea Coatings to Witness Lucrative Growth Prospects

From a regional perspective, Europe and NorthAmerica are prominent markets for polyurea coatings, due to the increasingdemand for advanced and eco-friendly coatings because of stringentenvironmental regulations pertaining to VOC emissions. Increasing governmentinitiatives for the adoption of advanced coating technologies due to risingenvironmental awareness in regions such as East Asia and South Asia are expectedto drive the demand for polyurea coatings in South Asia and East Asia. SouthAsia is estimated to grow at a CAGR of over 11%.

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During the latter half of the forecast period, EastAsia is expected to surpass Europe in terms of market value. Also, regions suchas Latin America are anticipated to witness substantial growth during theforecast period, due to the growth in building & construction activities andautomotive production. Also, the markets in regions such Oceania and the MiddleEast & Africa are expected to experience healthy growth during the forecastperiod.

Polyurea CoatingsMarket: Competition Landscape

Some of the players stated in the study of the globalpolyurea coatings market are BASF SE, Huntsman Corporation, Teknos Groups,DowDuPont Inc., Versaflex Incorporated, Sherwin Williams Company, PidiliteIndustries Ltd., Covestro AG, PPG Industry Inc., and Rhino Linings Corporation,among others.

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Table OfContent

1. Executive Summary

1.1. Global Market Outlook

1.2.Demand Side Trends

1.3.Supply Side Trends

1.4.Analysis and Recommendations

2. Market Overview

2.1.Market Taxonomy

2.2.Market Definition

3. Key Market Trends

4. Key Success Factors

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About FMI

Future Market Insights (FMI) is a leading provider ofmarket intelligence and consulting services, serving clients in over 150countries. FMI is headquarteredin Dubai, the global financial capital, and has delivery centers in the U.S.and India. FMI’s latest market research reports and industry analysis help businesses navigatechallenges and make critical decisions with confidence and clarity amidstbreakneck competition. Our customized and syndicated market research reportsdeliver actionable insights that drive sustainable growth. A team of expert-ledanalysts at FMI continuously tracks emerging trends and events in a broad rangeof industries to ensure that our clients prepare for the evolving needs oftheir consumers.

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