They are used as protective linings on infrastructure, such as bridges, tunnels, tanks and pipelines. Polyurea coatings have superior adhesion properties and quick drying time which makes them suitable for use in construction activities.
The global polyurea coatings market is estimated to be valued at US$ 1.32 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the polyurea coatings market is the increasing demand from the construction industry. Polyurea coatings are increasingly being used in construction projects such as bridges, pipelines, wastewater containment structures etc as protective coatings due to their superior corrosion and abrasion resistance. They have high durability and flexibility which allows them to seamlessly coat irregular surfaces. Furthermore, polyurea coatings can be applied at low temperatures and have quick cure times, making them suitable for application in winter seasons and fast track construction projects. The growth of infrastructure projects worldwide is expected to drive the demand for polyurea coatings significantly during the forecast period.
Segment Analysis
The Global Polyurea Coatings Market Size is segmented into Product Type and Application. Among Product Type, the spray coatings sub-segment currently dominates the market. This is majorly due to its ability to evenly coat large surfaces and ability to adhere better to difficult surfaces.
Key Takeaways
The global Polyurea Coatings market is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 11% during this period and reach a size of US$ 1.32 million by 2024.
Regional analysis
The North American region currently dominates the global Polyurea Coatings market. This is attributed to increasing demand from construction, industrial, and infrastructure industries in countries like the US and Canada. The region is expected to continue its dominance in the coming years owing to growing restoration and rehabilitation activities along with new infrastructure development projects in the region.
Key players
Key players operating in the Polyurea Coatings market are GloboForce Ltd, BI Worldwide, SalesForce.Com, Jive Software, Inc., Aurea, Reffind Ltd, Recognize Services, Inc., Kudos, Inc., Vmware, Inc., Achievers Solutions Inc., and Madison. Globoforce Ltd specializes in employee recognition and engagement solutions. BI Worldwide is a talent management solutions provider. The other players offer various HR technology solutions.
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